As a business owner, you have likely heard of the term sales tax before. Heck, you might have even heard about sales tax nexus before. But, have you heard of economic nexus? If you have in-person or online sales, it’s time to listen up and learn about economic nexus. Read on to learn what is […]
Read More What Is Economic Nexus, and Does it Impact Your Business?Business Taxes Articles
Business Taxes - Tips, Training, and News
The Ultimate Guide to Agricultural Accounting: Mastering Your Farm’s Finances
Like any business, you need up-to-date accounting records if you run a farm, ranch, or related operation. But, some aspects of agricultural accounting, like livestock and land, are specific to farming businesses.
Read More The Ultimate Guide to Agricultural Accounting: Mastering Your Farm’s Finances
Sales Tax Accounting Basics [+ Journal Entry for Sales Tax Examples]
When you sell goods to customers, you likely collect and remit sales tax to the government. And when you purchase products, you typically pay sales tax. But, how do you record these tax collections and payments in your accounting books? Sales tax accounting.
Read More Sales Tax Accounting Basics [+ Journal Entry for Sales Tax Examples]
What Is IRS Form 1099?
Did you pay any vendors this year? There are many types of payments, ranging from rents to prizes and awards. And if you did pay a vendor, you might be required to file Form 1099-MISC. So, what is IRS Form 1099?
Read More What Is IRS Form 1099?
Back it Up … What Is Backup Withholding, and Are My Contractors Subject to it?
When you pay an independent contractor, you don’t withhold taxes from their wages … or do you? In some cases, contractor wages are subject to backup withholding. So, what is backup withholding, and when do you need to do it?
Read More Back it Up … What Is Backup Withholding, and Are My Contractors Subject to it?
IRS Form W-9: A Detailed Look at Purpose and Usage
Does your business hire independent contractors, gig workers, or freelancers? If so, congratulations! You get to learn the ins and outs of IRS Form W-9. So, what’s the scoop with the IRS W-9 form? What exactly is it used for? Who needs to fill one out? We have the answers to all of your burning […]
Read More IRS Form W-9: A Detailed Look at Purpose and Usage
“Would You Like to Round up for Charity?” 6 Facts to Know About Checkout Donations
You’re at the checkout counter, wallet in hand, preparing to pay for your purchase. But before you can, the cashier asks if you’d like to round up or make a donation for charity. Sound familiar? If so, you’re part of the millions of consumers hit with a request for checkout donations.
Read More “Would You Like to Round up for Charity?” 6 Facts to Know About Checkout Donations
Offering a Retirement Plan Could Score You 401(k) Tax Credits
Thinking about offering your employees a 401(k) plan? Already offer a retirement plan to your team? Either way, you’ll want all of the juicy details about the 401(k) tax credits for employers. Get the scoop on the 401(k) tax credit and how you can use it to lower your tax liability.
Read More Offering a Retirement Plan Could Score You 401(k) Tax Credits
Have a Business Interest Expense? You May Be Able to Deduct It
Take out a business loan or have a mortgage for your brick-and-mortar? You may cringe when you see your business interest expense add up. But here’s a bit of good news, there’s a business interest expense deduction you may be eligible to claim (hooray!).
Read More Have a Business Interest Expense? You May Be Able to Deduct It
What Is Estimated Tax, and Why Is It Important?
Employers bear the burden of calculating, withholding, and remitting taxes from employee wages. They must also report them to the correct government agencies. But, what must self-employed individuals do? And what about individuals whose income isn’t taxed? What should those individuals do to pay and report their taxes?
Read More What Is Estimated Tax, and Why Is It Important?