Many small business owners anticipate the arrival of tax season with dread and wait to file until the last possible minute. This is a mistake, as approaching taxes with a proactive mindset can help you save money and start your new business year off on the right foot. Here is your complete guide to filing […]
How to File Small Business Tax Returns in 2020 Read More »
It might sound strange, but most accountants love tax season. It’s the one time of the year when we get to be rock stars. And we get to be rock stars, well, because pretty much everyone else hates tax season! Particularly for small business owners, tax season is a messy time of year where you’re
Small Business Taxes: How To Successfully Navigate Tax Season Read More »
In the wise words of Benjamin Franklin, “Nothing is certain but death and taxes.” Preparing taxes may seem like just another burden thrown upon you as a small business owner. And while taxes are inevitable, there are some small business tax advantages you should prepare for throughout the year and leading up to tax season.
Tax Advantages Every Small Business Owner Needs To Know Read More »
It’s never too early to prepare for tax season. Many aspects of tax planning come down to the small, consistent efforts you’ve made over the year to keep things organized. Small business owners without good financial hygiene may get nervous when tax season rolls around, but the process doesn’t have to be stressful. Use this
Step-by-Step Small Business Tax Checklist For 2020 Read More »
Hi, my name’s Greg Reed and I’m the Head of Tax here at SmartBooks. Today I want to talk to you about the hobby versus business rules and how this classification can impact your tax situation. Change in Tax Legislation Regarding Hobby Expense Deduction So with the passage of the Tax Cuts and Jobs
Tax Saving Tip: Can You Turn Your Hobby into a Business? Read More »
When you think of outsourcing your business tasks, the first areas on your mind might be payroll, accounting, HR, and other similar tasks. You might not think that you can outsource roles at the C-level, but in fact, these duties are just as ripe for outsourcing. What Is an Outsourced CFO? Your Chief Financial Officer
What Is an Outsourced CFO & How Will One Help Your Business? Read More »
Hi. My name’s Greg Reed and I’m the head of tax here at SmartBooks. Today I want to talk to you about potentially converting from an LLC or a Partnership to an S-Corp. Now, this isn’t for everyone, but if it makes sense for you, it could be a significant tax savings opportunity. Self-Employment Tax
Tax Saving Tip: Should You Convert Your LLC or Partnership to an S-Corp? Read More »
Tax planning can be one of the most frustrating tasks for small business owners. There are lots of details to consider, and mistakes in the books frequently go unnoticed until it’s too late—at which point, your business has real problems. In one survey of small business owners, 40% agreed that managing bookkeeping and taxes was
Are Online Tax Services the Best Choice for a Tax Advisor? Read More »
Hi, my name is Greg Reed and I’m head of tax here at SmartBooks. Today I want to talk to you about a tax saving opportunity. The Augusta Loophole If you own a corporation and you hold monthly shareholder meetings, instead of holding those meetings offsite by renting a hotel or a another office space,
Tax Saving Tip: The Augusta Loophole Read More »
Hi. My name’s Greg Reed, and I’m the head of tax here at SmartBooks. Today, I want to talk to you about a simple but effective tax planning strategy. If you have kids, and you own a business, you could potentially add them to your payroll and shift income from your tax bracket to potentially
Tax Saving Tip: Adding Your Children to Payroll Read More »
My name is Greg Reed and I’m the Head of Tax here at SmartBooks. Today, I want to review with you an important form, Form W4, Employees Withholding Allowance Certificate. The form itself is very basic. It only has seven lines. However, the supplemental schedules attached can be complicated. Let’s review. W4 Lines 1 through
How to Fill Out Your W4 Read More »
Even though the ink from your 2018 tax return might still be fresh, it’s not too early to start thinking about 2019. Here are a few tips to put on your tax prep checklist to ensure you have a successful tax year. 1. Prepare for Quarterly Payments Gather your estimates and set a reminder in
Tax Prep Checklist for Small Businesses Read More »
