Glossary: Accounting & Tax Terms

This glossary of accounting & tax terms will hep you understand basic accounting vocabulary. Click on any of the terms for a expanded definition and examples. Accounting & Tax Terms After-tax income: The amount of disposable income that a person or company has left over after all federal, state and withholding taxes have been deducted … Continued

What is Withholding Tax?

What is Withholding Tax? Withholding taxes are a form of income taxes. These taxes are taken out, or withheld, from an employee’s paycheck, which the employer pays directly to the government. The IRS determines how much to withhold from your paycheck using the W-4 form you fill out when you’re hired. The number of deductions you take … Continued

Your Best Summer Sales in 4 Easy Steps

For many businesses, summer can be the slowest sales time of the year. With people spending more time and money on vacations, summer sales tend to go down. However, with the right summer sales strategy it’s possible to keep your sales up. These five tips can help you keep your numbers up throughout the summer season. … Continued

What is the Nanny Tax?

What is the Nanny Tax? The Nanny Tax is a federal (and sometimes state) tax paid by people who have household help and pay them over a certain threshold. The nanny tax applies to nannies, housekeepers, gardeners or any other household help. The Internal Revenue Service (IRS) instituted the nanny tax because a taxpayer becomes an employer … Continued

LLC or S Corp, Which is Best for My Business?

Choosing a business entity can be confusing. If you’re debating between registering as a LLC or S Corp, we can help break down the pros and cons of each so that you can make an informed decision. Keep in mind as you choose between a LLC or S Corp, what is going to be best … Continued

What is Mileage Allowance?

What is Mileage Allowance? The Internal Revenue Service (IRS) allows people who use their vehicles for business, charity, moving or medical expenses to take deductions on those expenses; this is called mileage allowance. The IRS deducts a certain cent-per-mile; the IRS determines the deduction each year. This is also referred to as the “standard mileage … Continued

Financial Planning Tips for Small Business Owners

Financial planning is a essential for anyone who wants to achieve financial independence. The goal of financial planning is to help you reach your financial goals; whether that be retiring by a certain age, or having the money to open a new business. For small business owners financial planning is especially important because you need to … Continued

I’ve Filed a Tax Extension, What now?

Tax day has come and gone and you didn’t have time to file your taxes. As long as you filed a tax extension, you have an extra six months to get your tax return to the Internal Revenue Service (IRS.) The IRS will allow you to file an extension for any reason, as long as … Continued

How Many Years Can I Take a Loss on My Business?

If you’re wondering, “How many years can I take a loss on my business?” then you’re probably reaching a point where you’ve been claiming to many losses on your taxes. The Internal Revenue Service (IRS) only allows your business to be in the negative for a certain number of years before it declassifies it as … Continued