When business owners put together an emergency preparedness plan, it should include copies of vital records and financial information. Here are some things everyone can do to help protect their financial records. Update emergency preparedness plan annually Personal and business situations are constantly evolving, so taxpayers should review their emergency preparedness plan annually. The…
By Mopria Alliance Although we’re almost half way through 2024, the year will only get busier, so now is a great time to take a quick pause to look ahead and create some structure that prepares us for success. So what are some dates every business owner should plan for in 2024? Read on for…
As the end of the year approaches, it’s time for small business owners to put tax planning on their radar. You have until December 31 to make some strategic moves that can help you take advantage of more tax breaks, maximize your tax deductions, and minimize the amount you’ll owe in taxes when filing time…
By Emily Heaslip There’s a common misconception that the IRS research and development (R&D) tax credit is only available to researchers and scientists. In reality, this tax credit offers a great opportunity for small businesses to reduce their tax liability. What is the R&D tax credit? The research and development tax credit was originally established…
Excise tax is an indirect tax on specific goods, services and activities. Federal excise tax is usually imposed on the sale of things like fuel, airline tickets, heavy trucks and highway tractors, indoor tanning, tires, tobacco and other goods and services. Businesses that are subject to excise tax generally must file a Form 720, Quarterly Federal…
