It’s hard to believe tax time is right around the corner. If you’re a small business owner, this time of year can not only be extremely frustrating but even worse, COSTLY, unless you’re fully knowledgeable on the latest tax laws that affect your business.
How you declare your business income, understanding the types of taxes you’re required to file, the numerous deductions that can save you money, and understanding employee and contract labor laws all determine how much you’ll need to pay Uncle Sam.
When is it best to focus on the serving your customers and spend less time doing administrative chores? Almost ALWAYS.
Payroll services immediately come to mind. If you do administer payroll yourself as a business owner, simply keeping abreast of changing regulations and fielding employees’ questions regarding compensation, PTO, deductions and overtime can be an overwhelming task. Add in garnishments, child support orders and payroll tax deposits, and payroll administration can strike fear into the hearts of office managers and business owners alike.
Chances are many of you are finished with your taxes, currently preparing them, or just trying to ignore them for a little bit longer. Wherever you are in the stages of your taxes, you are also not wanting to think about the 2018 tax season. However, the truth is you need to start thinking about it, especially with all of the changes. I wanted to share with you some things you can do now or throughout the year to prepare for the upcoming tax season.
As you are aware, there has been a major overhaul of the tax code with the Tax Cuts and Jobs Act. But what you may not know is everything that is changing for corporations and businesses. Curious what changes you can expect to see? Let’s take a look at some of the major changes.
As a business owner, you want to make sure your accountant is providing you with the best service and is helping you make the best decisions about your money. Unfortunately there may come a point where you start to question if it is time to find a new accountant. If you have reached that point, don’t rush into firing them, but take time to think, “What are they doing that doesn’t meet my needs and is it something I should talk to them about?”
A few reasons they might not be meeting your needs are:
I just received this update from the IRS and encourage you to read it and pass the information along to everyone you know.
Scam Phone Calls Continue; IRS Identifies Five Easy Ways to Spot Suspicious Calls
IR-2014-84, Aug. 28, 2014
WASHINGTON — The Internal Revenue Service issued a consumer alert today providing taxpayers with additional tips to protect themselves from telephone scam artists calling and pretending to be with the IRS.
Here is something I found on the IRS website that I have been warning my clients about. It gives you all the information you need about the scam and how to report it if you are contacted by the scammers:
Pervasive Telephone Scams
The IRS has seen a recent increase in local phone scams across the country, with callers pretending to be from the IRS in hopes of stealing money or identities from victims.
Every year without fail new clients ask me how many of the miles they put on their vehicles can be deducted as a business expense. Many are under the impression that all business miles are deductible. This is not necessarily the case.
Some of the miles you drive can be considered personal commuting miles while others are actually considered business mileage.
Determining what your actual business miles are is not complicated once you define a few key terms.
The Affordable Care Act (ACA) also known as Obama Care is causing a lot of concerns with individuals who are now required to purchase health insurance by March 31, 2014 or face a penalty.
I wanted to be ready when clients began to contact me about the penalty. So I started doing my homework. I discovered that there is a lot of confusion regarding the amount of the penalty and how it will be collected.