If you are running a small business, you understand that every dime counts. It is not uncommon for small business owners to wonder how much they should set aside for their small business taxes, especially if they are just getting started. Well, there is no...
Small Business Tools And Tips
What happens if I don’t file payroll tax returns?
Business owners know that to scale to meet market needs, they likely need to hire workers. When taking this step, it is important to keep tax considerations in mind. Whether a new business or one that's been around for a while, the Internal Revenue Service (IRS) will...
THE CARES ACT MAKES SIGNIFICANT CHANGES TO SBA LOANS
With the enactment of the Coronavirus Aid, Relief, and Economic Security Act (CARES) Act, Congress appropriated $350 billion for Small Business Administration (SBA) Paycheck Protection Loans of up to $10 million to small businesses impacted by COVID-19. The Act...
TAX REDUCTION STRATEGIES FOR SMALL BUSINESS OWNERS
Paying and complying with tax obligations can be a major burden for small businesses. If you’re looking for ways to minimize your small business taxes, consider some of the tips in this article. Worker Classification Many businesses use independent contractors to stay...
HOW IS PARTNERSHIP INCOME TAXED?
Partnerships don’t pay taxes—their income passes through to the partners who pay their share of the taxes. If you are involved in a partnership, you should understand the tax ramifications to avoid incurring IRS tax debt or increasing your risk of an IRS tax audit....
HOW TO AVOID SMALL BUSINESS TAX PROBLEMS
Tax problems are a common issue for small business owners. While you’re spending so much effort trying to grow your business and increase profits, it’s easy to fall behind on tax payments, payroll taxes, or filing your tax returns. Watch out for these common tax...
HOW TO HANDLE DELINQUENT PAYROLL TAXES
The IRS takes payroll tax compliance seriously. If you have delinquent payroll taxes, you could face severe tax penalties, tax liens, and levies of your assets. Take action to get into tax compliance and develop a tax resolution plan to avoid having your assets...
Who Needs to Pay Estimated Taxes?
Anyone who earns income that hasn’t already had taxes taken out might need to pay estimated taxes. This includes self-employed taxpayers, independent contractors, and taxpayers who have significant amounts of interest, divided, or capital gain income. Failing to Pay...