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 […]
Should You Pay Estimated Taxes?
Once you’ve filed your income tax return, you may be ready to put some distance between you and the IRS and turn your attention to other things. If you’re employed, you probably can take a breather, since your employer will handle ongoing income tax payments for you through the wage withholding process. But it’s a […]
Employee or Independent Contractor? The Differences
The distinction may be challenging to make sometimes, but the IRS has very strict rules about it. Depending on the size of your business, onboarding a new hire can involve a lot of reading and writing for both of you. You may want the new worker to fill out a personal profile. There could be […]
Deducting Home Office Expenses
If you’re one of the many people working from home this year, you may have questions about the home office tax deduction and whether you can qualify for it. Here’s a rundown of the rules. Employees Unfortunately, home office expenses incurred while working as an employee are not currently deductible. The reason: the Tax Cuts […]
7 Small Business Tax Credits You Should Know About for 2021
Small businesses benefit from various tax credits that reduce the amount of tax they pay to the government. Here, we discuss tax credits, why they exist and provide a list of the top tax credits that small business owners should know. Small Business Tax Credits A small business tax credit is an amount of money […]
What You Need to Know About Incorporating Your Business
Incorporating your small business the right way can bring tax benefits and protect your personal assets. Read on to learn more about what incorporation is, why you might want to incorporate, and how an accountant can help you navigate the questions that come with selecting the right business structure. What is Incorporation? When discussing “incorporation” […]