With the recent coronavirus outbreak, discussions of paid leave, and states of emergency, more attention has been paid to sick time and paid time off than ever before. If you’re a small business owner with just a few employees, you might not have an official sick time policy.
The CAT is applicable to tax years beginning January 1, 2020. This includes all business types, not just corporations. If you are a larger business, operating in Oregon (commercial activity of $750k or more), you are required to register for the new Oregon Corporate Activity Tax (CAT) tax - within 30 days of meeting the $750k threshold.
Does it sometimes feel like your accountant is speaking an alien language? You hired a CPA in the first place so you could benefit from their many years of experience and expertise. Obviously your CPA knows more than you do when it comes to taxes and taking advantage of the most beneficial financial strategies.
Travel and entertainment are legitimate deductions, but few business owners take full advantage of them. One reason may be that they fear that the deduction will be challenged by the IRS and they’ll have to undergo the scrutiny of an audit.
As we get deeper into the 2019 tax season, some taxpayers are experiencing a delay in receiving their tax refunds. The old adage that if you are expecting a refund you should file early seems to be coming under fire a bit in recent years, but none so much as the 2019 tax season. But why?
Taxpayers know that there are tax deductions out there to be utilized to reduce the taxes paid on your income. Most are aware of the common deductions, but there are many deductions that simply get overlooked by most taxpayers.
In recent years, the economy has been having its share of ups and downs. When businesses and private citizens want to secure financing from financial institutions to make large purchases, the economy can greatly influence the bank’s willingness to loan funds. In an unknown or down-turned economy, the installment sale lends itself as a great al
For most standard wage earners, preparing for your tax filing is fairly simple. You receive a Form W2 in the mail and unless you have other rental properties or other complications, your return is relatively straightforward. But for the freelancer, things aren’t quite as simple.
