As a small business owner, tax liability is the money you owe the government when your business generates income. With changing laws and gray areas regarding deductions, exemptions, and credits, it’s no wonder small business owners rank taxes at the top of the list of the most stress-inducing aspect of business ownership. To reduce that […]
Tax
Small Business Taxes: Who Pays What?
There are various federal taxes that may apply to your small business. The type and form of business you operate determines what taxes you must pay and how you pay them. At the federal level, several different taxes may apply. Excise Taxes The IRS defines an excise tax as a tax imposed on the sale […]
Cash Flow Strategies for Cash-Strapped Businesses
Cash is critical to the functioning of every business. Maintaining a healthy cash flow not only allows a company to meet its financial obligations but also gives it the flexibility to take advantage of emerging opportunities. All too often, however, small businesses find themselves in a cash crunch, struggling to pay the bills and stay […]
Selling Inherited Property? Tax Rules That Make a Difference
Sooner or later, you may decide to sell property you inherited from a parent or other loved one. Whether the property is an investment, an antique, land, or something else, the sale may result in a taxable gain or loss. But how that gain or loss is calculated may surprise you. Your Basis When you […]
Avoiding Capital Gains Taxes with a 1031 Exchange
Savvy investors can build wealth by deferring capital gains taxes via a 1031 exchange. Learn how it works and how it can help you as a real estate investor. For the in-depth information required to execute a 1031 exchange, a qualified intermediary is necessary. What is a 1031 Exchange? A 1031 exchange allows real estate […]
Employee Retention Tax Credit (ERTC)
Eligible employers are entitled to an Employee Retention Tax Credit (ERTC) of up to 70 percent of the first $10,000 in wages and certain health care plan expenses paid per employee for each of the first two quarters of 2021 according to the New Stimulus Act. What is the Employee Retention Tax Credit (ERTC)? Designed […]