Tracking your miles whenever you drive somewhere for your business can get pretty tedious, but remember that properly tracking your vehicle expenses and miles driven can lead to a significant reduction in your taxes. Here are some tips to make the most Read More
The first advance payment from the newly expanded child tax credit was recently sent out by the IRS. Payments are scheduled to be made on the 15th of each month through December. Here’s what you need to know about the child tax Read More
As a business owner, you’re required to pay three different types of payroll taxes. FICA (Federal Insurance Contributions Act) is the tax used to fund Social Security and Medicare programs. FUTA (Federal Unemployment Tax Act). Employers pay this federal tax to provide Read More
With home sales booming throughout much of the country, you may decide that now’s the right time to put your abode on the market. If you do put your primary residence up for sale, try to steer clear of the following mistakes. Read More
In late 2020, the IRS announced that it will increase tax audits of small businesses by 50 percent in 2021. Here are several mistakes to avoid if you do get audited by Uncle Sam. Mistake: Missing income. A long history of investigating Read More
Living in the information age, we are accustomed to new and innovative tools that change the way we live. We can control everything in our homes with our voice. We can talk face-to-face, albeit digitally, with anyone, anywhere in the world. We Read More
Not all debt is created equal. Knowing the difference can change the way you look at your spending. Good debt adds value Good debt often leads to financial growth, because the product or service being purchased adds more value than the debt Read More
Now is the time to begin tax planning for your 2021 return. Here are some ideas: Contribute to retirement accounts. Tally up all your 2021 contributions to retirement accounts so far, and estimate how much more you can stash away between now Read More
Understanding how our tax system works can be tricky for anyone. Whether you’re an adult who never paid much attention to the taxes being withheld from your paycheck or a kid who just got his or her first job, understanding the basics Read More
The best way to weather a storm is often by being prepared before the storm hits. In the case of small businesses, this means building a fortress balance sheet. What is a fortress balance sheet? This long-standing idea means taking steps to Read More
