Put Your Children on Your Payroll If your kids are under 18, you can hire them to take care of business chores and save on federal self-employment taxes of up to 15.3%. As long as the total wages you’re paying your child are less than $12,400 for the year, the child doesn’t have to pay… Continue reading Tax Saving Strategies For Sole Proprietors
Here is a list of strategies to reduce taxes on capital gains. Sell stocks that will give you short term gains (up to 40%) to mitigate the gain against any long-term losses (up to 23.8%) In other words, make the high taxes wash out by netting them against low-taxed losses, and keep the difference. Sell long-term trades… Continue reading Last Minute Year-End Strategies To Reduce Taxes On Capital Gains
Year-end is approaching, so let’s do some tax planning. Check out some tax-saving strategies below that can save you $$$: Put your retirement plan in place by December 31st and make sure you make a tax-deductible contribution. Converting traditional IRA to a Roth IRA can provide huge tax savings in the long-term. Make sure you leave… Continue reading 6 Year-End Tax Saving Strategies
Imagine selling your business (C-corporation only) for a gain of around $7 million and paying no taxes. That’s right – as long as you operated your business as a Qualified Small Business Corporation (QSBC) and you owned the business for more than five years, you don’t have to pay any federal income tax on the… Continue reading Tax Savings On Sale Of Business
Congress has introduced several provisions to help businesses with their taxes during the ongoing COVID-19 pandemic. Some of these provisions apply to S corporations and can be very helpful in reducing their tax liability. Payroll Tax Deferral S corporations can defer their share of Social Security tax on federal tax deposits with this program. Instead… Continue reading Covid-19 Tax Relief for S-corporations
PAYCHECK PROTECTION PROGRAM SECOND DRAW LOANS The Paycheck Protection Program (PPP) now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP Loan with the same general loan terms as their First Draw PPP Loan. Second Draw PPP Loans can be used to help fund payroll costs, including… Continue reading Eligibility for 2nd Round of PPP Loans
Did you miss out on the first and second rounds of PPP loans provided by the US Government as stimulus checks for small businesses because you assumed it was a loan, right? What if I tell you that the PPP loans aren’t just tax-free monies but can also be 100% forgiven if you are eligible… Continue reading Updates on PPP
An entrepreneur is acutely conscious of how important it is to keep track of money for a small business. Bookkeeping is a way of doing that since it is the practice of recording and documenting all financial transactions that take place in a business. As crucial bookkeeping is, the owner seldom has time to manage… Continue reading Top 5 Reasons to Have an Outsourced Bookkeeper for Your Business
Amended Tax Return Status 866-464-2050 www.irs.gov/filing/wheres-my-amended-return Apply for an EIN 800-829-4933 www.irs.gov/businesses/small-businesses-self-employed/employer-id-numbers Estate and Gift Taxes 866-699-4083 Excise Tax Help 866-699-4096 FBAR Online Filing https://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html Get Tax Transcript for Individuals 800-908-9946 www.irs.gov/individuals/get-transcript Identity Theft 800-908-4490 Power of Attorney (Form 2848) Fax: 855-214-7519 for Alabama, Arkansas, Connecticut, Delaware, District of Columbia, Florida, Georgia, Illinois, Indiana, Kentucky, Louisiana,… Continue reading IRS Key Contact Information and Helpful Links
The new Paycheck Protection Program (PPP) that comes with the stimulus package can generate income for businesses that already have PPP money or had it at some point in the past. PPP money comes in the form of a loan. It is because the person who gets the loan has to repay it. However, those… Continue reading New Insights to PPP Loans
