Failure to pay federal taxes as a business owner can lead to various penalties imposed by the Internal Revenue Service (IRS). These penalties are intended to encourage timely tax payments and ensure compliance with tax laws. Below are common penalties that business owners may face for not paying their federal taxes: Failure to Pay Penalty […]
Tax time can be a hectic period for both businesses and individuals. To make the process smoother and more efficient, you must prepare your financial books meticulously before handing them to your accountant. This helps ensure accurate tax filings and saves you time, money, and potential headaches down the road. In this article, we will […]
Running a business in Texas comes with various responsibilities, including fulfilling tax obligations. Taxes play an important role in funding government services and programs, and businesses are expected to pay their fair share. Failing to pay business taxes in Texas can have serious consequences. This article will delve into the potential ramifications of not paying […]
As we welcome 2024, taxpayers in the Lone Star State are gearing up for significant changes in the Texas tax laws. From property taxes to sales taxes and everything in between, these new regulations promise to reshape the fiscal landscape for businesses and individuals alike. This article will delve into some of the changes to […]
QuickBooks Online offers many features to simplify financial management for businesses. Among its many functionalities, one cool feature stands out – Automatic Mileage Tracking. This feature doesn’t just save you time and effort but also ensures accurate records for tax deductions and expense reimbursements. The Benefits of Automatic Mileage Tracking How Automatic Mileage Tracking Works […]
A growing number of people are voting with their skills and leaving the world of traditional employment behind. These are the folks who are opening their own small businesses, the people who are embracing freelancing and the men and women who are using gig work to make a good income.As this trend continues, many of […]
One of the biggest stories in the world of business is the growing shift toward self-employment. An ever-increasing number of men and women are saying goodbye to their colleagues, their cubicles, and their corporate overlords, choosing instead to make their own way in life. If you are one of these self-employed individuals or a new […]
If you are a procrastinator, tax filing season is probably the worst time of year. With deadlines looming, filling out all those complicated forms and making sense of an increasingly complex tax code that changes almost every year can seem like an overwhelming task. But no matter how long you put it off, the April […]
Tax returns can often be filed with incomplete or incorrect information, leading you to more tax trouble than you bargained for. If you filed early, you might have overlooked income from a temporary job or a side gig, only to get a 1099 or late W2 for the income earned. Other filers may eventually realize […]
COVID-19 turned the world upside down. With most of the country shut down, businesses closed, and people forced to “stay-at-home” in order to keep everyone safe, it was just a matter of time before the IRS postponed tax day. On March 21, 2020, the IRS announced that they’d be delaying the tax filing deadline that […]