The IRS Retention Policy
The period required to reserve a document relies on the expense, action, or an event filed by the report. Usually, you’re required to preserve any records that aid an income item, deduction, or credit displayed on your tax return. You should keep it up to that moment when the limitations for your tax returns expires. […]
4 Tax Deductions You Could Be Overlooking
Tax season can be hectic for business owners. However, tax deductibles help business owners manage the costs of running the company. With that said, there are many tax deductibles that business owners may be overlooking. Here are 4 tax deductibles you may not know you can claim on your taxes this year. 1. Business […]
Record Keeping for Businesses: How Long to Keep Business Receipts
Record keeping is suitable for any business. It prepares your financial statements, assists you to keep track of your expenses, and can assist you whenever you get sued or audited. Therefore, you need to learn how long to keep your small business receipts to avoid future challenges. How Long Should You Store Your Business […]
Tricks That Can Help Boost Your Small Business Payments
Receiving invoice payments on a timely basis is essential for any small business owner. Today, technology is changing so fast. Therefore it’s crucial to work in a well-organized and competent way to cope up with these changes. This way, your small business will receive invoices quickly. Most of the small businesses usually collapse because the […]
How to Avoid Payroll Taxes for Your Children
When your child reaches a certain age, you feel it’s time for him or her to get a job. And what better place than with you at your own company? You’d be able to monitor your child to keep them safe, they’d receive valuable work experience, they could have some money of their own to […]
5 Mistakes With Big Consequences Small Business Owners Should Avoid
It is the American Dream to have your own business, be your own boss, and do work that you love. There is nothing more rewarding than having a successful business. However, to be successful, all owners need to avoid these common financial mistakes. 1) Do Not Commingle Funds Commingling personal and business funds […]
1099 vs. W-2 Employees: The Three Key Factors to Consider
The rise in technological innovations, the evolution of employer relationship, and an increase in the number of independent workers are just but a few vital factors that are resulting in the development of the workforce landscape. As a small business owner, you have obviously faced the difficult task of choosing from a broad spectrum of […]
QBI Deduction: What It Entails
The QBI (Qualified Business Income) deduction came about through the recent Tax Cuts and Jobs Act of 2017. The QBI deduction is also referred to as Section 199A of the tax code. Generally, it is available to pass-through entities including S corporations. It is a strictly non-corporate deduction which means that C corporations and employee […]
Fact or Myth? Can You Afford NOT to Use the Trade Credit Discount?
Trade credit is a great B2B business deal to finance growth. A buyer receiving goods and services on credit has its perks, but there are other incentives customers can take advantage of including the 2/10 Net 30 discount. Check the invoices you receive from vendors to see if their terms include this. We’ll start by […]
Benefits: HRAs for Small Businesses
Navigating the tax scene can be confusing for small business owners. The last decade has seen a lot of changes in the health insurance and tax sectors. How can you know what is right for you and your business? What Is an HRA? An HRA is a Health Reimbursement Account or Health Reimbursement […]