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Taxes

How the Proposed Tax Reform Will Help Small Business Owners

Tax Reform
How the Proposed Tax Reform Will Help Small Business Owners During his campaign, President Trump made promises to cut taxes. On Wednesday, 26 April, the Treasury Secretary, and National Economic Council Director introduced the Trump Proposal. Although the proposal didn't carry many details, it highlighted some changes that will be beneficial for small business owners. From it, businesses would ha...
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Are Payroll Taxes Deductible?

Payroll Taxes
Are Payroll Taxes Deductible? There are only two certainties in life: death and taxes. While corporations only face the specter of death if they are liquidated or face crippling tailwinds in their business, corporations cannot escape taxation in one form or another. However, unlike individuals, corporations have certain benefits not granted to wage-earners. This includes the ability to deduct pay...
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Tip Reporting, What you need to know about form 8027

Tip Reporting
Tip Reporting, What you need to know about form 8027 One of the necessities for us restaurateurs is to comply with the Internal Revenue Service (IRS) rules regarding tip reporting. All the employers that operate large food and beverage establishments need to report the income of their employees for the services offered and earned in the form of tips. Form 8027 can apply to any business that op...
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Tax Day is Approaching, Don’t Forget These 11 Commonly Overlooked Deductions

Tax Deductions
Tax Day is Approaching, Don't Forget These 11 Commonly Overlooked Deductions Every year, taxpayers who itemize their returns claim about $1.2 trillion in tax deductions. Taxpayers who take this easy route and use the standard deduction claim less than $750 billion in deductions. Want to make sure you're keeping as much of your money as you're entitled to? Make sure you don't overlook these tax de...
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5 Ways to Avoid Legal Problems during Tax Season

Tax
5 Ways to Avoid Legal Problems during Tax Season Tax season is almost here. It is usually accompanied by too much paperwork and confusion. Without proper preparation for this season, you can find yourself facing the law. Too many time people have been caught on the wrong side of the law not for being criminals but because of ignoring small important details. Tax season is all about details. Gathe...
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The Basics of Completing a W2 Form

W2
The Basics of Completing a W2 Form A W2 is a tax form that every employer in the United States must fill out annually, and then provide a copy of that form to employee(s) during tax season. Tax season begins on January 1st of every year and ends on April 15th, unless that day falls on a weekend or holiday in which case would be extended until the next business day. Although employees have until A...
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FICA Tip Credit Basics

FICA Tip Credit
FICA Tip Credit Basics Restaurant owners can save thousands of dollars in Taxes through the FICA Tip Credit, and they are hoping the industry won't lose this special credit that restaurants and other food services depend on, which is available exclusively to restaurants and food service establishments. Restaurateurs are fearful of any changes or modifications in the regulations under the Feder...
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How Australia Makes Taxing Fringe Benefits So Simple

Taxation
How Australia Makes Taxing Fringe Benefits So Simple The fringe benefits tax is a tax levied on benefits provided by your employer. This tax is separate from income tax that is assessed on an employee's regular salary. Companies have treated fringe benefits more liberally in the past before the tax code changed. Many companies legally avoided the fringe benefits tax by including those benefits wi...
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