As a small business owner, you wear many hats in your venture. You are the CEO, CFO and HR manager all rolled into one. But this power comes with significant responsibilities. One of your most critical responsibilities is managing your business's payroll taxes....
When You Have Serious Tax Issues, You Need Someone Who Knows Tax Law
Small Business Tools And Tips
Tax law changes that could be important for business owners
Entrepreneurs who own and operate businesses know how difficult it is to keep up with their legal and financial obligations. One of the most challenging aspects of business ownership is navigating complex tax matters, particularly because tax laws continue to change....
Small businesses may miss important tax credits
One of the most overwhelming matters for small business owners to address are those related to tax laws and tax preparation. Taxes for businesses are different from personal taxes, and it is easy to overlook important factors that could make a difference in what a...
How do I save money for my small business taxes?
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...
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...