Read about the latest news and views on federal, state and local taxes for small business and individuals for better tax understanding and planning.
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 business owner, understanding payroll taxes is crucial for staying compliant with the law and ensuring the financial stability of your company. Payroll taxes encompass various components, including federal income tax withholding, Medicare tax, and Social Security tax. We will provide you with a thorough understanding of payroll taxes, including who pays them, how …
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 »
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, …
Selling a home can be a significant financial transaction, It’s essential to understand the tax implications that come with it. By familiarizing yourself with the rules and regulations surrounding individual taxes when selling your home, you can ensure that you meet your obligations and make informed decisions. In this guide, we will delve into the …
What You Should Know About Individual Taxes When Selling Your Home Read More »
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 …
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Cryptocurrency has emerged as a popular investment and payment method in recent years. As the adoption of digital assets continues to grow, so does the need for understanding the taxation implications associated with cryptocurrency transactions. In this comprehensive guide, we will explore the key aspects of cryptocurrency taxation, including how the Internal Revenue Service (IRS) …
Understanding Cryptocurrency Taxation: A Comprehensive Guide Read More »
Estimated tax payments are a crucial aspect of managing your finances as a self-employed individual or business owner. Failing to calculate and pay your estimated taxes correctly can lead to penalties and potential audits. In this comprehensive guide, we will walk you through the process of calculating and filing your quarterly estimated taxes to ensure …
by PasFirm