If you are a new small business owner and struggled with keeping your expenses and accountings straight last year, here are three tips for getting things together and on a better track this year.
#1 Have A Separate Payment Method For Business Expenses
The first thing that you need to do is make sure that you have a payment method for business expenses that is separate from your payment method for personal expenses.…
If you’re the owner of a small business, you’re likely looking for ways to conserve profits so you can grow your company. While this way of thinking works as it pertains to things such as getting a good price on tools and supplies, it may not be the right approach to tackling administrative responsibilities. You need to have the right people in place so that you can put your sole focus on increasing productivity.…
One of the major accounting functions a small business owner has to fulfill is turning in their sales tax. Though there are some states in America that don’t have any sales tax, the majority either have sales tax or a similar general excise tax. A failure to report sales tax correctly could lead to substantial fines and penalties.
Taxing the Wrong Items
Some states tax products and other states tax both products and services.…
Many people put off paying taxes until the last possible day that they can file to put off dealing with numbers or facing a high tax bill. However, even if you owe the IRS money, there are benefits that come with filing your taxes early. Here are three reasons you should consider doing your taxes as soon as possible this year.
#1 Thwart Identity Fraud
Every year, millions of dollars of tax returns are claimed through false returns filed by individuals who have stolen someone’s identity.…
Filing a tax extension definitely is within the rights of U.S. citizens needing an additional six months to prepare their returns. Taxpayers confused about how to reconcile advanced tax credits under the Affordable Care Act may find that requesting additional time to file makes sense. No one wishes to botch the forms and then deal with various problems as a result. Unfortunately, some panic may set in after an extension is filed, advanced tax care credits are taken, and an unexpected letter arrives ahead of the October 15 extension due date requesting the return.…
If you are the sole proprietor of a new business this year, it is vital that you keep excellent records and prepare for tax time throughout the year. You should strive to file your taxes as soon as you can after the filing deadline so that you have that out of the way for the year and can use what you ended up paying in taxes to help you estimate your taxes for the next year.…
Businesses of all sizes must comply with regulations concerning payroll taxes. Many companies rely on a professional payroll service to help carry out their tax obligations. With the assistance of a certified public accountant (CPA), business owners can usually realize cost savings by moving the responsibility for payroll preparation from an outside firm back to the company.
Like many other aspects of accounting, payroll preparation is well suited for automation. The frequency of required tax deposits is dependent on how quickly the deposits accumulate.…
Working in real estate can be a great way to work for yourself and have more flexibility while making a good income. But if you’re not careful around tax time, it can be a costly way to earn money. Between regular personal income taxes (both state and federal) and self employment taxes, you can lose between 15.3% and 54.9% (at the highest tax bracket of 39.6%) to the tax man. So, how can you reduce this number as much as possible?…
Did you happen to forget to file your taxes this year? And, potentially, in prior years? First of all: don’t panic. This happens quite a lot. Some people just don’t realize that they need to file taxes; they may think that they’re under the reporting amount, or they might have falsely believed that someone else filed for them. Regardless, you do need to deal with the situation as soon as possible, but it isn’t the world ending scenario you might think it is.…
Tax preparation may be something that every United States citizen needs to do, but it’s rarely ever taught in schools. So how can you teach your child about tax preparation before they end up confused and staring at their first 1040? The answer is often immersion: teach your child about taxes and expose them to taxes as often as possible.
Tag-a-Long: Take Them to Your Next Tax Preparation Meeting
Most parents cringe at the very idea.…
