What You Need to Know If you own an S Corporation (S-Corp), the annual federal tax filing deadline is March 15. S-Corps don’t pay federal income taxes directly. Instead, profits and losses pass through to the owners’ personal tax returns, where they are reported and taxed. This allows for potential tax savings but also means […]
Extension time: What to do on the March 15 S-corp tax deadline Read More »
Extension time: Your Apr 15 responsibilities as a taxpayer Many of our customers file their taxes by Apr 15. Many file an extension and finish their taxes by the extended deadline on Oct 15, six months later, too. There is no “right” way to do it. What is required is that the IRS be kept
Extension time: Your Apr 15 responsibilities Read More »
We love helping you save on your business taxes. Having these two statements gets us both off on the right foot when preparing those taxes accurately and efficiently. 1. Recommendation: Use QuickBooks QuickBooks is the go-to tool for generating professional financial reports. Here are the two key report businesses produce from it: Income Statement (Profit
Income statements and balance sheets for your business: Understand them in 8 minutes Read More »
Wave is a tool we’ve recommended many times. It’s simple and fast. It’s easy to understand. Overall, we like its features for the price at least as well as Quickbooks, if not much better. It’s an excellent choice for business owners with straightforward needs. If you simply bill clients for services, and your business revenue
Starting January 1, 2024, most small businesses will have to file a Beneficial Ownership Information (BOI) report with the Financial Crimes Enforcement Network. What is the BOI report? It is a report that discloses the identities of certain business owners as required by the Corporate Transparency Act. What is my deadline? Did you form
New Requirement for Small Businesses: the Beneficial Ownership Information Report Read More »
Accountable plans help businesses to optimize their tax footprint, especially for home office deductions. What is an accountable plan? It allows for the reimbursement of legitimate business expenses incurred with personal funds. Think home office setups, mobile phone bills, and even mileage. The key factor? Reimbursements are tax-free for the employee and deductible for the company.
Home office deductions: Accountable Plans Read More »
