One of the most laborious tasks for small businesses is managing payroll. But it’s critical that you not only withhold the right amount of taxes from employees’ paychecks but also that you pay them over to the federal government on time.
The right entity choice can make a difference in the tax bill you owe for your business. There are plenty of potentially expensive tax problems that you should assess before making the decision to convert from a C corporation to an S corporation.
A cost segregation study may allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow.
Given the escalating cost of employee health care benefits, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA).
A comprehensive strategy to get your business up and running should include planning for your own exit. As one of the founders, your departure will have a significant impact on the enterprise itself, your fellow business partners, your customers and your future. So, as counterintuitive as it may seem, how you plan to exit your organization is an important decision to make, even at your business’s onset. Take the time to work with a trusted professional to outline your succession plan so that you are prepared for whatever future you encounter.
Unemployment taxes can cost your business a bundle. That is especially true if a lot of former employees file unemployment claims against your business. Fortunately, you may be able to reduce your unemployment tax bill.
Businesses, large corporations and high-income individuals are more likely to be audited but, overall, audit rates are historically low.
It’s an easy decision to set a website up and maintain it. But determining the proper tax treatment for the costs involved isn’t so easy.
Do you want to withdraw cash from your closely held corporation at a low tax cost? The easiest way is to distribute cash as a dividend, however, it’s not the most tax-efficient way.
New and potential business owners should take care when selecting their business entity. How you and your business will be taxed is wholly dependent on the entity you select.