There are many ways to save money and many ways to make money, but there’s one thing that all businesses have in common: taxes. Whether you’re a small business owner or an employee of a larger company, the IRS is always looking out for its cut—and it’s not the only cost of doing business. Whether you have employees or not, your expenses can add up quickly depending on what kind of business you’re running. Fortunately, there are some easy-to-implement tax strategies that can help keep things under control when it comes to both employee payroll taxes as well as deductions for capital equipment purchases and other costs associated with running your own business.
Don’t Pay Too Much on Your Mortgage Interest
Mortgage interest is tax deductible, but the mortgage interest deduction is capped at $750,000. The deduction is phased out for high earners and not available for second homes. If you’re planning on buying a home in 2019 and have plans to sell it within 10 years (or if you’re looking at buying an investment property), now’s the time to get those numbers in order so that you don’t pay too much on your mortgage interest after taxes are applied!
Decrease your CPA’s Billing Rate
Negotiating with your CPA is the best way to get the price down.
- Find a cheaper CPA: If you have several years of experience running a business, then you should be able to find another CPA who charges less than your current one.
- Find more
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If you work in human resources or run a business, you are probably familiar with the endless demands of payroll. Making sure that every employee is paid on time and correctly, not to mention managing the different paid leaves and tax deductions is not a simple task for any business. And with the growing number of businesses embracing remote work, it’s now more challenging than ever to manage payroll across different locations.
In our modern world, time is money. No business likes to use valuable resources to ensure that these processes are completed correctly. Still, failing to do so is not an option, considering that local governments are now imposing more stringent financial regulations and employment laws every year.
If you are looking for payroll in the US then please look no further!
What is the solution?
For many businesses, it means enlisting the support of a payroll provider. but what exactly does a payroll provider do, and what should you expect when you enlist one?
What payroll providers offer
A payroll provider is a company or business that assumes responsibility for or assists with managing payroll on behalf of another business.
Payroll outsourcing companies usually offer a variety of services and employ the latest technologies to help automate and streamline core payroll processes. Some of the services a payroll service provider offer include:
Automatic calculation and processing of payroll
Integration of payroll and other business insight software
Tax withholding, payroll deductions, and tax filing
Accurate maintenance of … More >>>
As a business owner, you know that your day-to-day responsibilities include making sure your employees are up to date on their training, scheduling and organizing payroll and other essential tasks. But do you know how to plan for taxes? It’s important to think about the tax implications of your business decisions because every year, businesses pay a combined $100 billion in corporate income taxes. Those dollars would go a long way toward funding infrastructure, education and programs for all Americans if they were not diverted into government coffers.
Talk to your accountant or tax advisor.
A good accountant or tax advisor can help you identify deductions and other tax planning opportunities. They may also be able to assist you with business finances, personal finances, and other areas of your business.
Make a list of your business expenses and income.
- Keep a record of all business expenses.
- Keep a record of all income.
- Keep a record of all assets and liabilities.
- Record all transactions, including purchases, sales and deposits into your business account(s).
Keep good records.
- Keep a record of all your business expenses.
- Keep a record of your income.
- Keep a record of your business transactions, such as:
- the date and amount of each payment you receive for goods or services provided by you;
- the date on which these payments were made; and
- any other information required by the Canada Revenue Agency (CRA).
Knowing what deductions you’re eligible for can help you lower your tax bill.
Knowing what deductions you’re … More >>>
Planning your taxes is a year-round activity, but it becomes particularly important at the end of the year. As you prepare to file your small business tax return, here are some tips for maximizing your deductions and minimizing your tax liability:
Filing Your Business Tax Return
The importance of filing your business tax return
The first step in tax planning is to file your business tax return on time. If you don’t, the government may impose penalties and interest charges. This can add up to thousands of dollars over time, depending on how late you are in filing your return. In addition, if you don’t file a complete and accurate return (or even if you do), there could be additional costs associated with having to amend or correct it later on down the line when it’s too late for them not to catch any mistakes!
Keep records for future reference
Establishing a Separate Business or Personal Checking Account
One of the best ways to protect yourself and your business is to establish separate business and personal checking accounts. This can be done by opening a new account at your bank or credit union, or by simply using one of your existing accounts for business purposes only. If you do not already have multiple bank accounts, it’s important to establish one as soon as possible so that you are not mixing funds between personal expenses and those related to running a company.
You should also make sure that all employees in … More >>>
Taxes are a major part of doing business, but it’s important to keep in mind that taxes are not one-size-fits-all. There are many different types of businesses, each with its own unique tax situation. Each year, there are also changes to personal tax rates and adjustments to business tax credits and deductions. In this article, we’ll discuss some general strategies for planning ahead when it comes to your business’ tax obligations.
Business tax planning is a year-round process.
Tax planning is a year-round process. You should be thinking about tax issues from the time you start your business, through its growth and maturity, to its eventual sale or liquidation.
Tax planning can be especially important for new businesses because of the so-called “momentum concept”–that is, if you are in a higher tax bracket when you start your business than when it becomes profitable (or vice versa), the difference in rates can have long-term effects on the amount of income that will flow through to your personal return each year.
You can often reduce your taxes by changing the way you do business.
You can often reduce your taxes by changing the way you do business. Examples include:
- Changing from a sole proprietorship to a corporation or partnership. This is one of the most common ways for businesses to save money on their taxes, because corporations and partnerships don’t pay tax at the individual level, as sole proprietorships do. If you’re thinking about making this change, though, be sure that it
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