If you dread every minute of the time you spend on accounting, you should know how QuickBooks Online can change your outlook. How long would it take you to determine: What your total expenses for this quarter are? Whether or not your business is profitable as of today? How much you’ve sold every month this […]
Lock In Those Business Deductions
If you run a small business, you already have a full plate. The last thing you need is for the IRS to question any of your business expense deductions. But it could happen. And that’s why having records that prove your expenses is so important. Even deductions for routine business expenses could be disallowed if […]
Payroll Taxes: Who’s Responsible?
Any business with employees must withhold money from its employees’ paychecks for income and employment taxes, including Social Security and Medicare taxes (known as Federal Insurance Contributions Act taxes, or FICA), and forward that money to the government. A business that knowingly or unknowingly fails to remit these withheld taxes in a timely manner will […]
Renting Residential Real Estate — A Tax Review for the Nonprofessional Landlord
Investing in residential rental properties raises various tax issues that can be somewhat confusing, especially if you are not a real estate professional. Some of the more important issues rental property investors will want to be aware of are discussed below. Rental Losses Currently, the owner of a residential rental property may depreciate the building […]
What is Deductible when Your Trip is for Both Business and Fun
Business owners who travel out of town on business sometimes like to extend their trips and take a little time to relax and see the sights. When a trip is partly for business and partly for pleasure, various expenses may still be deductible. Domestic Travel A self-employed individual whose trip is primarily for business may […]
As an S Corporation Shareholder do You Need to Worry about Taxes?
S corporation shareholders have an added reason to worry about their company’s annual performance: It has a direct impact on their own income taxes. How It Works Unlike a regular C corporation, an S corporation usually doesn’t pay federal income taxes itself. Instead, each shareholder is allocated a portion of the corporate income, loss, deductions, […]