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Business Taxes

5 End-of-Year Tax Prep Tips for Businesses in 2020

To say that 2020 was a unique year is an understatement, especially when it comes to businesses and their finances. Because of the unusual circumstances of this year — the July 15 filing extension, the CARES Act, payroll tax deferral, etc. — many businesses are wondering how their 2020 taxes might be impacted. As you close out your business books for the year and begin planning for the upcoming tax season, here are some year-end tax prep tips to help you.  1. Plan your billing cycle carefully. As a self-employed business owner, freelancer, or consultant, you can reduce your overall 2020 taxable income...

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My Employees Work Remotely. What Do I Do About Taxes?

In the COVID-19 era, remote work is more common than ever. This also means many former office-based companies are sourcing talent from outside their own home state. If you're doing this, you’ll have to consider the tax implications of hiring out-of-state employees. Here are some issues to be aware of before moving forward. Tax considerations for out-of-state remote employees Employing remote workers allows you to build a diverse team of capable individuals who work well together and bring different strengths to the table. However, with this arrangement comes various tax implications that can be particularly burdensome to a business owner. If you’re thinking...

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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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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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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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5 Ways Your CPA Can Help You With Money Management

As your wealth and assets grow, your finances become more complex. It’s a challenge to keep up account management, financial records, and ever-changing tax regulations, and you shouldn’t have to face it alone. That’s why it’s wise to hire a trusted certified public accountant (CPA) to help you with your finances. A CPA is a financial advisor who can assist you in creating a strategic plan for managing and maximizing your wealth. How do CPAs help you manage your money? Here are just a few of the many ways your CPA can streamline your personal and business money management. 1. Bookkeeping and payment tracking For...

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Working With CPA for the First Time? What You Need to Know

A CPA can be a valuable asset to an individual or business throughout the entire year – not just during tax season. If you’ve never worked with a tax accountants before, it’s essential to understand what your working relationship might entail and how they will handle your finances. https://www.youtube.com/watch?v=tMTsvdawJ6s Because you’re trusting your CPA with sensitive personal and business financial information, you don’t want to hire the first firm you hear about, without exploring your options. It’s essential to find a firm that’s meeting your needs and has your best interests in mind. At Miller and Company LLP, we work with many clients who are...

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