Retirement planning is scary. Universal fact. The sheer number of contingencies to consider is outrageous. Obviously, you can’t plan for everything but starting a business is a huge step in the right direction. The retirement planning goal should be to understand your particular wants and needs of life and back into numbers that can satisfy […]
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IRS Publication 334 – Tax Guide for Small Business IRS Publication 334 is a comprehensive resource for small business owners who need to understand their federal tax obligations. The publication covers a wide range of topics, including: Here are some of the key things small business owners should know about IRS Publication 334:
Every Business Owner Should Know This About Taxes Read More »
As a small business owner, you know that there are a lot of laws and regulations that you have to follow. It can be hard to keep track of everything, and it’s easy to make a mistake. That’s where safe harbor provisions come in. A safe harbor provision is a legal provision that specifies that
Safe Harbor Provisions: What They Are and How They Can Help Small Business Owners Read More »
Below is a high level view of federal income taxes, not meant to be a guide. Contact your CPA for your specific questions/concerns. I’ve recently scrolled through Publication 505 – Tax Withholding and Estimated Tax (2023), found here. It spans about 115 pages and clocks in at over 33,000 words. However, the table of contents
Estimated Tax and Tax Withholding Read More »
Note that the deadlines may vary depending on the type of taxpayer and other factors, so it’s important to check with the relevant tax authorities or a tax professional for specific guidance. Please see here for IRS resources. July 2023 Tax Deadlines Monday, July 3rd: File Form 11-C to register and pay annual tax if you’re
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Start-up costs are amounts the business paid or incurred for creating an active trade or business, or investigating the creation or acquisition of an active trade or business. Start-up costs include amounts paid or incurred in connection with an existing activity engaged in for profit, and to produce income in anticipation of the activity becoming an active trade
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When you’re a small business owner, you have a lot of decisions to make. One of the most important is how to staff your business. Do you hire employees, or do you contract with independent contractors? There are pros and cons to both approaches: Employees Pros Cons Contractors Pros Cons So, how do you decide
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The decision of whether to buy, lease, or leaseback a vehicle for your small business is a complex one. There are many factors to consider, such as the type of vehicle you need, the amount of money you have available, and your tax situation. It all boils down to keeping costs low while maintaining the
Buy, Lease, or Leaseback for your Small Business Vehicle Read More »
Note that the deadlines may vary depending on the type of taxpayer and other factors, so it’s important to check with the relevant tax authorities or a tax professional for specific guidance. Please see here for IRS resources. June 2023 Tax Deadlines Thursday, June 1: Deposit payroll tax for payments on May 24-26 if the
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The Veterans Business Outreach Center (VBOC) program is a nationwide initiative of the U.S. Small Business Administration (SBA) that provides resources and assistance to veterans who are interested in starting or growing a small business. VBOCs are located at colleges and universities across the country, and they offer a variety of services, including: VBOCs are
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