Learn about small business income taxes, maximize tax deductions, tax dates and how we can help you stay organized and in compliant.
As a business owner, there may come a time when you need to dispose of a vehicle that is no longer serving your company’s needs. Whether it’s due to age, wear and tear, or simply the desire for an upgrade, understanding the tax implications of disposing of a business vehicle is essential. In this guide, …
What to Consider When Disposing of Business Vehicles Read More »
Keeping track of your tax returns and related documents is an essential part of maintaining financial records. But how long should you keep these records? In this comprehensive guide, we will explore the guidelines provided by the Internal Revenue Service (IRS) regarding the retention of tax records. Whether you’re an individual taxpayer or a business …
Business Sales & Use Taxes Deadline December 19th, 2023 If you electronically file and/or pay sales tax with the Florida Department of Revenue, you must complete the initiation of your November, 2023 reporting period payment on or before 5:00PM, Eastern Time, on Tuesday, December 19th, 2023, to ensure you pay on time. To learn more …
As a small business owner, it’s essential to understand how to pay yourself properly while considering the financial health of your business. Paying yourself is not only a matter of personal income but also involves tax obligations and financial planning. In this comprehensive guide, we will explore the various methods of paying yourself as a …
As the end of 2023 approaches, small business owners must start considering their annual tax obligations. Effective tax planning is a crucial component of any business strategy, and it can significantly impact your company’s financial health. This comprehensive guide will outline various 2023 year-end tax planning strategies that small business owners should consider to optimize …
2023 Year End Tax Planning Strategies for Small Business Owners Read More »
The Internal Revenue Service (IRS) plays a crucial role in shaping the financial landscape for individuals, businesses, and organizations across the United States. One area of taxation that has a significant impact on many taxpayers is mileage deductions. The IRS sets standard mileage rates each year. This allows taxpayers to deduct vehicle mileage related to …
Business Sales & Use Taxes Deadline November 17th, 2023 If you electronically file and/or pay sales tax with the Florida Department of Revenue, you must complete the initiation of your October, 2023 reporting period payment on or before 5:00PM, Eastern Time, on Tuesday, November 17th, 2023, to ensure you pay on time. To learn more …
As a business owner, you understand the importance of managing your finances effectively. One aspect of financial management that can significantly impact your bottom line is depreciation. Understanding how bonus depreciation works is crucial for businesses seeking to maximize their tax benefits. We will examine the intricacies of bonus depreciation, exploring its history, eligibility requirements, …
In the world of business, sales and use tax compliance is a vital responsibility that must not be overlooked. Whether you’re a small startup or a large corporation, accurately assessing and filing the correct amount of sales and use taxes each month is crucial. Failure to comply with these transactional taxes can result in significant …
The Importance of Sales and Use Tax Compliance for Businesses Read More »
The decision to choose the right business structure is crucial for entrepreneurs. Many start with a Limited Liability Company (LLC) due to its simplicity and cost-effectiveness. However, as a business grows and generates more income, changing from an LLC to an S Corporation (S Corp) can provide significant financial benefits. In this article, we will …
The Benefits of Changing from an LLC to an S Corporation Read More »
by PasFirm