Tax/Accounting

A business trip is a good opportunity to do productive work for your business while earning substantial deductions. But it’s important to know the rules and limitations of deductions for business trips. You need to be aware of what constitutes a business trip, what things are deductible, and what you need to do to support…

Coming into a large sum of money is a game changer for people of all ages. Unfortunately, there are lots of different decisions to consider upon receipt of these windfalls, which causes most individuals and families lots of consternation on what are the smart money moves. Whether these dollars are received from inheritance, cashed out…

Question: You have completed your return. You owe more than you expected, and don’t have the cash to pay by April 15. What should you do? Answer: File your return anyway. There are two sets of penalties: Failure to Pay and Failure to File. The Failure to Pay penalty is 0.5% – 1% per month.…

As an employer, your payroll responsibilities extend far beyond issuing employee checks. Your company is also required to: Pay the company share of payroll taxes; Deposit tax dollars withheld from employee paychecks; Prepare reconciliation reports and financial reports on payroll expenses; File payroll tax returns. Related Article: Taxes to Withhold for New Employees Types of…

Over the past two weeks, we’ve discussed two different types of retirement plans for small business owners: the SIMPLE IRA and the Solo 401k. To wrap up this month’s series on small business retirement plans, I want to look at the Simplified Employee Pension Plan, or the SEP. Simplified Employee Pension (SEP) plans can provide…

More and more, I see people quit the corporate America lifestyle and venture into owning their own business. This can take the shape of a freelancer, consultant, or someone who actually starts a new brick and mortar operation.   Many of these folks will ask questions about whether they should incorporate their business or not which…