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There are several coronavirus payroll tax credits available to help employers manage their business during this time. One of these credits is the Employee Retention Credit (ERC). This credit is a CARES Act relief measure and is a fully refundable… Read More
Archive for the ‘Tax Information’ Category
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What is Earned Income and Why Does It Matter?
When you own or work for a business, you receive earned income, but that term doesn’t include all income. Understanding the difference between income that is earned and unearned is essential for determining tax liability and tax credit eligibility. So… Read More
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6 Reasons You Should File Your Taxes Early
Due to the Coronavirus pandemic, the federal tax deadline has been pushed back from April 15th, to July 15th. While it was already easy to procrastinate when filing your taxes, there are many benefits to filing your taxes ahead of… Read More
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Check Off Your Small Business Tax Prep Checklist
Many people dread tax season and find the work required complicated, overwhelming, and stressful. If you are this kind of person, it may help to make a tax prep checklist for your small business tax return. Putting everything you need… Read More
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Getting Familiar With Form 1099-MISC
If you hired an independent contractor for your business in 2019, you will have to understand and complete an IRS Form 1099-MISC for each independent contractor while preparing your taxes. However, if this is your first time working with independent… Read More
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Understanding the Independent Contractor Classification
As a small business owner, at some point, you may need to hire an independent contractor. But what classifies a worker as an independent contractor, and what does that label mean for you? Read on to learn the essential information… Read More
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What Employers Need to Know About Form W-2
As a small business employer, you are responsible for distributing IRS Form W-2 in the new year so your employees can begin to file their federal and state taxes. Unfortunately, Form W-2 can be quite confusing. Luckily, we have a… Read More
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7 Common Small Business Tax Deductions
As you prepare to file your small business taxes, it is important to know what tax deductions you can apply to your business. Tax deductions decrease your taxable income, which means more of the money you earn gets to stay… Read More
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4 Small Business Tax Return Myths
The end of the year will be here soon and with it the end of the 2019 tax year. Although taxes are not due until April 2020, as a small business owner, you may be preparing your files and documents… Read More
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What Are Allowable Small Business Expenses?
As a small-business owner, you are probably on a tight budget despite the many expenses that continually pile-up. Fortunately, many of your business expenses are tax-deductible. If you are wondering what qualifies as a tax-deductible business expense, don’t wait until… Read More