Queens, NYC

141-07 20th Ave, #101
Whitestone, NY 11357
Tel: (718) 767-0737

Manhattan, NYC

18 East 48th Street, #1001
New York, NY 10017
Tel: (646)-367-3726

Sarasota, FL

2831 Ringling Boulevard, #204B
Sarasota, FL 34237
Tel: (941) 366-5646

Washington, DC

700 Pennsylvania Ave, SE, Ste 2050
Washington, DC 20003
Tel: (202) 547-9004

 

Business Taxes

Does My Business Owe Sales Tax?

When you're starting a business, you might be wondering about your sales tax obligations and whether you need to collect taxes from your customers when making a sale. There's no easy answer to this question, and it varies depending on the type of product or service you sell and where you're located. Here’s what you should know about sales tax and how it might impact your business. Does your business owe sales tax? Businesses are typically responsible for collecting the required sales tax on the items or services that they sell. However, some types of products and services are exempt. Here are two...

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Do I Get a Tax Break If I Donate My Stimulus Check?

To combat the economic crisis caused by the coronavirus pandemic, the IRS and Treasury Department have sent out two rounds of stimulus checks to support millions of Americans. However, not everyone receiving a stimulus check needs it.  While many people deposit their check into their savings account or indulge in a shopping spree or night out, others may choose to donate theirs to those in need. If you’ve received a stimulus check but don’t need it, donating the money is a great way to give back — and you can get a tax break if done properly. Here’s what you need...

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Should I Take Out A Second PPP Loan?

With the recently-passed second economic stimulus bill, many small business owners had one key question: Can I apply for a PPP loan? During the first round of Paycheck Protection Program loans issued in 2020, some small businesses missed out on funding, or the funds they received didn’t quite stretch far enough. Now, there’s another opportunity to receive this much-needed forgivable loan and boost your business in 2021. Now that the U.S. Small Business Administration is accepting applications for the second round of PPP loans, you may be wondering if you’re eligible to apply. Here’s what you need to know about applying and...

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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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