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Strategic Tax Planning and Itemizing

Mon, Sep 9th 2019
Although you can't avoid taxes, you can take steps to minimize them. That's where Tax Planning comes into play. Throughout September and into October, we're going to look at areas where, in conjunction with your tax advisor,  you can take proactive steps as an individual or as a business owner to minimize your tax liability.  The Tax Cuts and Jobs Act of 2017 (TCJA) made major changes that affect how individual taxpayers can claim deductions. For individual taxpayers, the biggest changes were (... Read More »

5 Things to Consider When Changing Payday

Tue, Sep 3rd 2019
You may have a good reason to change your payday, but before you make your move, be sure to take into account various rules and implications. 1. Fair Labor Standards Act The FLSA requires prompt payment of wages but does not specifically address pay frequency or payday changes. However, a 2nd U.S. Circuit Court of Appeals case (Rogers v. City of Troy New York) held that employers can change their payday without violating the FLSA, provided the change meets these criteria: It is made for a... Read More »

Employers: Know Your Tax Forms

Mon, Aug 26th 2019
If you run a business, you need to know about the following forms. Even if you utilize a payroll service, it’s important to be familiar with, and review, the reporting requirements which are being completed on behalf of your business. Form W-2 Employers must complete a Form W-2 for each employee. These wages and taxes are reported annually on the W-2. However, W-2s aren't filed directly with the IRS. Instead, employers file W-2s with the Social Security Administration (typically by Jan. 31),... Read More »

Deciding Between Cash and Accrual Basis

Mon, Aug 19th 2019
With cash-basis accounting, you record all transactions when cash actually changes hands, which means when a cash payment is received from customers or is paid out by your company for purchases or other services. Cash receipt can be actual cash or check, credit card or electronic transfer. It's a pretty simple process. You cannot, however, use cash-basis accounting if you sell products on store credit, billing the customer at a later date. Cash-basis accounting does not include a provision to... Read More »

Estimating Business Taxes

Mon, Aug 12th 2019
When you work for someone else, your employer generally takes out an appropriate amount of taxes from your paycheck for your federal taxes. But when you're self-employed, a sole proprietor or the owner of an S-corporation, you're responsible for paying your federal taxes both as an individual and as a business owner. Estimated taxes are taxes set aside and paid during the course of the year in anticipation of owing the government a certain amount of tax at the end of the year. It usually is... Read More »