Your Small Business Resource
Originally Posted: December 19, 2017 Last Updated: January 11, 2018 You probably use your vehicle a lot for business, and the mileage and maintenance can add up quickly. You can deduct your mileage on...
Sales taxes are paid to the government for the sale of goods and services and are one of the most transparent ways for states to collect taxes. They can be complicated because rates vary...
This article was last edited on 9/11/2020. For updated information on W-2, visit https://www.irs.gov/forms-pubs/about-form-w-2. Employees rely on their Form W-2 to help complete their tax returns each year. As an employer, you’re responsible for filing the form and providing it to...
This article was last edited on 10/23/2019. For updated information on Form 944, visit About Form 944, Employer’s Annual Federal Tax Return. As an employer, you must withhold certain taxes from your employees’ paychecks, including...
This article was last edited on 10/15/2019. For updated information on bonuses and other supplemental wages, visit IRS Publication 15. Year-end cash bonuses are a great way to reward your employees’ hard work or...
Yes. At the end of the year, your business will be taxed on your profits, which your inventory indirectly affects because it will lower your earnings. This will then reduce your taxable income. Your...
This article was last edited on 08/20/2019. For updated information on Form 941, visit About Form 941, Employer’s Quarterly Federal Tax Return. As an employer, you required to withhold certain taxes from your employees’...
This article was last edited on 09/09/2019. For updated information on WOTC, visit https://www.irs.gov/businesses/small-businesses-self-employed/work-opportunity-tax-credit. The Work Opportunity Tax Credit (WOTC) benefits targeted workers and their employers. It helps employees become self-sufficient by earning a...
This article was last edited on 12/19/2019. For updated information on Form 1099-MISC, visit https://www.irs.gov/forms-pubs/about-form-1099-misc. As a small business owner, you’ll file Form 1099-MISC, Miscellaneous Income, to report funds paid to independent contractors, if you paid them $600 or more during...
This article was last edited on 08/20/2019. For updated information on self-employment tax, visit Self-Employment Tax (Social Security and Medicare Taxes). If you make $400 or more working for yourself (as a sole-proprietor, owner...