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Understanding the IRS Extension Deadline: What Business Owners Need to Know
Tax deadlines can be overwhelming for business owners, with numerous forms to fill out and financial information to gather. However, the Internal Revenue Service (IRS) provides an option that can alleviate some of the pressure: filing an extension. Let’s dive… -
Outsourcing Accounting Work: Exploring the Pros and Cons
As businesses seek to optimize their operations and focus on core competencies, outsourcing non-core functions has become increasingly popular. Accounting, a crucial aspect of business management, is no exception. As with most things, there are pros and cons of outsourcing… -
Maintaining Financial Health: Why Business Owners Shouldn’t Fear Filing Extensions
Tax season can be a source of stress for business owners, with multiple responsibilities and deadlines to manage. One option that often causes apprehension is filing an extension for business taxes. However, it’s important to dispel any fears and recognize… -
Graduation Season: A Great Time to Review Money Basics
Graduation is a big life event that has so many emotions wrapped up in it – pride, relief, excitement and fear. Fear of what the future holds, the unknown. Many young adults often don’t feel prepared to “enter the real… -
Safeguarding Your Business’ Cash with Segregation of Duties
Fraud and embezzlement don’t just happen at large companies. In fact, theft may be more common in small businesses because many lack internal controls that are typically in place at larger organizations. But the good news is that effective internal… -
How to Choose the Best Entity for my Business
Are you thinking of starting a business? Maybe you already have a business but you’re questioning whether or not you have it set up as the best entity type for your situation. We’ve got some tips on how to go… -
The IRS “Dirty Dozen” – Top Tax Scams of 2023
With this year’s tax season coming to an end, the IRS has recently released the top twelve scams noticed in 2023, the “Dirty Dozen.” Scams come in all shapes and sizes. These days, there just seems to be a ton… -
Keys to Success as an Independent Contractor
The number of independent workers continues to soar in the U.S. According to MBO Partners, there were 64.6 million independent workers in 2022, an increase of 26% from 2021. The number of full-time independent workers increased to 21.6 million, up from… -
Taxes and Uncollectible Debt
There are few things as frustrating as not being paid what is owed to you. If it becomes clear the debt is not going to be paid, you might be able to recoup some of the lost money via a… -
Ins and Outs of Processing 1099’s
You are required to provide a 1099 showing the amount you paid if you pay someone more than $600 in a calendar year for services (not material or product). Here are some facts you need to know. Businesses have until… -
Should You Expense or Depreciate Your Capital Asset?
If you own a business, you know that you may accelerate the expensing of qualified capital purchases. This can be done within two special provisions in the tax code: Section 179 The annual amount of qualified assets that may be… -
Lower This Year’s Tax Obligation
Assess your current situation and address those lingering tax moves that may improve your tax picture for 2022. Here are five things to consider: 1. Check on your withholdings. Review your taxable income and the amount of tax you’ve paid to Uncle…
