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Valuable Business Articles & Updates

Small Business Taxes

Hand typing numbers on a calculator

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...

couple sitting at their small business working on a laptop

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...

2 min read

Be Aware of the Tax Consequences of Selling Business Property

You should understand the tax implications if you’re selling property used in your trade or business. Many complex rules can potentially apply. To...

Road signs with Plan A through E on them

5 min read

Smart Tax Planning Pays Off

If you're financially successful or expect to become so, taxes are or will become one of your biggest expenses — and most people want to minimize...

Six Things Restaurant Owners Should Look for in an Accounting Service Provider

2 min read

Six Things Restaurant Owners Should Look for in an Accounting Service Provider

Running a restaurant can be challenging, to say the least. Handling finances while managing day-to-day operations can be overwhelming. That’s why...

2 min read

Growing Your Business with a New Partner: Here Are Some Tax Considerations

There are several financial and legal implications when adding a new partner to a partnership. Here’s an example to illustrate: You and your partners...

You May Need to Make Estimated Tax Payments

1 min read

You May Need to Make Estimated Tax Payments

You may have to make estimated tax payments if you earn income that's not subject to withholding, such as income from self-employment, interest,...

Should Married Couples File Jointly or Separately?

3 min read

Should Married Couples File Jointly or Separately?

Once you're married, you have two options when it comes to filing your annual federal income tax return — married filing jointly or married filing...

Eight Red Flags for IRS Audits

4 min read

Eight Red Flags for IRS Audits

The number of people being audited by the IRS isn't that high. For many years, less than 1% of taxpayers undergo face-to-face audits (although...

Responsibilities When Collecting W-4s

2 min read

Responsibilities When Collecting W-4s

Employees don't always take the task of filling out their W-4 forms seriously. They may write "exempt" on the withholding portion of the form or even...

Keys to Avoid Payroll Tax Trouble

3 min read

Keys to Avoid Payroll Tax Trouble

What would happen if your company failed to pay the IRS payroll taxes when they were due? You could be on the hook for penalties and, if you're...

Nine Tax Considerations if You're Starting a Business as a Sole Proprietor

2 min read

Nine Tax Considerations if You're Starting a Business as a Sole Proprietor

When launching a small business, many entrepreneurs start out as sole proprietors. If you’re launching a venture as a sole proprietorship, you need...

3 min read

Do's and Don'ts for Business Expense Deductions

As tax season heats up, companies of all kinds and sizes will be on the hunt for ways to reduce their tax bills. One of the most common ways is...

The Value of Using One Service Provider for Accounting, Payroll, and Taxes

1 min read

The Value of Using One Service Provider for Accounting, Payroll, and Taxes

Navigating the landscape of accounting and payroll decisions is an essential choice for small business owners. There are advantages to bringing these...

Partnerships: Tax Considerations When Adding a New Partner

4 min read

Partnerships: Tax Considerations When Adding a New Partner

Are you considering inviting an employee or an outsider to participate in your existing partnership? Before making any commitments, it's important...

Year-End Review of S Corp Compensation: Stay on the Right Side of the IRS

3 min read

Year-End Review of S Corp Compensation: Stay on the Right Side of the IRS

With the new year right around the corner, your shareholders might be thinking about year-end bonuses or distributions. Before doing so, it's...

Avoid Costly Equipment Buying Blunders

1 min read

Avoid Costly Equipment Buying Blunders

Have you ever bought a new "state-of-the-art" piece of equipment only to discover that you paid dearly for some bells and whistles you didn't really...

Seven Ways Supervisors Can Hit the Target on Communication

2 min read

Seven Ways Supervisors Can Hit the Target on Communication

Successful supervisors know how and when to be assertive. They communicate their needs in a way that earns them respect and gets results.

Answers to Common Payroll Questions

4 min read

Answers to Common Payroll Questions

Understanding the payroll tax rules can be challenging when your company hires workers or the personal situations of existing employees change....

Can You Require a Switch to Direct Deposit?

2 min read

Can You Require a Switch to Direct Deposit?

It may not be long before paper paychecks go the way of the five-and-dime store and the VCR. They may soon become obsolete as "direct deposit" into...

5 Ideas to Help Small Business Owners Reduce Taxes for 2023

6 min read

5 Ideas to Help Small Business Owners Reduce Taxes for 2023

As year-end approaches, small business owners should review their tax situations to determine ways to lower federal income taxes for the current tax...

Federal Tax News for Individuals

2 min read

Federal Tax News for Individuals

Tax season is long over, but tax scams are thriving. The IRS is warning taxpayers about emails and text messages that promise refunds and credits but...

Update on New Retirement Account Catch-Up Contribution Rules

3 min read

Update on New Retirement Account Catch-Up Contribution Rules

The Setting Every Community Up for Retirement Enhancement (SECURE) Act brought numerous changes to the retirement and estate planning landscape in...

Will Your Crypto Transactions Be Reported on a Form 1099?

3 min read

Will Your Crypto Transactions Be Reported on a Form 1099?

Some taxpayers may be unaware of all the federal tax reporting requirements for cryptocurrency transactions — especially when it comes to issuing and...

Protect Your Company Retirement Plan from an IRS Attack

1 min read

Protect Your Company Retirement Plan from an IRS Attack

When your company sponsors a qualified retirement plan, you must comply with complex rules established by the IRS and the Department of Labor. Ignore...

RISK MANAGEMENT 8 WAYS TO REDUCE BUSINESS INSURANCE COSTS

3 min read

Risk Management: 8 Ways to Reduce Business Insurance Costs

How much money is your business spending on insurance products? Insurance is often a major business expense, and it can be a lifesaver when the...

MIDYEAR TAX PLANNING FOR SMALL BUSINESSES AND OWNERS

4 min read

Midyear Tax Planning for Small Businesses and Owners

Summer isn't just for barbeques and baseball. It's also a good time to think about ways to cut your 2023 business tax bill. Here are four planning...

Federal Tax News For Businesses

2 min read

Federal Tax News For Businesses

What Certain IRS Notices Mean What does it mean if a business receives a Notice CP2100 or CP2100A from the IRS? These notices tell recipients that...

Cutting the Kiddie Tax Down to Size

3 min read

Cutting the Kiddie Tax Down to Size

Despite its name, the "kiddie tax" is anything but child's play. If you're not careful, this provision of the tax code can result in children having...

Deposit Interest into Five Tax Buckets

4 min read

Deposit Interest into Five Tax Buckets

Interest rates rise and fall periodically, but the tax rules for deducting interest expenses remain the same — unless Congress changes them....

2023 Q3 tax calendar: Key deadlines for businesses and other employers

1 min read

2023 Q3 tax calendar: Key deadlines for businesses and other employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2023. Keep in mind that this list...