2 min read
Can You Turn Business Losses into Tax Relief?
Even well-run companies experience down years. The federal tax code may allow a bright strategy to lighten the impact. Certain losses, within limits,...
Small Business Blog
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Small Business Taxes
4 min read
Don't Let Quarterly Estimated Tax Payment Obligations Catch You Off Guard
If you're self-employed, run your own small business, or have rental or investment income, there's a good chance you must make quarterly estimated...
5 min read
How to Handle a Large Tax Bill as a Small Business Owner
Getting hit with a large tax bill can feel like a punch to the gut, especially when you weren’t expecting it. For small business owners juggling...
4 min read
3 Reasons Small Business Owners Get Tax Surprises
Imagine this: You’ve wrapped up a successful year. Sales are up, customers are happy, and you’re feeling confident about your business. Then, tax...
7 min read
5 Common Tax Mistakes Caused by Poor Bookkeeping
Small business owners often face enough pressure managing day-to-day operations without the added stress of tax season. Between juggling client...
2 min read
6 Essential Tips for Small Business Payroll Tax Compliance
Staying compliant with payroll tax laws is crucial for small businesses. Mistakes can lead to fines, strained employee relationships, and even legal...
3 min read
Planning for the Future: 5 Business Succession Options and Their Tax Implications
When it’s time to consider your business’s future, succession planning can protect your legacy and successfully set up the next generation of leaders...
7 min read
Understanding Accounting Complexity in Small Businesses
Accounting is an essential part of running a business, but for many small business owners, it can quickly become overwhelming. What starts as a...
5 min read
The Small Business Guide to Organizing for Tax Season
Running a small business is exciting—but let's be honest, tax season is not.
4 min read
Dispelling 10 Federal Tax Myths and Misconceptions
In the complex world of federal taxes, myths and misconceptions can lead to costly mistakes and missed opportunities — especially for business owners...
5 min read
Is Your Venture a Partnership for Tax Purposes?
If you're involved in a business or investment venture with one or more co-owners, you may have an unintended partnership for federal income tax...
2 min read
Questions About Taxes and Tips? Here Are Some Answers for Employers
Businesses in certain industries employ service workers who receive tips as a large part of their compensation. These businesses include restaurants,...
1 min read
Avoid Mixing Personal and Business Accounts
Small business owners and independent contractors always look for ways to save time. If you run your own business (or want to start one), having a...
2 min read
Important Tax Figures for 2025
Every year, the amounts allowed for various federal tax benefits are subject to change based on inflation adjustments and legislation. This chart...
2 min read
Operating as a C Corporation: Weigh the Benefits and Drawbacks
When deciding on the best structure for your business, one option to consider is a C corporation. This entity offers several advantages and...
5 min read
2025 Tax Outlook for Businesses and Their Owners
The Republicans will soon control the White House and both chambers of Congress, likely opening the door for major tax legislation next year. Here...
5 min read
Wrap Up Your Business Year with Big Tax Savings
With year-end rapidly approaching, many business owners are focusing on budgeting and strategic planning for 2025. But you shouldn't overlook...
4 min read
What's Your Post-Election Tax Outlook?
The Republicans will soon control all three branches of the federal government. What does that mean for taxes on individuals? Here's an overview of...
3 min read
Six Reasons to Separate Real Estate from Your Business Assets
When businesses acquire real estate, they often title it under the company name. Although this might seem straightforward and logical, it's not...
3 min read
From Flights to Meals: A Guide to Business Travel Tax Deductions
As a business owner, you may travel to visit customers, attend conferences, check on vendors, and for other purposes. Understanding which travel...
4 min read
Business Owners: Beware of the Limits on Deducting Losses
Even successful businesses occasionally incur losses. Start-ups and expanding businesses often have unprofitable years, and unexpected events like...
2 min read
How Businesses Can Prepare for and Respond to an IRS Audit
The IRS has been increasing its audit efforts, focusing on large businesses and high-income individuals. By 2026, it plans to nearly triple its audit...
2 min read
Why an LLC Might Be the Ideal Choice for Your Small to Medium Size Business
Choosing the right business entity is a key decision for any business. The entity you pick can affect your tax bill, personal liability, and other...
1 min read
2024 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers
Here are some key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2024. Keep in mind that this list isn't...
3 min read
IRS Explains the Differences Between Tips and Service Charges
Employers in restaurants, hotels, casinos, and other service industries must comply with the tax rules associated with tips. To assist them, the IRS...
3 min read
Tax-Smart Way to Hold Investment Real Estate
Real estate can be an attractive long-term investment. However, the legal entity you select to own property can have important tax implications....
2 min read
Federal Tax News for Individuals
529 Accounts are not Just for College It's still summer, but it won't be long until school bells will be ringing again. If you've set up Section 529...
2 min read
Closing a Business Involves a Number of Tax Responsibilities
While many facets of the economy have improved this year, the rising cost of living and other economic factors have caused many businesses to close...
7 min read
Seven Midyear Tax Planning Tips for Individuals
Summer is a good time to reflect on tax planning moves that could lower this year's tax bill. It appears there won't be any significant federal tax...
3 min read
Deducting Start-Up Costs for Federal Tax Purposes
There's been a significant increase in new business applications in recent years. Finance company NerdWallet estimates that 2.8 million new business...
6 min read
What Can Your Small Business Do Now to Lower Taxes for 2024?
Summer is a good time to take stock of how your small business is doing this year and consider options for reducing your 2024 federal income tax...