Here are five straightforward recommendations for how to grow your business in the most effective manner: 1. Make Your Business Promotion More Extensive It is essential for you to broaden the scope of your business advertising in order to bring in new clients since this will allow you to grow your consumer base. You may…
Profitable businesses often experience cash flow shortages, particularly if they’re experiencing rapid growth. Business owners may wonder why they owe taxes when they regularly struggle to find cash to cover their bills. The answer can be found by understanding the key differences between profits and cash flow. Operating activities Profits are closely related to taxable…
In light of the devastating destruction of Hurricane Helene and the pending catastrophic damage to come to Florida from Hurricane Milton, please be advised that monetary and goods donations are tax deductible. How to support hurricane relief efforts Before you donate, make sure you’re giving to a reputable organization and aren’t falling victim to a…
The Oct. 15 extension deadline to file taxes is fast approaching. Most taxpayers who requested an extension of time to file their 2023 tax return must file by Tuesday, Oct. 15, to avoid the penalty for filing late. The IRS urges people to file electronically.Remember that an extension to file was not an extension to…
Apply for Assistance You can apply for assistance in three ways: online by visiting disasterassistance.gov call 800-621-3362. If you use a relay service, such as video relay service (VRS), captioned telephone service or others, give FEMA the number for that service. download the FEMA app Disaster tax relief includes the postponement of filing and payment…
The IRS’s second Employee Retention Credit Voluntary Disclosure Program is open and runs through Nov. 22, 2024. This ERC VDP helps businesses repay credits they received after filing ERC claims in error. The program allows businesses to correct improper payments at a 15% discount and avoid potential compliance action in the future such as audits,…
As a small business owner, you have to do a lot yourself. There simply isn’t the money to outsource much. In deciding whether or not to get outside help on something, you have to ask if doing it yourself creates extra risks or costs. Here are the potential downsides of DIY bookkeeping and accounting. You…
WASHINGTON — The Internal Revenue Service issued a consumer alert today following bad advice circulating on social media about a non-existent “Self Employment Tax Credit” that’s misleading taxpayers into filing false claims. Promoters and social media are marketing something they describe as the “Self Employment Tax Credit” as a way for self-employed people and gig…
Individual taxpayers who requested an extension of time to file their federal taxes have until Oct. 15, 2024, to complete and file their federal tax return. Those who already have the forms and information they need should file now – there’s no advantage to waiting until the deadline. There are a few things extension filers…
Tip 1: Know What “Estimated Quarterly Taxes” Actually Means According to the Internal Revenue Service (IRS), estimated quarterly tax payments are regular (typically 4x/year) payments made by individuals and businesses to the IRS to prepay income, self-employment, and other taxes throughout the year. Just like the annual April filing, quarterly payments are based on your earnings….
