Good employees are a critical asset for any business. That’s why it’s important to embrace a payroll process that pays them consistently and accurately while avoiding errors. Payroll mistakes are stressful for employees and can cause disruptions during tax season. Whether you’re considering hiring your first employee or already employing one, this blog will guide […]
If you’re an entrepreneur who operates solely from a home office, you can take advantage of home-based business tax deductions. In addition to your operational expenses, you may be eligible for a home office deduction. The incentive benefits self-employed taxpayers who dedicate part of their home to running their business. Keep reading to learn about […]
As a small business owner, you know that you need an accountant to help with various aspects of your business. But you’re also concerned about the cost. In fact, that’s why you’re in the position you’re in now – you don’t spend money without first doing research to make sure you’re getting great value in […]
Watching your business grow is thrilling – you finally see the results of your hard work. Unfortunately, the more your business grows, the more time your bookkeeping takes. You might spend hours categorizing transactions, chasing receipts, and compiling reports. Perhaps you dread filing tax returns because of your unorganized spreadsheets. Accurate bookkeeping is essential to […]
Though the chances are slim, an Internal Revenue Service (IRS) audit can happen to any small business owner for any reason. Sometimes, they’re triggered by a common mistake or unusual reporting on your income tax return. Other times, they’re entirely random or connected to a related examination. While receiving an IRS audit notice isn’t pleasant, […]
You can scale your small business by hiring employees to manage day-to-day operations while you grow your business. However, as your team grows, so will your payroll burden. A payroll compliance checklist can help your business stay compliant. Why is a payroll checklist important? A thorough payroll compliance checklist (like the one covered in this […]
Starting January 1, 2024, most US-based businesses must report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN) under the Corporate Transparency Act (CTA). This article will explain the FinCEN beneficial ownership information reporting requirements. Continue reading to learn about the purpose of the rules and their impact on your small business. […]
You’ve had that Eureka moment and founded a small business to realize that vision. You’ve even made it official by forming as a limited liability company business entity, commonly known as an LLC. Congratulations! Now what? Now it’s time to consider taxes and whether your LLC needs an accountant. Because if you don’t, you could […]
It’s challenging to reach a consensus on anything, but exceptions exist. IRS audits are one of those exceptions. No one wants to be audited, and small business owners can do everything right and still receive a notice. This guide covers common issues that might trigger an audit, steps to protect your interests once you receive […]
Small business owners have many responsibilities when it comes to their employees, including payroll tax, tax payments, and other tax filing forms. One of the most important tasks is collecting and paying taxes on behalf of employees to file for the tax year to be in compliance with the IRS. In addition, whether you have […]
