Sidestep These Common Business Tax Errors Filing season is when small oversights turn expensive. The most basic errors are also the most avoidable: an incorrect Social Security number, transposed digits in a calculation or wrong bank information that delays...
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HELOCs and Investment Properties: A Good Mix? A home equity line of credit, otherwise known as a HELOC, gives you easy access to the equity in a property. HELOCs work similarly whether you are taking them out against your...
Is Your Car Insurance Tax Deductible? Auto insurance is often a significant expense for most drivers. It’s understandable that you may be exploring ways to save cash on this outlay. It’s a bit complicated, but you can determine if...
Payroll Mistakes That Trigger IRS Audits It’s a fact of life that the IRS may audit your business tax return. Of course, not all audits mean that an error occurred. It may indicate that your company’s tax return contains...
Who Knows All About Your Returns? The IRS has recently issued guidance on third-party authorizations. In short, who can get into your tax account? First, understand that there are different types of third-party authorizations with specific roles assigned. Additionally,...
What Taxes Do Small Businesses Pay? All businesses have tax filing and compliance obligations, but whether any tax is owed — and which taxes apply — varies by business type and activity. For federal tax purposes, common categories include...
Steps To Take After a Cyberattack Unfortunately, many small-business owners come to the realization that hackers don’t only go after the “big guys.” It’s the “small guys” that are the easier targets. Small businesses are generally not financially prepared...
Understanding Small-Business Quarterly Estimated Taxes The federal tax system is designed for pay-as-you-go compliance. When income is not subject to withholding — as is often the case with business profits — you are expected to send payments directly to...
Is an S Corporation Election Right for Your Business? An S corporation is a tax election that changes how your business’s profits are treated. Instead of paying self-employment tax on your net income, you pay yourself a salary through...
Are You Relying Too Heavily on Your Credit Cards? A recent survey from Clever highlights how heavily Americans depend on credit cards. The study finds that 53% of respondents carry credit card debt, with an average balance of $7,719...