Because the vast majority of small businesses operate on the cash basis of accounting (meaning that expenses are deducted when paid), it can be critical from a tax standpoint whether a transaction occurs on December 31 versus January 1. Generally, a transaction that occurs on December 31 (i.e. before the calendar year closes) is reportable… [Read More].
Most of you probably know by now that the IRS has extended the 2020 individual tax deadline to May 17, 2021, due to the pandemic. However, several of my clients that got early starts have already filed their individual tax returns, with many more to follow now that a sole deadline remains. It is a… [Read More].
If your business has employees, you likely know how important it is to pay them on time. As small business owners, we oftentimes rely heavily on our employees. However, an equally important cost that is oftentimes overlooked is remitting the associated withholding and employment taxes to the government on time. A good payroll service can… [Read More].
So, you filed your income tax return, and a balance is due to the IRS. . .now what? Well, that depends! Can you afford to pay the balance in full by the original filing deadline? If the answer to this question is yes, that is great! Be sure to remit your payment utilizing a method… [Read More].