Managing a small business involves juggling many responsibilities, and payroll taxes often get overlooked. Unfortunately, failing to handle payroll taxes properly is a common mistake that can lead to significant financial and legal issues. What Are Payroll Taxes? Payroll taxes include federal income tax withholding, Social Security and Medicare taxes (FICA), unemployment taxes, and state income tax withholding. Employers must withhold these taxes from employees’ wages and remit them to… Read More
Business Tax
What to Do if Your Business Owes Back Taxes
If you missed a tax deadline or simply couldn’t afford your small business tax bill and got behind, you could face penalties and other issues. This article provides vital information to help you get your financials back on track. What can happen to your small business if you owe back taxes? Depending on your business type, any small business taxes you owe are due by the standard tax deadlines of… Read More
What Businesses Should Expect From Higher Interest Rates
The historically low interest rates that Americans have enjoyed over the last several years could well become a thing of the past as actions taken by the Federal Reserve to curb inflation make their way through the broader economy. Here’s a look at the potential impact on small businesses and some steps they may need to take to ensure their viability. Prepare for a Decline in Sales Paying more interest… Read More
10 of the Best Tax Saving Strategies for Small Businesses
While taxes can be a nightmare for everyone, there are a few strategies small business owners can adopt to make the process a little less troublesome, and what’s even better: they can actually save you money. Check out the following 10 tax strategies and see if with a tax professionals help, they can save you money and relieve some of the pressure tax season typically induces: Take your QBI The… Read More
Can Starting a Small Business Help Lower Your Taxes?
Did you know that the IRS allows you to deduct as much as $10,000 from your personal taxes in the year before you open up a company? Then, as if that weren’t reason enough to come over all entrepreneurial, in the same year that your business starts, you are also permitted to deduct additional ongoing expenses, including home offices, transportation, advertising costs, travel and so on. So, while the simple… Read More
Why You Should Prepare Your Small Business Taxes Sooner Rather Than Later
Preparing your taxes doesn’t get any easier, and even if you’re a seasoned business owner who has gone through the ritual of preparing your taxes year after year, the whole process can still feel overwhelming and burdensome. While many choose to simplify paying their business taxes by outsourcing their requirements to a tax professional, others prefer to tackle it themselves. Whether you prepare your own business taxes or pay a… Read More