Starting January 1, 2020, the standard mileage rates for the use of a car, van, pickup or panel truck are as follows: Continue reading
Standard Mileage Rates for 2020
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Category Archives: Business Accounting
Starting a Home-Based Business
More than half of all businesses today are home-based. Every day, people are striking out and achieving economic and creative independence by turning their skills into dollars. Garages, basements, and attics are being transformed into the corporate headquarters of the newest entrepreneurs: home-based business people. Continue reading
Tax Breaks for Business: Charitable Giving
Tax breaks for charitable giving aren’t limited to individuals, your small business can benefit as well. If you own a small to medium-size business and are committed to giving back to the community through charitable giving, here’s what you should know. Continue reading
Business Tax Provisions: The Year in Review
Here’s what business owners need to know about tax changes for 2019. Continue reading
Year-End Tax Planning Strategies for Businesses
A number of end-of-year tax planning strategies are available to business owners that can be used to reduce their tax liability. Here are a few of them: Continue reading
Be Prepared When Natural Disasters Strike
While Fall is the prime time for Atlantic hurricanes, natural disasters of all kinds can strike at any time. As such, it’s a good idea for taxpayers to think about–and plan ahead for–what they can do to be prepared. Continue reading
Tax Advantages of S-Corporations
As a small business owner, figuring out which form of business structure to use when you started was one of the most important decisions you had to make; however, it’s always a good idea to periodically revisit that decision as your business grows. For example, as a sole proprietor, you must pay a self-employment tax rate of 15.3% in addition to your individual tax rate; however, if you were to revise your business structure to become a corporation and elect S-Corporation status you could take advantage of a lower tax rate. Continue reading
Small Business: Tips for Ensuring Financial Success
Can you point your company in the direction of financial success, step on the gas, and then sit back and wait to arrive at your destination? While you may wish it was that easy, the truth is that you can’t let your business run on autopilot and expect good results, and any business owner knows you need to make numerous adjustments along the way. So, how do you handle the array of questions facing you? One way is through cost accounting. Continue reading
October 1 Deadline to Set Up Simple IRA Plans
Of all the retirement plans available to small business owners, the SIMPLE IRA plan (Savings Incentive Match PLan for Employees) is the easiest to set up and the least expensive to manage. The catch is that you’ll need to set it up by October 1st. Here’s what you need to know. Continue reading
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