Taxes

The Need For Professional Tax Planners For Small Business

TaxSlayer performed a Tax IQ survey for tax preparation attitudes and perceived tax preparation abilities by Americans, and some interesting results came out of it. 28% of individuals would rather go without a cell phone or car for a week instead of having to face the task of tax preparation. 53% have no confidence in their ability to complete tax forms without professional … [Read more...]

5 Things First-time Entrepreneurs Need to Know About Startup Finances

In theory, a sustainable business is one that makes more money than it spends. The problem with this oversimplified view lies in the fact that it assumes that you start from zero. This is not the case with most startups that have to get in debt to even launch. Aside from this, the ways in which you spend your money, reinvest and make financial projections affects the efficiency … [Read more...]

The Benefits of Using Electric Vehicles as Company Cars

Company cars are an expensive investment, but they’re also a perk that’s highly valued by key members of the team. If you’re thinking about providing employees with a vehicle through your company then it’s important that you think carefully about the most tax-efficient and cost-effective way to do so. Personal use of a company vehicle is considered to be a taxable fringe … [Read more...]

How to Use Business Write-Offs to Your Advantage

With April 15th just passing, it’s a great reminder that, as small business owners, we need all of the tax advantages we can get if we want to raise our bottom line. And while I’m more than happy to pay my fair share to Uncle Sam, I also don’t want to pay more than I have to. So the question is: How do I make the most of my write-offs so I get to keep a majority of the money … [Read more...]

Small Business Tax Deductions You Need to Consider

When you run your own small business, you are always looking for new money-saving strategies to boost your bottom line. One of the ways you may be leaving money on the table, however, is by not taking some of the tax deductions for which you are eligible. This oversight is easy to do because the tax laws are complicated, and finding the time to learn about what is and what … [Read more...]

4 Factors to Consider Before Purchasing or Leasing a Vehicle Through Your Small Business

There are times when buying or leasing a vehicle through your small business is a must. After all, it’s pretty hard to make your flower shop deliveries or show your real estate clients homes without a set of wheels. The same holds true if you own a service-based company—such as one that specializes in plumbing, landscaping, or house cleaning—where clients rely on you and/or … [Read more...]

How You Can Avoid a Tax Audit for Your Small Business

It is the stuff of nightmares. An official looking envelope arrives in your mailbox announcing that your small business is going to be audited. Then an austere-looking man wearing a dark suit and holding a briefcase shows up at your office asking to see all your receipts, wanting to look around and asking all kinds of questions. The good news is the IRS audits only a small … [Read more...]

Fiscal Year or Calendar Year? What is Right for Your Small Business?

Business name. Location. Equipment. Logo. Hiring choices. When you launch a small business, you are inundated with decisions and choices to make. One of them you may need to know more about is choosing the tax year for your business. The Internal Revenue Service requires you to operate your business according to a consistent accounting period. You must report your taxable … [Read more...]

Going the Extra Mile: Putting Your Vehicle in the Company Name

There is no doubt about it that when you seek out small business ownership, you are looking for a certain way of life and the perks that come with it. Obviously you will need to work hard to get there, but one of the top reasons for going into business for yourself is all of the tax breaks and advantages that are available to a business, compared to what you can get as an … [Read more...]