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5 Tax Tasks to Do If You Started a New Business in 2020

Despite the COVID-19 pandemic, many entrepreneurs took the leap and started their business in 2020. If you’ve seen a need in your industry or a service being unmet, now is a great time to launch your business. One roadblock that many entrepreneurs face is how to handle their business taxes. If you started a new business this year, here are some key tax tasks to put on your to-do list. 1. Determine your business structure. When you register your business with your state, you’ll need to determine your legal business structure. Each structure has its own positives and negatives, depending on your business...

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How Will COVID-19 Affect Your 2020 Payroll Taxes?

The coronavirus pandemic has had an enormous financial impact on businesses. Steep revenue losses across numerous sectors meant many small businesses have struggled to keep themselves afloat and cover basic expenses like employee salaries. The U.S. government has responded to these economic hardships with policies designed to help American workers, including a temporary “payroll tax holiday” for certain employees beginning September 1, 2020. If you or your employees are taking advantage of this policy, you may be wondering how it will impact your 2020 payroll taxes. Here’s what you need to know. How does President Trump’s ‘payroll tax holiday’ work? On August 8, 2020,...

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What Is an RMD? How Required Minimum Distributions Work

If you have a traditional IRA, SEP, or SIMPLE individual retirement account, you are required to start withdrawing a minimum amount each year from that fund when you reach a certain age. This mandatory, taxable withdrawal is called a required minimum distribution (RMD), and its purpose is to ensure that account holders actually use their retirement savings and don’t use their IRAs to accumulate interest and avoid tax payments indefinitely. RMDs have gotten a lot of attention this year, as the Coronavirus Aid, Relief, and Economic Security (CARES) Act suspended required withdrawals from retirement accounts in 2020 to give those accounts...

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Tax Tips for Freelancers and Self-Employed Professionals

As a freelancer, independent contractor, or self-employed business owner, it’s important to plan ahead for your taxes. Federal and state taxes are not automatically deducted from your paycheck when you’re a contractor, and for those who are new to self-employment, it can be a big shock to learn they owe the IRS a lot of money when they file their annual return. Understanding what you might owe and when, as well as keeping meticulous financial records, is the best way for self-employed professionals to stay on top of their tax obligations. To help keep your finances in check, here are some...

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Do You Need to File Quarterly Taxes for Your Business?

One of the primary financial responsibilities business owners and self-employed individuals must contend with is calculating and paying taxes on the money they earn. What type of taxes you’ll owe and how often can be confusing, especially if this is your first year in business. If you’re a small business owner, freelancer, or otherwise self-employed, you might wonder whether you need to file and pay quarterly estimated taxes for your business. Here's a basic overview of what you need to know. Who is required to pay quarterly taxes? Generally speaking, anyone who is self-employed will owe the Internal Revenue Service money throughout the...

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The Importance of Good Accounting for Large Businesses

Many sources discuss the importance of having good accounting for small businesses, but what about large businesses? The bigger your business gets, the more complicated your finances become. Large businesses have higher earnings, more vendors and clients, and in many cases, more employees with larger salaries and benefits packages compared to a small startup. They may also qualify for more tax credits and deductions as their business expense list grows. The quality of your accounting and bookkeeping can make all the difference in your business’s bottom line, especially come tax season. That’s why it’s critical for any large business to invest in...

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Yes, Unemployment Compensation Is Taxable. Here’s How to Avoid a Surprise Next Tax Season

It's no secret that the employment situation in America is dire right now. As of July 2020, the Bureau of Labor Statistics estimates that 16.3 million people are currently unemployed – nearly 10% of the adult population – and since the start of the pandemic, roughly 1 million (or more) of them have filed new claims for state unemployment benefits each week. This means there's a large group of Americans who are now receiving unemployment compensation for the first time. While the weekly benefits a financial relief to those struggling to find work, they may not be so relieved come next...

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IRS: Unemployment compensation is taxable; Have tax withheld now and avoid a tax-time surprise

WASHINGTON – With millions of Americans now receiving taxable unemployment compensation, many of them for the first time, the Internal Revenue Service today reminded people receiving unemployment compensation that they can have tax withheld from their benefits now to help avoid owing taxes on this income when they file their federal income tax return next year. By law, unemployment compensation is taxable and must be reported on a 2020 federal income tax return. Taxable benefits include any of the special unemployment compensation authorized under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, enacted this spring. For more information please visit: https://www.irs.gov/ Withholding is...

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How Small Businesses Can Start Preparing for Next Tax Season Now

Tax Day 2020 has come and gone, but it's never too soon to start planning for the next tax season. Based on your business type, you might have a different deadline than April 15, 2021 for your next tax return filing, so it's important to work on your tax planning all year-round. Here are three simple things you can do now to start preparing for the next tax deadline. 1. Keep a tax document checklist and calendar. For many small business owners, paperwork and record-keeping is one of their least favorite tasks. Between managing employees, assisting clients, and more, it’s easy to let...

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