Managing a small business involves juggling many responsibilities, and payroll taxes often get overlooked. Unfortunately, failing to handle payroll taxes properly is a common mistake that can lead to significant financial and legal issues. What Are Payroll Taxes? Payroll taxes include federal income tax withholding, Social Security and Medicare taxes (FICA), unemployment taxes, and state […]
Business Tax
Give Your Finances a Quick Once – Over with QuickBooks Online
Got 15 minutes? That’s all it should take to log into QuickBooks Online and get a quick read on the state of your finances. How does QuickBooks Online fit into your normal workday? Do you only log in when you have to send an invoice or record a payment, for example? Do you save up […]
What are Tax Credits?
Taxes are an integral part of running a business, and they often represent a substantial portion of your expenses. However, there’s good news for businesses looking to reduce their tax burden and stimulate growth – business tax credits. These credits provide financial incentives for companies to invest in various activities, from research and development to […]
Beneficial Ownership Information Reporting Under the Corporate Transparency Act
What is Beneficial Ownership Information Reporting? Beneficial Ownership Information (BOI) reporting is a federal requirement by the Corporate Transparency Act (CTA). BOI reports include information about all the company’s beneficial owners. Who is considered a Beneficial Owner? A beneficial owner is any individual who, directly or indirectly, exercises substantial control over a reporting company or […]
Worker Classification: Pay Attention
It isn’t easy deciding whether a worker should be treated as an employee or an independent contractor. But the IRS looks at the distinction closely. Tax Obligations For an employee, a business generally must withhold income and FICA (Social Security and Medicare) taxes from the employee’s pay and remit those taxes to the government. Additionally, […]
Small Business Taxes: Who Pays What?
There are various federal taxes that may apply to your small business. The type and form of business you operate determines what taxes you must pay and how you pay them. At the federal level, several different taxes may apply. Excise Taxes The IRS defines an excise tax as a tax imposed on the sale […]