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    Home > Blog > Small Business

    Corporate Transparency Act Small Business Beneficial Ownership (BOI) Reporting Deadline
    Posts

    ALERT: Small business beneficial ownership reporting update

    The Corporate Transparency Act requires most small businesses to file a report on the Financial Crimes Enforcement Network (FinCEN) of...

    Unemployment Taxes for Businesses
    Posts

    Manage your business’s unemployment taxes

    As a business owner, you must pay three different types of payroll taxes, as shown below. While FICA may be...

    Corporate Transparency Act Small Business Beneficial Ownership (BOI) Reporting Deadline
    Posts

    FinCEN extends beneficial ownership information reporting deadline by 30 days

    Financial Crimes Enforcement Network (FinCEN) has extended the beneficial ownership information (BOI) reporting deadline by 30 days and announced its...

    New log standard business mileage tax deduction rates for 2024/2025
    Posts

    2025 mileage rates are here

    The new mileage rates for travel are now set for 2025. The standard business mileage rate increases by 3 cents...

    tax tips for hiring family members in your small business
    Posts

    Tax planning for your business

    As 2024 winds down, here are some tax tips to help you prepare your business for filing your upcoming tax...

    Business Owner Employee Tax Limits not filing on time for Independent Contractor vs. Employee and retirement plans for small businesses
    Posts

    Retirement plan options for small business owners

    Offering a retirement plan can be a powerful tool when you’re competing to attract the best employees. And if you're...

    Why do I need a tax professional to file a business return
    Posts

    File a business return on time or pay the price

    March 15th is the tax filing due date for the 2023 calendar year for S corporations and partnerships. This deadline...

    2024-2025 Calendar for Tax Return Information and Tips with first quarter estimates taxes
    Posts

    2024 tax calendar

    To help you make sure you don’t miss any important 2024 deadlines, we’ve provided this calendar of when various tax-related...

    The Homeowner Tax Break to reduce your bills, property taxes, and real estate probate costs or apply risk of depreciation recapture rules on home sale
    Posts

    Understanding tax terms: depreciation recapture

    One of the more unpleasant surprises that can hit a taxpayer occurs when you sell personal property, rental property, or...

    tax tips for hiring family members in your small business
    Posts

    What you need to know about hiring family members

    Many business owners hire their child(ren), spouse, or other family members to work in their business. Sometimes this works out...

    Separation of Duties for Start-Up Business Expenses and Accounting Methods
    Posts

    Safeguarding your business’s cash with separation of duties

    The best way for small businesses to battle fraud is to create a separation of duties framework. With the separation...

    sole proprietors
    Posts

    An IRS audit target: the sole proprietor

    The IRS releases its Data Book annually, which details all of its activities. And during the past few years, audits...

    correct your reporting online payment on 1099-Ks
    Posts

    A recent IRS change regarding 1099-Ks

    The IRS will no longer require third-party payment processors to submit 1099-Ks to anyone receiving payments of more than $600...

    R&D payroll tax credit
    Posts

    Inflation Reduction Act expands valuable R&D payroll tax credit – part two

    Most news coverage surrounding the recently signed Inflation Reduction Act (IRA) focused on its health care and climate change sections....

    R&D payroll tax credit
    Posts

    Inflation Reduction Act expands valuable R&D payroll tax credit – part one

    Most news coverage surrounding the recently signed Inflation Reduction Act (IRA) focused on its health care and climate change sections....

    Posts

    Does your business barter? Here are some facts you should know

    Many small businesses are cash-strapped in the current economy. Instead of paying cash, they can find it advantageous to barter...

    Inventory Management for Start-Up Business Expenses and Accounting Methods
    Posts

    Deciding between cash and accrual accounting methods

    Small businesses typically begin with the cash-basis accounting technique. However, many eventually switch to accrual-basis reporting to comply with U.S....

    Selling Business or Trade Property Results in Tax Consequences
    Posts

    The tax mechanics involved in the sale of trade or business property

    What tax consequences result from selling a piece of the property employed in your trade or business? A variety of...

    from C corporation to S corporation
    Posts

    Tax issues to assess when converting from a C corporation to an S corporation

    In the correct situations, operating as an S company may assist small firms in lowering federal employment taxes. However, before...

    accelerate depreciation of taxable income and defer deductions
    Posts

    Taking the opposite approach: Ways your business can accelerate taxable income and defer deductions

    Businesses typically desire to defer the recording of taxable income to future years while attempting to accelerate deductions in the...

    Withdraw Cash at Minimum Tax Cost From Your Closely Held Corporation
    Posts

    Making withdrawals from your closely held corporation that aren’t taxed as dividends

    Do you want to withdraw cash from your closely held corporation at a minimum tax cost? The simplest way is...

    leverage your startup expenses and tax aspects of operating a business
    Posts

    Important tax aspects of operating your business as a sole proprietor

    If you’re in business for yourself as a sole proprietor or plan to start a business, you need to know...

    The best defense for what to do when audited on audits of an IRS Tax Return Audit
    Posts

    Keeping meticulous records is the key to tax deductions and painless IRS audits

    If you operate a business or are starting a new one, you know you need to keep records of your...

    Separation of Duties for Start-Up Business Expenses and Accounting Methods
    Posts

    Entrepreneurs and taxes: How expenses are claimed on tax returns

    While some businesses have closed since the COVID-19 crisis, many new ventures have launched. Entrepreneurs have cited several reasons they...

    Payment Apps Have New Tax Form 1099-K Filing Reporting Requirements
    Posts

    New tax reporting requirements for payment apps could affect you

    Do you run a business and accept payment through third-party apps such as Zelle, Venmo, Square, or PayPal? The new...

    Posts

    EIDL program retooled for still-struggling small businesses

    For many small businesses, the grand reopening is still on hold. The rapid spread of the Delta variant of COVID-19...

    Posts

    Think like a lender before applying for a business loan

    Commercial loans, particularly small business loans, have been in the news over the past year or so. The federal government’s...

    Posts

    Expanding succession planning beyond ownership

    Business owners are regularly urged to create and update their succession plans. And rightfully so — in the event of...

    Posts

    Is your business underusing its accounting software?

    Someone might have once told you that human beings use only 10% of our brains. The implication is that we...

    Posts

    A family bank professionalizes intrafamily lending

    Because of the COVID-19 pandemic and the resulting economic turndown in some areas, you may have family members in need...

    Posts

    Is an LLC the right choice for your small business?

    Perhaps you operate your small business as a sole proprietorship and want to form a limited liability company (LLC) to...

    Posts

    Getting a new business off the ground: How start-up expenses are handled on your tax return

    Despite the COVID-19 pandemic, government officials are seeing a large increase in the number of new businesses being launched. From...

    Posts

    Who in a small business can be hit with the “Trust Fund Recovery Penalty?”

    There’s a harsh tax penalty that you could be at risk for paying personally if you own or manage a...

    Posts

    10 facts about the pass-through deduction for qualified business income

    Are you eligible to take the deduction for qualified business income (QBI)? Here are 10 facts about this valuable tax...

    Posts

    Hiring your minor children this summer? Reap tax and nontax benefits

    If you’re a business owner and you hire your children this summer, you can obtain tax breaks and other nontax...

    Posts

    Don’t assume your profitable company has strong cash flow

    Most of us are taught from a young age never to assume anything. Why? Well, because when you assume, you...

    Posts

    An S corporation could cut your self-employment tax

    If your business is organized as a sole proprietorship or as a wholly owned limited liability company (LLC), you’re subject...

    Posts

    Ensure competitive intelligence efforts are helpful, not harmful

    With so many employees working remotely these days, engaging in competitive intelligence has never been easier. The Internet as a...

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