As a small business owner, tax liability is the money you owe the government when your business generates income. With changing laws and gray areas regarding deductions, exemptions, and credits, it’s … [Read more...] about 4 Tips on How Small Businesses Can Reduce Taxes
Perhaps the number one action you can take to support the financial health of your small business is to stay on top of accounting. Make sure you're aware of most small businesses' accounting … [Read more...] about How to Overcome Accounting Challenges Most Small Businesses Face
If you’re self-employed, understanding what’s deductible and recording all of your business expenses should be priorities. When you work for yourself, accurate accounting is critical. The IRS pays … [Read more...] about Are You Tracking Absolutely All of Your Tax-Related Business Expenses?
There are various federal taxes that may apply to your small business. The type and form of business you operate determines what taxes you must pay and how you pay them. At the federal level, several … [Read more...] about Small Business Taxes: Who Pays What?
It’s not just self-employed individuals who must pay estimated taxes. Here’s what you need to know. W-2 income tax withholding isn’t perfect. You’ve probably had years when you owed more than you … [Read more...] about Starting a Side Gig in 2022? Your New Tax Obligations
First time hiring an independent contractor? Here’s what you need to know about taxes. Two months ago in this column, we explained the differences between employees and independent contractors. The … [Read more...] about Hiring An Independent Contractor? Your Tax Obligations