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The practice of separating personal and business finances is a fundamental financial practice that often gets overlooked, yet holds immense importance. By maintaining distinct bank accounts and credit cards for business transactions, small business owners benefit in so multiple ways. These benefits include streamlining bookkeeping processes, ensuring accurate expense tracking, and fostering clarity in financial …
6 Reasons Why Separating Personal And Business Finances Is So ImportantRead More
IRC Section 1202, the Qualified Small Business Stock (QSBS) gain exclusion, provides a significant tax planning strategy. Section 1202, also called the Small Business Stock Gains Exclusion, was enacted in 1993 to encourage investment in small businesses. It allows individuals to avoid paying taxes on up to 100% of the taxable gain recognized on the …
Qualified Small Business Stock: Do You Qualify For Its Taxable Gain Exclusion?Read More
Understanding the remote work tax implications is crucial for small and medium-sized businesses (SMBs) to avoid potential penalties and ensure compliance with tax laws. As businesses across a wide range of industries have shifted to a remote model, employees and employers alike have experienced numerous benefits such as reduced overhead costs, increased employee satisfaction, and …
Navigating Remote Work Tax Implications for SMBs: A Comprehensive GuideRead More
The Internal Revenue Service recently announced the inflation-adjusted 2024 mileage reimbursement rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. Beginning Jan. 1, the 2024 mileage reimbursement rates for the use of a car (or a van, pickup or panel truck) are: Business standard mileage rates …
Ready to learn about Beneficial Ownership Information (BOI) Reporting rules that start January 1, 2024? In the ever-evolving landscape of business regulations, the Corporate Transparency Act (CTA), passed as part of the National Defense Authorization Act for Fiscal Year 2021. The Act introduces new reporting requirements for businesses in the United States; specifically focusing on …
NEW – Business Beneficial Ownership Information (BOI) Reporting Starts in 2024Read More
Starting Jan. 1, 2024, businesses are required to e-file Form 8300, Report of Cash Payments Over $10,000, instead of filing a paper return. This new requirement follows final regulations amending e-filing rules for information returns, including Forms 8300. Trades and businesses must report cash payments received if all the following criteria is met: To comply …
New in January – Businesses Are Required to E-file Form 8300Read More
There has been a vast amount of false employee retention credit claims recently filed. Imagine this: you are a business person relaxing at home after a long day’s work. You’re watching TV and a commercial comes on claiming you can get a tax refund of thousands of dollars. And all you have to do is …
False Employee Retention Credit Claims Can Mean Big Problems LaterRead More
Looking for tips to help boost your success for your gig enterprise? You’re not alone! According to one recent study, workers who make up the “gig economy” contributed roughly 5.7% to the gross domestic product of the United States in 2021 alone. This growth signifies a significant shift in the way that we all collectively …
Best Practices To Help Guarantee Success For Your Gig EnterpriseRead More
S corporation requirements, specifically those regarding reasonable compensation, are often misunderstood and abused by owner-shareholders. An S corporation is a type of business structure in which the business does not pay income tax at the corporate level and instead distributes (passes through) the income, gains, losses, and deductions to the shareholders for inclusion on their …
