Partnering with vendors is an important part of being a small business owner. One aspect of working with vendors is making sure you’re complying with applicable state and federal tax rules. Similar to employees having a set of tax rules that business owners must follow, vendors have their own set of rules that owners are […]
Small business owners wear many hats and have a lot going on as they build their businesses. So, it’s understandable that some tasks and priorities are pushed to the side in favor of what they deem to be more pressing aspects of their work. Typically, accounting and financial tasks are among the priorities relegated to […]
There are numerous instances where a Certified Public Accountant (CPA) can help your small business. From tax preparation, advisory, submitting your quarterly estimated taxes to the IRS, and even bookkeeping services, a CPA can take on the difficult financial tasks that tie you up and slow you down. But not every CPA and CPA firm […]
Virtually every small business owner understands the valuable services a qualified accountant can provide. Accountants can handle business taxes, tax preparation, and day-to-day operations, giving owners peace of mind so they can continue focusing on building their businesses. Many of the same business owners who see the value in using an accountant don’t actually use […]
As your business grows, your taxes become increasingly complex. Avoid the headache of complicated calculations and worrying about errors on your tax return by outsourcing your tax preparation to a professional CPA. An accountant can help you reclaim your time to grow your business. You can help your CPA prepare accurate tax filings by providing […]
It is essential for taxpayers to understand Adjusted Gross Income, commonly called AGI, especially if you prepare and file your own business taxes. AGI significantly impacts your tax rate, tax payments, and potential refunds. If you don’t fully understand how taxable income is calculated, you could end up paying more or less than legally required. […]
The government encourages private-sector innovation by offering incentives, such as the federal research and development (R&D) tax credit, to businesses that invest in qualified research activities. While this credit used to be aimed at corporations with seemingly endless budgets, that is no longer the case. Now, this credit is available to medium and small businesses […]
Whether you’re a freelancer or a small business owner, running a business means navigating complicated paperwork. Accurate and timely tax compliance is critical to smooth operations. Independent contractors and businesses paying non-employee compensation should understand the reporting requirements. IRS Form W-9 is an informational form for recipients of numerous types of income, including non-employee wages. […]
If you’re a real estate investor – or interested in the industry – you understand the lucrative nature of property investments. Buying and selling real estate can generate valuable portfolios. However, property transactions also drive a large tax bill. Real estate investors can save money by taking advantage of 1031 exchanges. The IRS allows taxpayers […]
Cash is important to have for every business. For startups, though, cash is vital. One way to ensure your startup has enough cash is to monitor expenses. While some expenses are fixed, others can be reduced, such as business taxes. Taxes are one of the most significant expenses for startups and established businesses. Whether this […]
