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Posts published in “Tax and Accounting”

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Self-Employed? 5 Easy Ways to Lower Your Tax Bill

If you’re like most small business owners, you’re always looking for ways to lower your taxable income. Here are five ways to do just that. 1. Deducting the Cost of a Home Computer If you purchased a computer and use it for work-related purposes, you can take advantage of the Section 179 expense election, which […] The post Self-Employed? 5 Easy Ways to Lower Your Tax Bill appeared first on SmallBizClub.

How to Read a Paycheck—The Easy Way

When entrepreneur and Muppeteer Jim Henson made his first dollar, he framed it and hung it on his office wall. For everyone, whether you’re the company owner or an employee, earning an income is a source of pride and a primary foundation for economic security. Surprisingly, in spite of how important getting paid actually is, most people […] The post How to Read a Paycheck—The Easy Way appeared first on SmallBizClub.

A Review of Significant TCJA Provisions Affecting Small Businesses

Now that small businesses and their owners have filed their 2017 income tax returns (or filed for an extension), it’s a good time to review some of the provisions of the Tax Cuts and Jobs Act (TCJA) that may significantly impact their taxes for 2018 and beyond. Generally, the changes apply to tax years beginning after December […] The post A Review of Significant TCJA Provisions Affecting Small Businesses appeared first on SmallBizClub.

A Checklist for Spring Cleaning Your Bookkeeping

Now that tax season is behind you, or you’ve at least filed for an extension, you might consider doing a little spring cleaning of your bookkeeping. Small measures often go a long way toward creating greater success for your business. Here’s a checklist of seven things you can do to spruce up your bookkeeping and keep […] The post A Checklist for Spring Cleaning Your Bookkeeping appeared first on SmallBizClub.

5 Useful Accounting Tips for Small Businesses

Unless an individual is an accountant or really enjoys working with numbers, then accounting is not a favorite task. Nonetheless, adopting certain good habits in the early stages of your small business can assist in averting major ones later on. After completing incorporation of your new small business, it is essential to have processes and […] The post 5 Useful Accounting Tips for Small Businesses appeared first on SmallBizClub.

What’s In It for Me? A Summary of Social Impact Tax Reliefs

Interested in injecting an ethical component to your investing? Well, we have good news – with the SITR, you can have your cake and eat it too. So-called ‘impact investing,’ in which investors aim not only to make a return but also to make the world a better place through their investments, is a relatively new […] The post What’s In It for Me? A Summary of Social Impact Tax Reliefs appeared first on SmallBizClub.

Important Tax Dates and Deadlines to Remember

The filing season for 2017 federal income tax is upon us, with a number of deadlines fast approaching. In the meantime, first quarter 2018 estimated tax deadlines are also right around the corner, with the new federal tax law potentially having a profound impact on your 2018 taxes and beyond. To avoid paying penalties and […] The post Important Tax Dates and Deadlines to Remember appeared first on SmallBizClub.

The Top 10 Self-Employed Tax Questions and Answers

A lot of us fancy having our own business. The idea of being your own boss is quite a strong motivating factor. But there is no denying the fact that you have to take care of most of the factors in self-employment. Here are the top 10 tax related question for self-employed individuals along with […] The post The Top 10 Self-Employed Tax Questions and Answers appeared first on SmallBizClub.

Tax on Holiday Bonus

A large number of companies provide their employees with holiday bonus or end of the year bonus. In fact, a study states that about 80% of the companies do this. It always feels good when you are at the receiving end of such gifts and bonus, doesn’t it? But do not forget the tax liability […] The post Tax on Holiday Bonus appeared first on SmallBizClub.

Yes, Even Car Color Matters When Evaluating Vehicle Depreciation Costs

The management of fleet vehicles is inherently costly, but the biggest fleet expense is by far the depreciation of vehicles, followed by fuel costs. Depreciation will be dependent on your business vehicles age, mileage, vehicle type and model, as well as your acquisition costs. But how can you manage the depreciation of your business vehicles […] The post Yes, Even Car Color Matters When Evaluating Vehicle Depreciation Costs appeared first on SmallBizClub.

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