Tips For Preventing A Tax Audit On Your Business Taxes
Many accountants know that being compliant with sales tax can be a bit tricky, and it can turn out to become an accounting nightmare. There is a lot that goes into place when it comes to preventing errors on your business taxes. A slight error can lead to a tax audit, and this is something many business owners desire to avoid. Here are a few tips on how you can avoid errors in your business taxes.
Understanding How To Do Payroll And What To Do If You Can't
You would think that paying your employees would be easy, right? Write a business check, deduct the amount from your business checking account, done. Yet it is not so simple as all that. There is more to payroll than just writing a check. There is also help if you need it, as you shall see below. Deductions Even if you have only five employees to pay, you still have to make deductions.
3 Ways To Plan For Your Company's Financial Well-Being
As a business owner, you need to take an active interest in protecting your company's financial well-being. Here are a few actions you can take that will help you drive your business to ensure that you turn a profit and stay in business. #1 Keep Loans & Receivable Payments Separate When you take out a loan, you are going to want to keep that money separate from the money that you bring in from receivable payments.
Have You Included Incapacitation In Your Estate Plan?
Most people think an estate plan is for managing what happens to your assets after you pass away. That's an estate plan's primary purpose, but it's not the only purpose. You can also use your estate plan to manage a substantial risk that you could face near the end of your life. It's called incapacitation, and it's the inability to make or communicate decisions due to your physical condition. Incapacitation is often caused by cognitive diseases like Alzheimer's, but can also happen as a result of strokes, heart attacks, cancer, and more.
Starting A Business? 3 Basics To Understand About Payroll
If you are starting a business, you want to make sure that you understand the basics about payroll, such as what it is, what taxes you should collect, and how payroll services can help your business with this essential task. #1 Understanding What Payroll Is The first thing that you need to do is understand what payroll is. Payroll is the process of paying the salaries for each individual that works for your company.
3 Ways To Start Planning For Your Future In Your 30S
When you reach your 30s, you should no longer just be planning for the present, you should be planning for the future. Planning for the future means that you are making financial decisions that will benefit you down the road, and not just in the present. It is time to let go of instant gratification and start planning for the long-term. #1 Start That Savings Account It can be hard to talk about investing in your future when you do not even have a savings account.
Have To Pay Estimated Taxes? 4 Ways To Avoid IRS Penalties
If you're a small business owner or entrepreneur, you already know that you have to set aside and pay your own income taxes. But how much should you pay and when? While estimating your income can be difficult, the IRS does provide some guidance to make tax payments a little easier. Here's a guide to how to use that guidance to avoid penalties. 1. Use Last Year's Taxes. The IRS rules generally expect you to contribute estimated payments equal at least to 100% of the prior year's income tax liability.
Starting Your Own Accounting Business? How To Get Customers
You are a trained CPA, and you want to begin your own accounting service similar to Burkhart Peterson & Company. When you work for yourself, you can choose your own client base, work your own hours, and determine for the most part how much money you make. You need clients to become a successful accountant. When you work for an accounting firm, your clients are brought to you. When you work for yourself, you have to get clients on your own.
3 Reasons To Hire Help With Payroll Processing
Do you own a small business with a growing staff? If so, you are likely finding that you have more and more things to keep an eye on with each passing day. One of the most important things you have to be mindful of is processing your company's payroll. Employees aren't likely to keep showing up without a prompt paycheck that's paid out when it's supposed to be. If you find yourself struggling to keep up with every aspect of your growing business, it might be time to get some outside help.
4 Ways Income Taxes Can Help Seniors Boost Their Bottom Lines
Most American seniors rely on a limited income, and this means that it's vital to ensure you get any tax benefits to which you're entitled. But what should you look for out of your taxes to help make ends meet? Here are a few tax breaks all older Americans can get. Higher Filing Threshold. Americans generally aren't required to file taxes if their income is below a certain threshold. This threshold is equal to the standard deduction they can take.