How Small Businesses Can Take Advantage of Tax Savings when it Comes to Retirement
According to the Small Business Administration’s latest survey, there were approximately 30.2 million small businesses in the U.S. in 2018 with a total of 58.9 million employees. That means a majority of those small businesses were run by just one person, maybe two at the most. Small business owners are stranded in a weird limbo…
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Alternative Motor Vehicle Tax Credits
When it comes to running a business, especially one that relies on transportation, it’s important that you take every advantage you can. It can be financially painful to purchase a new work vehicle every five to ten years and even more painful if you need to purchase more than one vehicle. Luckily, the IRS gives…
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How Spring Cleaning and Tax Deductions Go Hand In Hand
It’s springtime and for many people, that means spring cleaning. However, spring cleaning should not just be for your home, you should also think about extending it to your business. It’s tough to admit that the inventory that’s been gathering dust on your shelf is never going to sell, or the old business equipment that…
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The Difference Between a Tax Credit and a Tax Write-Off / Deduction
For non-tax people, it can be easy to consider a tax credit and a tax write-off to be one and the same. After all, both of them offer benefits on your taxes, ideally in the form of you paying less. In other words, they’re both good. But to a tax professional, they are actually different…
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Public Aid Recipients
The Work Opportunity Tax Credit (WOTC) is awarded to employers for hiring from ten target groups. Some of the most commonly certified (WOTC) groups are recipients of federal public aid, such as food stamps, family assistance (TANF) or social security. Chances are you’ve hired someone in this category without ever knowing it. Over 19 million…
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Veteran Hiring Credits
Do you know a military veteran in search of a job? When you recruit from this group, you bring jobs to the the men and women who have protected our country. Not only can your hiring practices benefit military veterans in need of work. You could also qualify for the federal Work Opportunity Tax Credit…
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