The following information probably will not save you any money on this year’s taxes, but in the years to come, your small business will be able to save quite a bit of money and headaches. These are tax loopholes specifically beneficial to small businesses. They can all be used at once too. Begin using them right away, so next year you can see the sizable savings. Here are five incredible tax loopholes designed to for small businesses. (more…)
Whether you file state returns every month, quarter, or year, nearly every online seller will have a sales tax deadline in January. Keep in mind that, in most states, January sales tax is usually due by January 20th. Around TaxJar, we call January the “Sales Tax Perfect Storm” and everyone is invited.
To prepare, here’s a quick refresher of the steps to get ready to file: (more…)
Tax returns are offically due April 18th – unless you filed an extension, or live in Maine or Massuchessetts – and in honor of the end of tax season, and to hopefully take away some of the stress that comes with paying taxes, MyCorporation is offering $18 off either our basic LLC or Incorporation package on April 18th. Just use coupon code TAXDAY18 when you checkout!
And for those of you who filed early and have nothing to stress about (and those of you who are looking for a way to procrastinate before filing your returns), we also compiled 18 Tax Facts in honor of the looming April 18th deadline: (more…)
Tax day is just around the corner! Tax season can be a stressful time for entrepreneurs, so we wanted to reach out to our small business experts and ask them what tricks and tips they utilize to make this time of year as painless as possible.
Here’s what they had to say…
“Have your spouse on your Board of Directors (BOD). The IRS allows 1 BOD trip annually; all expenses are a 100% write off, including meals and entertainment. Nice perk.” –Phil Gafka, LEAP Associates, Inc. (more…)
This year’s tax filing deadline of April 18, 2016 will be here before you know it. Whenever you get around to doing your taxes, be sure to use these time and money-saving tips:
- File sooner rather than later! Rushing to finish your taxes at the last minute can easily lead to avoidable typos. If you’re waiting to file because you owe taxes, you can still e-file now – just schedule your payment any time before April 18. (Calendar year S and C corporation returns are due March 15. Personal 1040 and partnership 1065 returns are due April 18). Filing earlier may also reduce the chance for tax return identity theft. The sooner your return is filed, the less opportunity there is for someone to file a fraudulent tax return using your name and Social Security number.
Unemployment insurance, at its root, is pretty easy to understand – it’s just a program meant to protect workers that become involuntarily unemployed. But because it is run on a hybrid state-federal system, and is often calculated based on weird variables like experience ratings, the entire concept quickly becomes muddled. Most states also change rates and maximum taxable wages on a year-by-year basis, so what was paid last year may not be the same this year. Thankfully, as long as you learn a little bit about unemployment programs and stay on top of those annual changes, UI shouldn’t cause too many problems. (more…)
MyCorporation and Paychex are sponsoring a seminar on February 4th that will tell you everything you need to know about saving on taxes. Here’s everything you’ll learn:
- Legal strategies and techniques you can start using right away to reduce your annual tax liability.
- Find out how forming a corporation or LLC can help you protect your personal assets and reduce your risk of an IRS audit.
- The benefits of obtaining an outside payroll company to compensate your employees.
- How to keep more of what you earn each year and save thousand over the lifetime of your business.
- How you can utilize the Internal Revenue Code advantageously while not crossing the line.
- Plus, stay for networking opportunities after the seminar!
The old saying goes that “Nobody is boring once you get to know them.” But can the same be true for a concept like sales tax? Nothing can make a little percentage tacked onto the sale of a product interesting, can it?
We here at TaxJar live and breathe sales tax and we beg to differ! These 5 things you might not know about sales tax are guaranteed to amuse and delight. (Or at least to give you a new understanding of this much maligned administrative task!) (more…)
With the end of the year approaching, entrepreneurs everywhere are reflecting back on a year of business decisions. What worked? What didn’t? How can I really get the ball rolling for 2016? For those new small business owners out there who have yet to incorporate, we have a suggestion. The S-Corporation. Why? Because the payroll benefits are undeniable. (more…)
Over the past couple of years, controversy rose around independent contractors. The line between employee and independent contractor has thinned, and many are confused over how workers should be classified. In general, the independent contractor is considered to self-employed, and the company is their client. This means that there are some vast differences between the tax obligations for independent contractors and employees.