Include these 18 Documents in Your Emergency Plan: Keep the following important documents in an easy-to access location so you can quickly grab them in case of an emergency. Take your safekeeping a step further by storing documents in waterproof and fireproof document bags. Government-Issued IDs: Birth certificates Social Security cards Passports Driver’s licenses (or
Payroll tax compliance is crucial for small businesses. Mistakes can lead to fines, strained employee relationships and even legal consequences. Below are six quick tips to help you stay on track. 1. Maintain organized records Accurate recordkeeping is the backbone of payroll tax compliance. Track the hours worked, wages paid and all taxes withheld. Organizing
Potential Expiring Tax Provisions in 2025 Individual Income Tax Rate Reductions The TCJA temporarily lowered income tax rates across various brackets. Without extension, these rates will revert to pre-2018 levels, increasing tax liabilities for many individuals in nearly all income brackets. Below, you’ll find the tax rates for single filers based on 2025 tax brackets:
If an individual taxpayer has substantial business losses, unfavorable federal income tax rules can potentially come into play. Here’s what you need to know as you assess your 2024 tax situation. Disallowance rule The tax rules can get complicated if your business or rental activity throws off a tax loss — and many do during
What is classified as a farm? According to the IRS, “You are in the business of farming if you cultivate, operate, or manage a farm for profit, either as owner or tenant.” A farm includes any of the following: Livestock Dairy Poultry Fish Fruit Truck Plantations Ranches Ranges Orchards Groves The key here is operating
Why practice proper record retention? As a small business, it’s easy to grow lax with practices like record retention. We understand. As a small business owner, you’re not exactly flush with free time. It’s tempting to push document retention aside, reasoning “I’ll do it later” — only to find that the “later” you promised yourself never
With the 2025 tax filing season underway, be aware that the W2 and 1099 deadline is coming up fast for businesses to submit certain information returns to the federal government and furnish them to workers. By January 31, 2025, employers must file these forms and furnish them to recipients: W2 Forms Form W-2, Wage and
The nationwide price of gas is slightly higher than it was a year ago and the 2025 optional standard mileage rate used to calculate the deductible cost of operating an automobile for business has also gone up. The IRS recently announced that the 2025 cents-per-mile rate for the business use of a car, van, pickup
When selling business assets, understanding the tax implications is crucial. One area to focus on is Section 1231 of the Internal Revenue Code, which governs the treatment of gains and losses from the sale or exchange of certain business property. Business gain and loss tax basics The federal income tax character of gains and losses
There are two types of 1099 forms: Form 1099-NEC Form 1099-MISC Below, we’ll cover who gets a 1099, breaking it down by form type. Who gets Form 1099-NEC? Non-employee contractors Non-employee contractors are the most well-known recipients of 1099s. (Important: Here’s how to properly classify an independent contractor vs. an employee.) If you made payments