Many business owners focus primarily on their income tax burden. But income taxes are actually a fairly small portion of the taxes that most businesses pay. Because business owners are often familiar with these different forms of taxation, issues can arise. Here are a few of the most common issues that occur when dealing with non-income-related taxes.
Payroll taxes can be very complicated. More importantly, they are also highly regulated; any mistakes that occur regarding employee paychecks could ultimately cause some serious issues for a business.
If you just had your first child, there are a variety of different things you are going to need learn concerning tax law as a caregiver. One of the things that you are going to need to learn about is the child care credit. Here are three things that you need to know and understand about the child care tax credit.
#1 Qualifying Individual
As a new parent, you don't have to worry about this too much, but it is important that you understand the ins and outs of who qualifies as a dependent of the child care credit.
If you have started to freelance on the side of your regular job, and you have started to earn a lot of money, it's time to start figuring out how you're going to claim the money and what you could do with it. If you think that your freelancing side work could be your retirement income, or that it could otherwise change your financial plans significantly, you have to make sure you're being responsible with the money.
If you're the owner of a small business, you're likely always on the lookout for ways that you can cut costs in order to grow profits. While you may be able to purchase more affordable supplies, or manage your energy efficiency, there is one area that may prove to be a worthy investment: Taking an online accounting course. There are so many things that you'll learn in the course that can be extremely beneficial for your business.
Whether you do your own business bookkeeping or have a bookkeeper on staff, there will come a time when you need to hire an accountant. Your business finances are essential, and you don't want to let them get out of control.
Here are some reasons to get a professional accountant or accounting service working for you:
Your business may be moving along very nicely. You can pay all the bills and salaries, and life is good.