Category Archives: Business Tax Prep

Tax Extenders, Retirement Plan Changes, and Repeals

tax changesThe Further Consolidated Appropriations Act of 2020, signed into law on December 20, 2019, extended a number of expired tax provisions for business and individuals through 2020. It also included several retirement plan changes and repealed three health care taxes. Here’s what you need to know: Continue reading

Starting a Home-Based Business

home-based businessMore 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 businessTax 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

Be Prepared When Natural Disasters Strike

preparing for natural disastersWhile 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

s-corporationsAs 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

small business accountingCan 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