Video Workshop: What You Need to Know About Schedule C and Other Business Tax Forms

Free Video Workshop for New Business Owners The Small Business and Self-Employed Tax Center at the IRS website irs.gov is a great resource for small businesses. They have recently designed a new program - Small Business Taxes: The Virtual Workshop.  The workshop has nine interactive lessons designed to help new small business owners learn their tax rights and … [Read more...]

Video Workshop: What New Businesses Need to Know About Federal Taxes

Free Video Workshop for New Business Owners The Small Business and Self-Employed Tax Center at the IRS website irs.gov is a great resource for small businesses. They have recently designed a new virtual workshop, Small Business Taxes, to help new business owners understand their federal tax obligations.  Click below to start Lesson 1 - What You Need to Know About … [Read more...]

Some Businesses Required to Use Blended Tax Rate for 2018

U.S. corporations that use a fiscal year end instead of a calendar year end for federal income taxes will need to use a blended tax rate this year. Due to a provision in the recently enacted Tax Cuts and Jobs Act (TCJA), a corporation with a fiscal year that includes Jan. 1, 2018 will pay their federal income tax using a blended tax rate and not the flat 21 percent tax … [Read more...]

Changes to Depreciation Are Affecting Businesses Now

The IRS wants to remind businesses that the passage of the Tax Cuts and Jobs Act may affect their depreciation deductions and taxes. Business taxpayers can generally depreciate tangible property except land, including buildings, machinery, vehicles, furniture and equipment. Changes to depreciation and how they will affect businesses could include: Businesses can … [Read more...]

It’s National Small Business Week!

The US Small Business Administration presents National Small Business Week April 29-May 5.  One of the main events of Small Business Week is the three-day Virtual Conference, created by the SBA and SCORE Association. You will have a chance to participate in webinars taught by national experts, all free of charge. The webinars cover a wide range small business issues, … [Read more...]

6 Tax Tips for Self-Employed Taxpayers

The IRS offers these 6 tips for self-employed taxpayers: If you are an independent contractor or run your own business, there are a few basic things to know when it comes to your federal tax return. Here are six tips you should know about income from self-employment: Self-employment income can include income you received for part-time work. This is in addition to … [Read more...]

Nine Tax Tips for Charitable Contributions

Tips on Deducting Charitable Contributions If you are looking for a tax deduction, making a charitable contribution can be a ‘win-win’ situation. It’s good for the charity and good for you. Here are nine things you should know about deducting your charitable contributions from the IRS: You must donate to a qualified charity if you want to deduct the contribution. You … [Read more...]

How Do Small Business Retirement Plans Compare?

Top Six Retirement Plans for Small Businesses If your company is thinking about adding or changing a retirement plan for your employees, there are many different ways to make that happen. Retirement plans keep employees happy and can be an effective way for business owners to save money as well. Here are the ups and downs of the six most popular retirement plans for small … [Read more...]

5 Important Tax Tips For New Businesses

Tax tips from the IRS for new businesses, including information on business structures, taxes, Employer Identification Numbers, accounting methods, and employee health care. When you start a business, one key to success is knowing about your federal tax obligations. From choosing the structure of your business to handling payroll taxes, here are five basic tax … [Read more...]

The Affordable Care Act – How it STILL Affects Large Businesses

With the recent defeat of healthcare reform in the US Senate, it is important to remember that businesses are still bound by the rules and regulations of the Affordable Care Act. We will be reviewing the basics of how the ACA affects small businesses, large corporations, and individuals.    More than 50 employees? Here’s how the Affordable Care Act affects … [Read more...]