you might be able to claim deductions for home office expenses against your business income. There are two methods for claiming this tax break: the actual expenses method and the simplified method.
Practical and real-world advice on how to run your business — from managing employees to keeping the books
This is where you must pay close attention to how employees fill out their tax-related forms and withhold the proper amounts. On top of deductions and exemptions, factor in other aspects of payroll processing and withholdings from each paycheck. Depending on your business’s situation, you may...
Some small business owners handle payroll manually, using spreadsheets and calculators to track wages, deductions, and taxes. While this might work for very small teams, it’s time-consuming and leaves room for errors. Payroll software is another option, automating calculations, tax withholdings, ...
From tracking the miles you drive to wrangling receipts, here are five key moves business owners should make to take the sting out of tax time next year. 1) Keep your business and personal accounts separate If you're not an incorporated company, you aren't required to keep a separate bank...
Here's more information about how to access payroll reports that can help you get a better understanding of your business' finances and employee information. It includes lists of various payroll reports available, such as employee info, wages, taxes, ded...
it no longer makes financial sense to leave your vacation home empty. Operating your home as a business by welcoming guests can help you recoup some of those losses—and not just the deductions associated with mortgage interest and property tax. Most vacation homeowners who keep their homes on ...
The act also increased the benefits received in the event of death for surviving family members, included travel expense deductions for National Guard members, and created a new definition of the tax term "principal residence" so military members could receive a taxable gain exclusion ...
This number is important because renting is the core business of investment properties. It’s the steady engine that pays your mortgage and pays your bills over time. Unlike your equity, which is based upon the relatively fuzzy estimate of the property’s resale value, rental income is less ...
1953: Small Business Act The Small Business Administration (SBA) was created in the passage of the Small Business Act on July 30. The SBA, at its simplest definition, functions to aid all small business interests and concerns. The act also mandated that small business be offered a fair amoun...