Taxes

6 Overlooked Tax Credits for Small Business Owners

Benjamin Franklin is supposed to have said, "In this world, nothing can be said to be certain, except death and taxes." The IRS collected nearly $263.6 billion in income tax, before refunds, from businesses in FY 2020. As a business owner, did you know that you may be leaving thousands of dollars worth of unclaimed tax credits each year? Let's have a look at six overlooked tax … [Read more...]

Facts about Bookkeeping for Small Businesses

From taxation to profit and loss analysis, bookkeeping is an essential activity irrespective of business size. While giant businesses employ professional services such as https://rooks.co/, small businesses often neglect this aspect and bear the brunt. If you are a business owner who is clueless about bookkeeping for small businesses, this article is for you! What Are … [Read more...]

How to Sue the IRS: An Explanation of Tax Litigation

You probably paid so many taxes during your life that you’re sick of them. You’re not alone. Nobody likes to see how much of their income goes to taxes, but it’s just how things go. You might even think about suing the IRS. Can you do this? Well, suing the IRS seems like a hopeless case, but it is a possibility. However, suing the IRS is not that easy, because there are … [Read more...]

How to Work on Your Payroll Faster and More Efficiently

Payroll is one of the crucial parts of any business, regardless of size and industry. However, it’s also one of the most stressful and time-consuming tasks since there are many factors to consider. In addition, the process is made even more complex by the taxes and other fees you need to transfer to the IRS (or your country’s financial authority). In this situation, even a … [Read more...]

Tips to Remember When Starting a Small Business

There are few things as exciting as starting your own small business. Whether it be a lifelong dream or something you just recently started considering with the extra time you’ve had during the pandemic, a startup has the potential to truly change your life. However, all the good intentions you have will need solid financial planning to back them up to ensure the company can … [Read more...]

Why You Must Pay Attention to Your Employee’s Payroll

Payroll management can be challenging to achieve efficiently and effectively, yet it is also something that business owners and decision-makers need to take seriously. If you are unconvinced by the importance of the payroll, here are just a few reasons that taking heed of it will save you a lot of pain in the long run. Mistakes Can Come Back to Bite You There are plenty of … [Read more...]

The 411 on Holiday Gifts as Tax Write-offs

‘Tis the season of employee-gifting! As a business owner, carving out time during the hustle-and-bustle of end-of-year sales quotas is a must. Unlike those obligatory White Elephant presents, employee gifts are the gift that gives back as personalized presents from an employer can help employees feel valued, leading to boosted productivity, better team morale, and higher … [Read more...]

4 Things to Consider Before Changing Your Business Structure

The business structure you choose impacts your day-to-day business operations, taxation, personal liability protection, and everything in between. Therefore, you should choose an entity type that offers the best of legal protections and tax benefits. Though the ideal course of action is to pick the right business structure at the onset of your business, that’s not always the … [Read more...]

Key Steps in Blowing the Whistle on IRS Fraud

There is nothing wrong with any business trying to lawfully maximize their profits by reducing their tax liability. However, when they attempt to pay less tax than they are supposed to, then other taxpayers have to cover the shortfall, leading to a lot of suffering for all taxpayers. This is the reason why the Internal Revenue Service (IRS) created a whistleblower reward … [Read more...]

How to Effectively Manage Your Business’s Finances

In many cases, a small business' success is built on skills associated with making a product or providing a service, not necessarily skill in managing finances. If you don't have much experience with handling your business’ finances, it can sometimes feel like a tedious chore, but not tending to your company's money properly can also cause you to develop negative financial … [Read more...]