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
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?
Stay-at-home orders across the U.S. have paused revenue streams for 30 million small businesses, resulting in massive employee-layoffs during the COVID-19 crisis. The Small Business Administration … [Read more...] about Paycheck Protection Program (PPP) Loans Poised to Pump $349 Billion into Small Business
A lot of business gets done outside of the office -- over lunch, on the golf course, etc. The tax law allows deductions for business meal and entertainment expenses only if specific requirements are … [Read more...] about The Rules for Meal and Entertainment Deductions
Planning Is Everything Are you a business owner who wants to retire someday? Would you like to see the business continue after your departure with younger family members and/or other key … [Read more...] about Steps to Creating a Continuation Plan for Your Business
You've finally found a buyer for the rental property, land, or business you've been trying to sell but the buyer doesn't have enough cash to pay the full purchase price in a lump sum. So you agree to … [Read more...] about How Do Installment Sales Affect Your Tax Bill?