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 […]
How to Create Estimates in QuickBooks Online
Whether you sell products or services, you may need to create estimates in QuickBooks Online. Here’s how it’s done. It would be nice if you could just instantly invoice every sale. But sometimes your customers need to know what a particular purchase will cost before they make the decision to buy. So you need to […]
Deducting Home Office Expenses
If you’re one of the many people working from home this year, you may have questions about the home office tax deduction and whether you can qualify for it. Here’s a rundown of the rules. Employees Unfortunately, home office expenses incurred while working as an employee are not currently deductible. The reason: the Tax Cuts […]
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 […]
5 Topics Every Business Owner Should Discuss with An Accountant
Your accountant or CPA is a business asset that you should put to good use year-round, not just at tax time. There are several topics beyond taxes that business owners should discuss with their trusted financial professionals. In this article, we cover five of them for you. While the new year is traditionally when business […]