A Basic Tax Guide for Nonprofit Organizations
Nonprofits, while tax exempt, still have to file all the proper information with the IRS to clearly highlight their finances and programs It’s well-known that many nonprofit organizations are exempt from paying various federal income taxes under the IRS tax code section 501(c). However, this doesn’t mean that they have no responsibilities when tax time…
Read MoreWhat Businesses Should Know About Charitable Contributions
In a perfect world, all charitable donations by businesses would be tax deductible. Unfortunately, there are caveats that entrepreneurs must know It seems like tax law is always changing. As an entrepreneur, you’re tasked with keeping up so that your business follows all regulations while making sure you understand all of the tax breaks available…
Read MoreHow the Tax Cuts and Jobs Act (TCJA) Impacts Small Businesses
Operating a small business is a challenge, and under-the radar tax changes can make things all the more complex. Here’s what entrepreneurs should know to avoid any costly mistakes In 2017, the Tax Cuts and Jobs Act (TCJA) was enacted, bringing changes for both businesses and individuals in the 2018 tax year and beyond. As…
Read MoreCybersecurity for Taxpayers and Tax Professionals
Cybersecurity is now a universal concern in every walk of life. What are the risks to tax professionals and their clients, and how can both parties mitigate them? Data security is a major consideration for any industry and, unfortunately, tax preparation is no exception. Tax professionals need to ensure that appropriate safeguards are in place…
Read MoreStrategies for Entrepreneurs and Contractors Paying Taxes in 2020
As an entrepreneur, what strategies can you put in place to help you prepare for the next tax season? As an entrepreneur, you’re tasked with running a complete business, including hiring and firing, scheduling, cash flow analysis, vendor payments, and much more. On top of it all, paying taxes can be a huge burden—both financially…
Read MoreFocusing on Employee Health Could Net Organizations Tax Benefits
Employers who provide paid family and medical leave to employees may qualify for a business tax credit through 2019 As the U.S. unemployment rate has seen record lows this year (3.7 percent in August), companies are scrambling to update their recruitment processes and benefits packages to stay competitive in the battle for talent acquisition. As…
Read MoreThe Tax Benefits of Investing in Opportunity Zones
Learn why opportunity zones continue may be an attractive option to some investors thanks to government tax incentives The Tax Cuts and Jobs Act of 2017 (TCJA) brought many changes to the tax law, including changes to the standard deduction and tax brackets. Another big change was the creation of tax incentives for investments in…
Read MoreImportant State and Federal Tax Changes in 2019
Changes in tax law and pending legislation don’t always make the headlines. Businesses must stay informed to avoid the price of being caught unawares. Tax laws are ultimately no different from any other in that they’re subject to legislative change. These changes may be sweeping and significant but are most often incremental shifts as policy…
Read MoreUnderstanding Business Travel Expenses and Tax Deductions
The TCJA changes how to treat business travel expenses when filing taxes Entrepreneurs have plenty to manage, from growing their business to paying employees to managing client and vendor relationships. Paying taxes is a big consideration and can be complex, especially when the tax law continues to change and thus requirements are hard to follow.…
Read MoreTax Tips if You’re Retiring in 2019 — or Planning for it Soon
Hoping to retire this year? With new tax laws in place, learn some important financial considerations for this transitional time in your life By 2030, all of the people included in the baby boomer generation will be at least 65, according to the U.S. Census Bureau. And over the next few years, many more people…
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