WHY IS TAX PLANNING FOR SMALL BUSINESSES SO IMPORTANT? Simple! Reduce the amount of your taxable income Try to lower your tax rate Try to utilize any tax credits/deductions that may be available MAKE SMART YEAR-END DECISIONS While it may seem like you just finished dealing with your business taxes, as a small business owner
Running a small business isn’t easy. For many owners, you’re the chief, cook, and bottle washer – not to mention the bookkeeper, HR director, salesperson, and much more. We understand, it’s tough. However, there are many common mistakes that business owners make all the time that, if they can be avoided, can save lots of
Summer is a great time to start tax planning even though it’s probably the last thing on your mind! Here are some tips that could help you save money at tax time: Deduction of Summer Camp Expenses: If you have to pay someone to care for your children so you can work (or look for
If you are a small employer, you may not know about the small business health care tax credit benefits. Employers that can benefit include those that: Offer coverage through the small business health options program, also known as the SHOP marketplace Have fewer than 25 full-time equivalent employees Pay an average wage of less than $50,000 a
Unless you live in Alaska, Delaware, Montana, New Hampshire, or Oregon, sales tax is a part of life and business. Sometimes, it can also be problematic for businesses who are responsible for collecting and remitting these taxes to state taxing authorities. The followings are some things to take into consideration in terms of collecting and filing sales
During Small Business Week May 1-7, 2016, the IRS will host four free webinars on small business taxes. The webinars are designed to help small business owners learn about their tax obligations. Here are some details about the free webinars: May 2: Tax Tips for Your New Business – Small business owners and tax professionals with small business
When people start their own business, it generally initiates with the dream of implementing a love or passion into a livelihood of personal wealth and happiness. I say personal wealth, because this means different things to different people. Wealth comes in many different forms besides money, such as overall happiness and quality of life. However,
The IRS issued an alert to payroll and human resource professionals about a new phishing email scam designed to trick them into giving out payroll data. In a March 1 news release, the IRS said that the new scam involves fraudulent email messages that appear to be from a company executive asking for sensitive employee
Massachusetts laws, and Federal laws, governing payment of wages, and overtime pay contain a number of pitfalls for unwary employers, including triple punitive damages and criminal penalties against individual corporate officers. Employers should not automatically assume that paying an employee on a salary basis creates an exemption from overtime requirements. Most employers understand that under
The IRS extended the information reporting due dates for insurers, self-insuring employers, other health coverage providers and applicable large employers. This chart can help you understand the filing requirements and the extended 2016 deadlines. *If you file 250 or more
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