Although small business owners have a lot on their plate, tax planning should be a priority. Creating a financial plan to maximize your income and reduce your tax burden can help you profit more from your business. The best way…
Tax deductions are important when you’re self-employed because they can help lower your taxable income. Since you don’t have an employer paying some of your taxes (namely the self-employment tax), any tax breaks you qualify for can help reduce the…
Taxes can seem complicated and overwhelming, especially for new small business owners. It’s possible that your concerns about how much taxes to pay will overshadow the search for any tax benefits you may be eligible for, and that’s something that…
The way your small business is structured determines how much you will owe in income tax. The location of your small business also affects how much income tax you’ll pay, and to whom. The majority of small businesses do not…
Not all small businesses are created equally. The way your business entity is structured makes a difference in the way it will be taxed, and the rate you will pay. Recognizing the major differences between these structures and tax classifications…
Especially following the work-from-home days of the pandemic, many workers are seeing perks of being self-employed. Owning your own business means making your own hours, setting your own standards and expectations, being your own boss, and having a limitless income. …
As the year comes to a close, it is time to start thinking about 2021 taxes. Every year, individuals as well as small businesses neglect to take full advantage of deductions and ways to save on taxes. However, following these…
Last March, as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), employers were presented with the Paycheck Protection Program (PPP) Loan and the Employee Retention Credit (ERC) as relief options to help their businesses in unprecedented…
In the past, the child tax credit has been intended to provide support for each child of American taxpayers. Following the past year, however, one in which many families have faced financial struggle, the American Rescue Plan has expanded that child tax credit in an unprecedented way.
On Friday, December 22, 2017, the Tax Cuts and Jobs Act was signed into law. The following tax law changes are effective for tax years beginning after December 31, 2017, unless otherwise noted. INCOME TAX FOR BUSINESSES There are several…