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If you operate a business, or you’re starting a new one, you know you need to keep records of your income and expenses. Specifically, you should carefully record your expenses in order to claim all of the tax deductions to which you’re entitled. And you want to make sure you ... read more
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Hey football fans, fans of food, entertainment fans, and the fans of funny commercials, this Sunday is your time! Have a fun and safe Super Bowl Sunday!
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If you’re in business for yourself as a sole proprietor, or you’re planning to start a business, you need to know about the tax aspects of your venture. Here are eight important issues to consider:
1. You report income and expenses on Schedule C of Form 1040. The net income is ... read more
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Now that 2022 is up and running, business owners can expect to face a few challenges and tough choices as the year rolls along. No matter how busy things get, don’t forget about an easily accessible and highly informative resource that’s probably just a few clicks away: your financial statements.
Assuming ... read more
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Many tax limits that affect businesses are annually indexed for inflation, and a number of them have increased for 2022. Here’s a rundown of those that may be important to you and your business.
Social Security Tax
The amount of an employee’s earnings that is subject to Social Security tax is capped ... read more
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After two years of no increases, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2022 by 2.5 cents per mile. The IRS recently announced that the cents-per-mile rate for the business use of a car, van, ... read more
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Business owners, year end is officially here. It may even be over by the time you read this. (If so, Happy New Year!) In any case, the end of one year and the beginning of another is always an optimal time to look back on the preceding 12 calendar months ... read more
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Congratulations to Kaitlin Fiske for being promoted to Contract Accounting Lead within the firm!
