As a small business owner, tax liability is the money you owe the government when your business generates income. With changing laws and gray areas regarding deductions, exemptions, and credits, it’s no wonder small business owners rank taxes at the top of the list of the most stress-inducing aspect of business ownership. To reduce that […]
How to Protect Yourself from Tax Identity Theft
It can happen online or offline. Are you taking steps to protect your identity? As you work on your 2021 income tax returns, the IRS is still catching up from the 2020 tax year. Because of the COVID-19 pandemic and the problems it caused for all kinds of businesses and government agencies, there are reports […]
Small Businesses Facing Labor Shortages
Small business owners cite the unavailability of workers as one of their biggest challenges1. The labor shortage means that employers cannot, in some circumstances, operate at full capacity and must forgo some revenue opportunities. Businesses may have to delay planned expansions or the addition of new products or services because of the scarcity of workers. […]
Are You Tracking Absolutely All of Your Tax-Related Business Expenses?
If you’re self-employed, understanding what’s deductible and recording all of your business expenses should be priorities. When you work for yourself, accurate accounting is critical. The IRS pays special attention to tax returns prepared by sole proprietors. Not only does the agency try to determine whether all taxable income has been recorded, but they also […]
8 QuickBooks Online Tips
There are always more things to learn about the applications we use every day. Here are some tips for expanding your use of QuickBooks Online. We tend to fall into the same old patterns once we’ve learned how to make a computer application work for us. We learn the features we need and rarely venture […]
How To Deal With a Past-Due Tax Return
“Better late than never” applies when it comes to filing income tax returns. Here’s what you should know. Maybe you didn‘t get your 1040 done in time in a previous year and you figured you couldn’t still file your income taxes. Or maybe you thought you’d owe money that you didn’t have. Or perhaps you […]