‘Tis the season to wrap up the year while still keeping in mind your holiday business expenses. You don’t have to be a Scrooge; there are some ways to enjoy the holiday season while still getting the most out of it. It can become challenging to know what should be considered a business deduction when it comes to holiday expenses, but that’s where we come into play. Keep on reading below to find out about holiday business expenses for taxes! 1….
Running a business is hard work – it takes energy and time from your end. It can be easy to forget tax deadlines in the thick of building your business. As you approach the last financial quarter, make sure you know all the important dates. You don’t have to go it alone. Read on for all the last financial quarter tax deadlines you’ll want to keep track of in 2021: Types of Business Taxes to Track Before getting to deadlines,…
The primary objective of every business, large and small, is to generate a healthy ongoing net income. Of course, revenues minus expenses and minus taxes equals net income or profit. A business can generate more profit by increasing revenue, managing or reducing expenses, and optimizing tax deductions. These are our recommended best (and worst!) practices for recording and deducting business expenses: What Are Expenses? Expenses are the costs that a company incurs in the process of generating revenue. Importantly, businesses can…
Starting a new business can be exciting, but it comes with challenges, and it can’t be approached casually. Each new business owner faces the necessity of business planning, legal and tax planning, and planning for business startup costs. Before starting a business, it is important to research the industry, the potential consumer base, the operating geography, and the competitive landscape. What Are Expected New Business Startup Costs? To avoid IRS problems and possible business failure, business expenses always need to…
Investing can be a great way to build wealth. At the same time, it is important to take advantage of ways to save money on all investments so that each investor can keep more of his/her gains. Successful investors will choose their investments wisely, watch them carefully, and follow useful investor tax tips. Importantly, keeping good records and obeying tax rules is critical to staying out of trouble with the IRS. What Are Some Ways To Invest? There are numerous…
Cryptocurrency or “crypto” is a digital form of exchange, not a physical currency. In this form of exchange, values and transactions are stored online in databases that use strong cryptography to secure transaction records, verify the transfers of ownership, and control the creation of additional crypto. The records are maintained by a decentralized system instead of by centralized authorities. The idea of cryptocurrency has been around for many years, but the concept became reality in 2009 with the launch…
Good tax results come from good tax planning. And it’s simply the truth that this year’s tax returns can be beneficial for next year’s tax filing. This Year’s Tax Return Can Help Next Year’s Tax Filing It may be tempting to submit your annual tax returns and then not think about taxes for another year. But there is a better way. Planning ahead can save time and hassle next year and the learning gained in this year’s tax filing can…
As part of the stimulus law, there was a provision added that required IRS to begin distributing the child tax credit on a monthly basis for certain taxpayers. This is nothing more than sending you a monthly check for the child tax credit you received in the past when you file your income tax return. Many people are confused and think this is another stimulus check (money they never got before). Here are a few things to consider: …
A key thing that every small business owner should do is to keep his/her personal and business expenses and all other finances separate. Who Must Keep Personal and Business Finances Separate? If a business is formed as a corporation, it is considered a separate legal entity so all finances and business expenses must be separated. If a business is formed as a sole proprietorship, there is no legal distinction between the business and its owner. Therefore, all profits,…
So, you have filed your annual tax forms and this year you get a tax refund. Yahoo! You are one of nearly 80 percent of Americans that get a refund on their tax returns. But what does that mean? What are Tax Refunds? Tax refunds are not a “lucky strike” or a surprising bonus. They represent a payback of an excess amount that taxpayers have remitted to the government as documented on their tax returns, essentially an interest-free loan to…
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