Many businesses will reach a point at which they need to hire help. At this time, they must decide whether to hire employees versus independent contractors. The difference between these classifications has important legal and tax implications. Understanding the differences…
Embarking on an entrepreneurial journey can be an exciting endeavor. However, it requires important decisions early on. One of the first crucial decisions a business owner must make is how to legally structure their business. The choice, also known as…
If you are a business owner who uses your car, van, or pickup truck frequently for work-related travel, you may have heard that you can deduct certain car-related expenses on your tax return. In some cases, this can be one…
You may have heard that you can hire your children as a legitimate way to reduce tax liability. This recommendation may seem like an appealing way to save on taxes and start teaching your kids about business. However, there are…
Whether you own a business or work in one, accurately tracking expenses is a necessity. If you’re a small business owner, tracking is essential for understanding your financial position, budgeting, forecasting and fulfilling your tax obligations. If you’re an employee,…
Are you receiving calls and emails claiming that you qualify for something called the “ERC” or the Employee Retention Credit? Well, you’re not alone. Millions of businesses across the country have been bombarded with overinflated or even false claims about…
In the dynamic realm of tax credits and financial incentives, misinformation often lurks, creating confusion and missed opportunities for businesses. One such opportunity that has been subject to misconceptions is the Employee Retention Credit (ERC). As businesses across the United…
If you’re a small to mid-size business owner or manager, you may find yourself struggling with the complexities of accounting and tax compliance while trying to focus on core business functions. In such situations, it’s beneficial to outsource your accounting…
Organizing a system for keeping your tax records doesn’t have to be complicated or expensive. It just has to be…well, organized. But considering that the IRS can audit your tax returns for up to three years (and even further if they find…