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Common Small Business Budgeting Errors to Avoid
When creating a budget, it’s essential to estimate your spending as realistically as possible. Here are five budget-related errors commonly made by small businesses and some tips for avoiding them. Not Setting Goals It’s almost impossible to set spending priorities without clear goals for the coming year. It’s important to identify, in detail, your business […]
Tax Credits for Accommodating Disabled Workers
Businesses that make structural adaptations or other accommodations for employees or customers with disabilities may be eligible for tax credits and deductions. Let’s take a look at a few of the tax incentives that are available to encourage employers to hire qualified people with disabilities – and offset some of the costs of providing accommodations. […]
Standard Mileage Rates for 2022
Starting January 1, 2022, the standard mileage rates for the use of a car, van, pickup, or panel truck are as follows: 58.5 cents per mile driven for business use, up 2.5 cents from the rate for 2021 18 cents per mile driven for medical or moving purposes for qualified active-duty members of the Armed […]
Six Things To Know Before You Start a Business
Starting your own business is an exciting prospect, but there is more to it than simply writing a business plan. Understanding the tax responsibilities of starting a business venture can save taxpayers money and help set them up for success. That’s where a tax professional can help. Here is what you need to know before […]
Retirement Plan Options for Small Businesses
According to the US Small Business Administration, small businesses employ half of all private-sector employees in the United States. However, a majority of small businesses do not offer their workers retirement savings benefits.If you’re like many other small business owners in the United States, you may be considering the various retirement plan options available for […]
Employee Relocation: What Happens to Your Home?
Employees Most employers want to protect the employee from being relocated against financial loss on a “forced” sale of their home. Here are the most common ways to do that, and the tax consequences to the employee: The employer reimburses the employee’s financial loss. Here, the employer has the home appraised and agrees to pay […]
Small Business: Understanding Payroll Expenses
Federal law requires most employers to withhold federal taxes from their employees’ wages. Whether you’re a small business owner who is just starting or one who has been in business for a while – ready to hire an employee or two – here is what you should know about withholding, reporting, and paying employment taxes. […]