Tax advantages of hiring your child at your small business
As a business owner, you should be aware that you can save family income and payroll taxes by putting your child on the payroll. Here are some considerations. Shifting business […]
Category: Tax Tips
Need a new business vehicle? Consider a heavy SUV
Are you considering buying or replacing a vehicle that you’ll use in your business? If you choose a heavy sport utility vehicle (SUV), you may be able to benefit from […]
Is an S corporation the best choice of entity for your business?
Are you thinking about launching a business with some partners and wondering what type of entity to form? An S corporation may be the most suitable form of business for […]
Business highlights in the new American Rescue Plan Act
President Biden signed the $1.9 trillion American Rescue Plan Act (ARPA) on March 11. While the new law is best known for the provisions providing relief to individuals, there are […]
Launching a small business? Here are some tax considerations
While many businesses have been forced to close due to the COVID-19 pandemic, some entrepreneurs have started new small businesses. Many of these people start out operating as sole proprietors. […]
Is My Charitable Donation Tax Deductible?
The holiday season is when many people think about how they can give back, often wanting to donate to a charity. The IRS has a tool that can help figure […]
Small businesses: Get ready for your 1099-MISC reporting requirements
A month after the new year begins, your business may be required to comply with rules to report amounts paid to independent contractors, vendors, and others. You may have to […]
IRS has begun sending letters to virtual currency owners advising them to pay back taxes and file amended returns
The Internal Revenue Service has begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from these transactions or did […]
Ohio Tax Holiday
The end of summer is quickly approaching, which means its time back to school shopping. For the fifth year, the state of Ohio will be offering a tax holiday. This […]
Good tax planning includes good record keeping
Tax planning should happen all year long, not just when someone is filing their tax return. A vital part of tax planning is record keeping. Well-organized records make it easier […]
Hiring this summer? You may qualify for a valuable tax credit
I
Employers: Beware of a harsh payroll tax penalty
If federal income tax and employment taxes (including Social Security) are withheld from employees’ paychecks and not handed over to the IRS, a harsh penalty can be imposed. To make […]
