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It can seem like more work to open a specific business bank account, but it actually saves time in the long run to keep your personal and business transactions separate. A small investment of time up front pays off later. You can have multiple checking or savings accounts, and business credit car...
Dependent care tax benefits are specifically related to the costs of caring for a person who qualifies as your dependent so you can go to work. Your dependent may or may not be your child. Note that the child and dependent care credit is completely separate from the Child Tax Credit. The child ...
More than ever, businesses are finding clients or customers in multiple states or having employees who live in multiple states. What this means for taxes can be very confusing for a small business owner. Overview When you operate a business in multiple states you need to learn some information...
Determining what one owes in federal tax can seem mysterious. Total tax, standard deductions, itemizing, tax credits and deductions... what does it all mean? This blog will explain deductions and credits, including the new rules for the 2021 child tax credit. Types of tax Before we dig into tax...
If you have recently started a business you may be wondering what you need to know about paying estimated taxes. Read below to learn when to start worrying about them and when they are due. Most of us are familiar with how tax withholding works when we are an employee. We get a paycheck, the em...
IRS requires business owners to issue Form 1099-MISC or 1099-NEC to people or business entities they pay during the year. This is the governments way to ensure that if you are taking a business deduction, someone else reports the corresponding business income. Not all payments require filing Form...
Meals you have with others for a legitimate business purpose are generally 50% deductible. The rationale is that although your meal is for a business purpose you still need to eat. The IRS does not allow personal expenses as business deductions, so to keep it simple they allow 1/2 of the cost to ...
So you want to attend a conference or a training out of town and you need to know how much you can deduct as a business expense. This blog post covers guidance listed in IRS Publication 463 Travel, Gift and Car Expenses. The IRS defines travel expenses much the same as other business expenses, ...
