Despite your best efforts, there is always a possibility that your tax bill will be larger than planned. For those on a tight budget, this can be a problem. Fortunately, if you can’t afford to pay your bill in full by the date it is due, the IRS offers several alternative options. The most important […]
Business Tax
Preventing and Recovering from Identity Theft
When major organizations experience a data breach, it is front page news. However, these occasional reports don’t show the magnitude of the issue. Thousands of companies have security lapses every year, exposing your tax ID and other sensitive information to misuse. Even the IRS is not immune from the impact of identity theft. The annual […]
How Your Choice of Business Entity Benefits Your Bottom Line
Some small businesses develop gradually, transforming from a part-time hobby to a full-time operation. Others go from zero to a hundred in just a few weeks, as entrepreneurs turn ideas into profitable enterprises, seemingly overnight. In either case, it’s easy to overlook certain details, such as how the business is structured. After all, there are […]
4 Tips on How Small Businesses Can Reduce Taxes
As a small business owner, tax liability is the money you owe the government when your business generates income. With changing laws and gray areas regarding deductions, exemptions, and credits, it’s no wonder small business owners rank taxes at the top of the list of the most stress-inducing aspect of business ownership. To reduce that […]
Starting a Side Gig in 2022? Your New Tax Obligations
It’s not just self-employed individuals who must pay estimated taxes. Here’s what you need to know. W-2 income tax withholding isn’t perfect. You’ve probably had years when you owed more than you expected to on April 15. Or you were pleasantly surprised to receive a sizable refund. The idea, of course, is to try to […]
Business Start-Up Costs — What’s Deductible?
Launching a new business takes hard work — and money. Costs for market surveys, travel to line up potential distributors and suppliers, advertising, hiring employees, training, and other expenses incurred before a business is officially launched can add up to a substantial amount. The tax law places certain limitations on tax deductions for start-up expenses. […]