Small business owners are always looking for ways to make their lives easier, especially when it comes to the financial management side of their business. However, one area of financial management that deserves more attention from small business owners is bank reconciliations as it’s a task that is often put off or done inconsistently or …
Read More...Companies are being forced to pivot and adapt both internally in how they handle operations and externally in how they interact with customers and maybe even the products they sell as a result of the COVID-19 pandemic. Virtually no industry has gone untouched with either significant challenges or significant opportunities (or both) during this time. …
Read More...Many small business owners approach tax season with a can-do attitude. This is admirable, but when it comes to compliance, it is usually best to leave tax preparation to the experts. Being aware of common mistakes, like failing to comply with tax laws, violating tax codes, or incorrectly filling out forms, will help you avoid …
Read More...When you run a small business, you wear more than just one hat, but is budget master one of them? When it comes to protecting your bottom line, your budget plays a critical role. A smart budget accurately sets the tone for the timeline of your project; it also determines the people you hire and …
Read More...The Internal Revenue Service recently issued the 2020 optional standard mileage rates to be used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. As of January 1, 2020, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) are:: 57.5 cents …
Read More...The Internal Revenue Service (IRS) has released another preview of Form W-4 to the public. The new design aims to simplify the withholding system, replacing complicated worksheets with questions designed for the layman. The hope is that the form will help employees report more accurate amounts, allowing the IRS a better assessment of taxes paid. …
Read More...Final regulations from the Internal Revenue Service (IRS) give employers decision-making rights on whether to truncate their employees’ Social Security Numbers (SSN) on Form W2, Wage and Tax Statement. The rule, which began its journey in 2017 as a set of proposed regulations, is another step in the right direction toward protecting employees from identity …
Read More...Understanding your eligibility for tax credits is an essential facet of income tax planning. Unlike deductions, which reduce your tax owed as a percentage of the deduction multiplied by your marginal tax rate, tax credits reduce your tax owed on a dollar for dollar basis. Given the choice between a tax deduction and a tax …
Read More...The Taxpayer First Act (the Act) of 2019 was signed into law on July 1, 2019. The bill, having gone through a few changes on its way to the president’s desk, passed with bipartisan support – a rare thing in Washington these days. The law aims to reform the Internal Revenue Service (IRS) by making …
Read More...The Tax Cuts and Jobs Act (TCJA) made many changes to the Internal Revenue Code. While many were widely discussed, businesses should know other provisions that may affect the taxable income computations on federal tax returns. Gross Receipts Test More small businesses will be eligible to use the overall cash method of accounting since the …
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