Taxes are an integral part of running a business, and they often represent a substantial portion of your expenses. However, there’s good news for businesses looking to reduce their tax burden and stimulate growth – business tax credits. These credits provide financial incentives for companies to invest in various activities, from research and development to […]
Business Tax
Beneficial Ownership Information Reporting Under the Corporate Transparency Act
What is Beneficial Ownership Information Reporting? Beneficial Ownership Information (BOI) reporting is a federal requirement by the Corporate Transparency Act (CTA). BOI reports include information about all the company’s beneficial owners. Who is considered a Beneficial Owner? A beneficial owner is any individual who, directly or indirectly, exercises substantial control over a reporting company or […]
A Comprehensive Guide to Small Business Taxes
Running a small business comes with a multitude of responsibilities, and one crucial aspect is managing taxes. Small business owners often find themselves grappling with the complexities of the tax system, from understanding different tax obligations to maximizing deductions. In this article, we’ll delve into the world of small business taxes, offering insights and tips […]
Small Business Taxes: Who Pays What?
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 […]
4 Tips on How Small Businesses Can Reduce Taxes
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 […]
Starting a Side Gig in 2022? Your New Tax Obligations
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 […]