Qualified Business Income (QBI) Deductions: Your Complete Guide [2020]
Starting in the 2018 tax year, the Tax Cuts and Jobs Act of 2017 allowed many small business owners to begin taking a new deduction: the qualified business income deduction. If your business is eligible, you could benefit from significant savings on your taxes. These benefits could last from now through the 2025 tax yearRead More
Business Loans for Tax Bills: How to Get Funding for IRS Payments
If you think you pay too much in taxes, then you’re not alone. 52% of small business owners feel the same way. That’s why many small business owners seek funding elsewhere—through business loans for tax bills. For 2016, the IRS estimated that accountants and small business owners spent $147 billion of their time simply complyingRead More
Business Tax Deductions: How to Use Depreciation to Reduce Your Tax Bill
What business owner doesn’t want to save money on their taxes? You can pay less every year by deprecating your assets. Depreciation can seem confusing, but once you grasp how it works and see the benefit for your bottom line, you’ll be happy spending the extra time on bookkeeping. Follow this guide to better understandRead More
Get Your EIN: How to Find Your Business Tax ID Number
When you start a business, you may need an employer identification number (EIN) to identify the company for tax and financial purposes. Also known as a federal taxpayer identification number, your EIN is a unique nine-digit number that functions for your business in a way similar to a Social Security number (SSN). Once you haveRead More
5 Small Business Tax Compliance Mistakes to Avoid
Dealing with taxes on top of everything else you handle as a small business owner can seem overwhelming, and deadlines have a way of sneaking up on you when you’re busy. Because of this, it’s easy to make common small business tax mistakes and put yourself in a position where you could face penalties fromRead More
If You Filed an Extension, Your Taxes Are Almost Due: Are You Prepared?
If you filed a tax extension this year, you have until October 15 to submit your full return. But what if you owe back taxes and cash flow hasn’t been as good as you expected between April and October? Dealing with emergencies and unforeseen circumstances can make you wonder how to meet your tax extensionRead More
Is Your Business Over or Underinsured? How to Find Out
Does the question of how to buy business insurance have you confused? You’re not alone; many small business owners don’t understand the amount or type of coverage they need to be fully protected on all fronts. Some opt for the cheapest policies or avoid buying insurance altogether in an attempt to minimize expenses, and othersRead More
What You Need to Incorporate a Business in 2019 [Checklist]
Your thriving business may have started out as a spontaneous side hustle, but if you want to enjoy the same basic protections that corporations have, then it’s time to incorporate. Forming a corporation can protect your personal assets and provide benefits when tax time rolls around, but there’s a process to follow if you wantRead More
7 Government Regulations Your Small Business MUST Comply With [2019]
Your business is moving full-steam ahead. Your profit margins are rising, thanks to continued operational improvements. There’s nothing in your path that can slow you down now. Wait! Before you crack a celebratory bottle of champagne and kick back, you must make sure you’re abiding by all relevant regulations. Government regulations on business apply toRead More
13 Best Tax Deductions for Small Businesses to Claim [2019]
“Which tax deductions is my business eligible for in 2019?” If you find yourself asking this question, then you’re not alone. Claiming some of the more obvious tax deductions, like salaries and wages, is a no-brainer when you’re gearing up for the tax season. What many business owners don’t realize is that, as long asRead More