Accounting for Small Business, Income Taxes
If you’re self-employed or own a business, no one is withholding taxes for you. That means quarterly estimated payments matter. Miss them and you may face: Penalties Interest Stress at filing time Even if you pay everything by April, the IRS can still penalize you for...
Accounting for Small Business, Income Taxes
If you’re earning six figures and not using tax-advantaged accounts, you’re probably paying more tax than you need to. Accounts like: SEP IRAs Solo 401(k)s HSAs can reduce your taxable income while building long-term wealth. Yet many business owners either don’t...
Accounting for Small Business, Income Taxes
Messy books don’t just look bad—they cost you real money. When your records are incomplete or disorganized: Deductions get missed Estimates are inaccurate Cash flow decisions are risky IRS letters become more likely Many business owners rely on memory, bank...
Accounting for Small Business, Income Taxes, Tax Problems
We’re always looking for ways to reduce the amount of tax we pay. Businesses were hit so hard during the COVID-19 pandemic, and many had to pivot and make changes that wouldn’t have initially been on the horizon for them. You likely wear many hats, and the last thing...
Accounting for Small Business, Income Taxes, Tax Problems, Uncategorized
It’s important to keep up to date with new tax rules when they are brought in by the IRS. One of these is the 1099-MISC form. Traditionally this has been used to report contractor income. But now businesses will have to use the 1099-NEC form (it is short for...
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