What are the secret business tax strategies of the most successful companies? Following these closed-lip tips will keep your taxes and finances in order. Behind every great company are equally great business tax strategies. Turning a profit feels amazing, but higher revenues also mean paying more in taxes. You don't want to give Uncle Sam a single dime more than necessary. With a little planning and some expert help, it may be possible to reduce your tax burden. Here are…
Is it really worth the extra expense to outsource your bookkeeping services? As a business owner, you want to do everything possible to make sure your company thrives. You wear many hats to ensure the daily operations go smoothly. However, there’s no reason you have to do everything alone. Hiring an outside bookkeeper may be the best decision you ever make come tax season. Here’s why: Show Me the Money! The most successful companies know how and where they spend…
Risky business write-offs may save you money right now but cost you more than you bargained for in the future. It’s best to stay off the IRS’s radar, but these risky business write-offs may land you on the audit bullseye. As a business owner, you can deduct a variety of expenses that typical employees cannot. While you should take every legitimate deduction, some “business expenses” are not always eligible. Take heed before you claim any of these dangerous deductions. Think…
Don’t fall victim to these common business accounting errors. Here’s how you can avoid a costly disaster. As a small business owner, business accounting errors can cost you more than just a few dollars. Too many owners have to close up shop because of an avoidable mistake. However, it’s possible to prevent many of the most common accounting and bookkeeping problems. Here’s what you should be on the lookout for the next time you handle the books: Careless Data Entry…
Get the most out of your return with these helpful tax strategies for business. If you run a company, you know the importance of managing your money. Every penny counts, and you want to make sure you don’t overpay the IRS. Unfortunately, few business owners know how to streamline their taxes and simplify their returns. Utilizing these strategies may reduce your overall tax burden and lift a huge weight from your shoulders. Itemize Your Deductions throughout the Year What expenses has…
A reliable business accountant can help you manage cash flow while reducing interactions with the IRS. Why hire a reliable business accountant for your small business? If you’re like many small business owners, you run your company on a limited budget. You have to watch out for the bottom line whenever you spend money. One wrong move may mean the difference between making a profit and slipping into the red. You also don’t have the available cash to hire an…
Reliable bookkeeping services will save you time, money, and your sanity the next time you file business taxes. Are you wondering if your business needs to hire bookkeeping services? If you’re trying to manage all of your company’s financial records in-house, you may be in for a rude awakening come tax season. The expertise of a talented bookkeeper is worth their weight in gold. Once you turn your statements over to a third-party service, your only regret will be not…
Are you filing with some risky business write-offs? Risky business write-offs are bad business. If you own a small business, you need to get your taxes right. That includes only taking write-offs you’re entitled to. If there’s one thing that can trigger an audit quicker than you can say “tax time” it’s including write-offs you shouldn’t. How can you tell? Take a look at the top three you need to avoid: #1: Food, Booze, and Entertainment Promoting your company, your…
How could HR management services improve your business accounting outcomes? Check out these 3 examples. Wondering if HR management services could make a difference for your business? Let’s face it, business accounting is one of the most time-consuming parts of running a business. It’s why hiring the best possible accounting personnel is so important. Your accounting department does more than send bills and collect money. They have to process payroll, pay the company’s bills, and create reports all the time.…
Have you considered whether accounting software or bookkeeping services are the way to go? Accounting software or bookkeeping services? It’s an age-old question for small and medium-sized businesses everywhere. Your operating budget is tight. Therefore, your need for sound financial oversight is great. Your records are not in any obvious sense of order. How do you decide between investing in QuickBooks or a bookkeeper? Which will deliver the best bang for your buck? Do you already have a great accountant…
Wondering how to beat an income tax audit? These tips will help you to break on through to the other side. Are you looking for tips to beat an income tax audit? If so, you are likely dealing with a lot of different emotions right now—horror and absolutely-freaking-out might be the two big ones. What you need is a game plan. You need some practical tips to help you push past the anxiety and move onto taking action. So let’s…
Thinking about incorporating your business online? Here’s what you need to know as you decide what’s right for your business. Nearly all small business owners come to the point at which they must decide whether or not they should incorporate their businesses. Incorporating your business online has emerged as a valid option to consider. The process of incorporating online has become increasingly popular for new entrepreneurs. They know it’s time to protect their personal assets and save money at tax…
Taking a bad business write-off is one of the best ways to catch the attention of the IRS, which makes avoiding them one of your highest priorities. If you take a bad business write-off on your return, you’re essentially inviting the Internal Revenue Service to come sniffing around. Even if they don’t target you because of them, you're much more likely to become the victim of an audit. Even worse, this might come after you get your refund. The IRS has…
Wondering whether you’re making business accounting mistakes? Here are the five biggest errors and how to avoid them. We probably don’t need to tell you that the Internal Revenue Service is not gentle when it comes to business accounting mistakes. Good intentions do not count, and errors can earn you hefty penalties in an audit...or even make one more likely. If you want to keep your business aboveboard and in good standing, avoid the following mistakes. #1: Itemizing Deductions Incorrectly…
Some business write-offs aren’t good for business. How do you know what tax write-offs are legitimate for your small business? When done right, business write-offs can save you loads of money. But if you make a mistake or write off the wrong expense, you could end up paying more in the long run. We understand tax law can be difficult, so we’re here to help. The following are three dangerous business write-offs you should avoid at all costs. Bad Debt…
Business tax planning strategies can be a good idea, but it's crucial that you start planning now. Nobody wants to get gouged on taxes. But all too often, business owners don’t think about their taxes until the end of the year, and then a mad scramble begins. Avoid all that hustle and bustle by planning in stages throughout the year. Business tax planning strategies can help ensure you pay just the right amount – and not a penny more. Here…
Don’t pay the price for bad business tax write-offs. Business tax write-offs keep more of your money in your own pocket, as long as you only take the ones that are legitimate. Make a mistake and you will wind up paying dearly. The tax code becomes more convoluted every year. That makes every deduction or credit you claim a risk as well as a benefit. Ensure your taxes are legitimate with the help of a capable accountant or tax professional.…
Take a look at the most popular bookkeeping and accounting software for small businesses. QuickBooks Online is undoubtedly one of the most popular bookkeeping and accounting software programs for today’s small business professionals. However, there are other options. Some of the alternatives are free, basic programs perfect for the smallest operations. Others are complex enough to handle heavy workloads. Still others will perform accounting, bookkeeping and payroll functions with ease from one online or mobile hub. Just remember, the person…
Avoid these three accounting errors to ensure a better tax season. When filing your business tax returns every year, it is very easy to find you've made a litany of accounting errors. These mistakes can cause severe problems for your business. For example, the IRS could set up an audit that finds you didn't pay enough money. Even worse, you could discover that your finances are in such a sorry mess that you can't figure out where you went wrong.…
Online tax preparation applications look easy, but there are problems lurking within. Tax preparation applications make a lot of great-sounding promises in advertisements. Claiming to make filing your taxes a breeze, as well as helping you get the biggest refund ever, they sound like a miracle product. These products claim to provide numerous advantages, many of which do sound tempting to busy individuals, such as: Tax preparation applications can make filing your taxes fast. Some applications claim you can file…
Small business owners should demonstrate caution when choosing a business accountant. Working with a business accountant can be a great option for small business owners who cannot afford in-house accountants but also cannot afford to miss out on hidden tax savings. Unfortunately, not all business accountants and CPAs are equally capable of delivering the high-quality audit protection, tax filing and estate planning services their clients deserve. Many lack a thorough understanding of the unique needs of today's small businesses, and…
From omitted income to incorrect deductions, these accounting errors can lead to big trouble with the IRS. Every year, Americans procrastinate on their taxes, hurrying through them at the last minute and failing to catch a myriad of accounting mistakes. Many assume the IRS targets only wealthy taxpayers and large corporate entities with audits. This is not true, and even small errors can lead to the hassle of auditing for everyday employees, independent contractors, and small business owners. The following…
Business Tax Advantages You’ll Want to Learn About Sooner than Later In this progressively more competitive international marketplace, major corporations are evaluating potential business tax advantages of raising shareholder value significantly by establishing outsourced production processes. Outsourcing offers the potential to improve production greatly, but it is also fraught with risk. One of the greatest challenges involved is answering the question of whether or not to partner with onshore or offshore outsourcing firms. Business Tax Advantages of Outsourcing Offshore outsourcing…
Are You Using these Business Tax Strategies? It’s no revelation that everyone wants to save money on taxes using those elusive business tax strategies. Small businesses, however, without the same protections some individuals and most large corporations enjoy- need to look carefully each year to secure new methods of minimizing their tax burdens. While the methods available to small businesses may be obscure, they could even be more numerous than those offered to different kinds of entities. There are many intriguing…
What You Need to Know about Bad Business Write-Offs Bad business write-offs are a widely accepted way for businesses to save money on taxes. Generally, any business loss can be recorded as a tax write off, and can be applied as a tax credit. The standard wisdom is that all tax write offs are good- as long as they are reasonable. But sometimes using write-offs can backfire. We will discuss what write-offs are, and how they can turn around and…
Wondering how you can keep more of your income by maximizing the number of deductions you take? Here are five business write-offs you might be missing. Business write-offs are a key way to save money. While most businesses routinely take their deductions for medical expenses, utilities, retirement plans and conventions, for example, there are quite a few commonly missed expenses as well. Today we’ll take a look at some of the most frequently overlooked business write-offs, so you can start…
Discover the pros and cons of using online tax preparation for your business. Many individuals are turning to online tax preparation software – but should your business? Tax preparation software is increasingly popular for individual use, with many people attracted to the convenience and simplicity of doing taxes in their pajamas. Even if they’re leaving money on the table, many people either don’t know or write it off as a convenience tax. But is that right for your business? Consider…
If your business paid someone (who was not your employee) a total of $600 or more during the year, you must issue a 1099 to them (unless it is a corporation). For attorneys, 1099s are required even if incorporated or regardless of their entity type. In addition 1099s must be filed with the Internal Revenue Service. The 1099 filing requirement applies for payments made by your company to people who provided services (including parts and materials), to independent contractors, vendors,…
Starting a business can create tax benefits by converting some personal expenses into tax deductions. What was formerly non-deductible may become deductible when you operate a business, thereby increasing your personal benefit significantly. For example, when you buy something for $100 (as an employee) using after-tax dollars, you must actually earn about $150 to net the $100 bring-home pay in order to buy the item (due to income taxes and payroll taxes). In contrast, when business owners purchase a $100…
You may have formed an LLC or a corporation with the understanding that your business structure would save you money in taxes and protect you from lawsuits and creditors. But for most small and micro businesses in California that is a myth. Only about two percent are in compliance and most are violating some regulation daily. Warning: Forming a corporation or LLC will not automatically provide you with any tax benefits or protect your assets. Having approved Articles from the…
Audits of businesses are much more extensive and intrusive than those for individuals. Should your business be audited, you can expect that every bank and checking account that you have in your household will be taken into consideration. The auditor will be looking for “unreported income”. The IRS believes that most small businesses do not report all of their earnings. In addition to the audit of your records, they have developed another type of audit that has nothing to do…
The amount of taxes that you or your business must pay will vary greatly depending on the way that your business is structured and which planning concepts are put into action. We can reduce your taxes, as a business owner, through the implementation of our formal tax planning services. Our Tax Plans are designed to take advantage of the current tax laws and regulations. A good Plan will be built on a tax-friendlier foundation and allow for the proper timing…
