Business Tax

As a business owner, you should familiarize yourself with your federal, state, and local tax requirements. Understanding what your obligations are will assist you in filing returns and paying taxes accurately and on time. Whatever taxes you are required to pay, you have to be very aware that there are deadlines for remitting them and […]

Let’s talk about tax credits – what they are, how they differ from deductions, and which can benefit your small business. What are tax credits? A tax credit is a dollar-for-dollar reduction of one’s tax liability, reducing the amount of tax owed. So, a tax credit of $300 lowers your bill by $300. Tax deductions […]

There are various federal taxes that may apply to your small business. The type and form of business you operate determines what taxes you must pay and how you pay them. At the federal level, several different taxes may apply. Excise Taxes The IRS defines an excise tax as a tax imposed on the sale […]

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 […]

It’s not just self-employed individuals who must pay estimated taxes. Here’s what you need to know. W-2 income tax withholding isn’t perfect. You’ve probably had years when you owed more than you expected to on April 15. Or you were pleasantly surprised to receive a sizable refund. The idea, of course, is to try to […]

Unless you’ve been planning for 2021 taxes all year, it’s time to take actions that can reduce your IRS obligation. We’ve talked before about the importance of planning for taxes year-round. If you haven’t been able to do that because 2021 has been another complicated year, it’s not too late. There are things you can […]