Owners of construction companies have a variety of daily obstacles to overcome and goals to meet. They also regularly make major decisions regarding equipment and machinery investments. Such purchases can make or break a construction firm, so these decisions are not taken lightly. A taxpayer may elect to expense the cost of any section 179 […]
Tag: Business taxes
What You Need To Know About An IRS Audit
First, make sure you really received an audit notification. The IRS will notify you by mail. The IRS does not notify taxpayers about audits by phone call or through email. If you do get an email saying you’ve been selected for an audit, it’s likely fraudulent. If you’ve determined that you’re definitely getting audited, your […]
Bonus Bliss: How To Reward Employees Without Tax Penalties
If you get pleasure from rewarding your team’s performance with a bonus, you are not alone. But it’s important to consider how those bonuses are given, along with the tax implications for both you and the employee. One-time bonuses are generally calculated by percentages. The rates cluster around 3% to 5% of annual salary for […]
Conquer Tax Season: The Ultimate Guide to Business Recordkeeping
Your recordkeeping system should include a summary of every transaction that takes place in your business’ name. Make sure you maintain and update a summary of all business transactions. How to log and track your business tax records It’s best if you allocate certain your business books, accounting journals and ledgers that have spaces where […]
What Taxes Do Businesses Have To Pay?
If you’re running a business, you’re on the hook for a variety of taxes. Let’s take a look at the main categories: Income tax — All businesses except partnerships must file an annual income tax return. (Partnerships file an information return.) However, which form you use depends on how your business is organized, so you’ll […]