As a small business owner, do you ever wonder why you pay so much in taxes? The answer isn't as complicated as you think. Maybe you're not taking the necessary time to properly plan. It could be an issue such as trying to do it yourself, rather than hiring a tax professional, not keeping a [...]
If you're a new business owner, you may wonder what you need to know about sales taxes. A lack of knowledge is costly. If you wrongly think you don't owe the tax and don't collect, or if you correct too little, you could have to pay big fines and penalties. In fact, there are several [...]
The IRS, in an effort to combat rampant tax filing fraud, has introduced what they hope will be two new fraud-prevention measures for the upcoming filing season. The first will purposely delay until February 15 the issuance of refunds for tax returns where there is an earned income tax credit (EITC) and/or a refundable child [...]
When you were a kid, you imagined becoming an entrepreneur — a dream that turned into reality a few years ago when you started your first small business and began enjoying the freedom of being your own boss. But, since then, your profits haven’t grown at the rate you’d hoped they would. If you can [...]
In today’s tough job market, students seeking part-time employment, young adults looking for full-time employment, and college graduates looking to begin their careers are finding it difficult to land a job. The family business may be the only place for some family members to find work, even if only temporarily until another opportunity arises. Financially, [...]
If you are looking for cash for a specific purpose, your retirement piggy bank may be a tempting source. However, if you are under age 59½ and plan to withdraw money from your Traditional IRA or qualified retirement account, you will likely pay both income tax and a 10% early distribution tax (also referred to [...]
Eliminating all those costs associated with employees and hiring independent contractors may save a lot of money, but it can also be a minefield. Just because you pay a worker like an independent contractor does not necessarily make him one. And if you are subsequently challenged on that classification by the IRS or your state [...]
As we end one tax season and begin another I wanted to debunk a lot of the misinformation or myths surrounded around taxes and tax filing. I hear every day bad information or half-truths. Although there are many rules there are also unique situations so you must always ask your CPA if this applies to you. 1. I [...]