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
(Updated) US China Tariffs Trade War: Business Owners Prep For Challenges Ahead
This post was most recently updated on October 4 to reflect the latest developments in the ongoing US-China trade war. The United States and China, the two greatest economies in the world, are currently at odds in what China has referred to as “the largest trade war in economic history.” Although the Trump Administration isRead 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
How to Meet the Evolving Safety Standards in Transportation
Is your trucking company committed to meeting transportation safety standards? With ongoing changes in regulations coming down from the Federal Motor Carrier Safety Administration (FMCSA), compliance is more important than ever. Meeting these new standards doesn’t just keep you from getting in trouble with the law. Fatal crashes involving commercial vehicles increased 6% between 2015Read More
[Updated] July 2019 Fed Rate Cut: Is Your Business Prepared?
This post has been updated to reflect that the Fed cut rates to a range of 2-2.25% on Wednesday, 7/31/19. After much anticipation, the Fed cut interest rates by a quarter of a point on Wednesday, July 31st. This turn marks the first rate cut in over a decade, as the Fed attempts to layRead More
New York eCommerce State Sales Tax Supreme Court Rulings: Are You Complying?
The time has come: eCommerce stores are now held accountable to pay state-specific sales taxes. If your business hasn’t complied with the change, then it could mean a hefty bill is coming your way. Consumers have grown quite accustomed to the new way of the digital shopping world. With platforms like Amazon and Alibaba moreRead More