
What Is An Underpayment Penalty & Do You Have To Pay It?
Whether you’ve received an underpayment notice from the IRS or you’re just looking to avoid underpaying on your taxes, this post is for you.
Whether you’ve received an underpayment notice from the IRS or you’re just looking to avoid underpaying on your taxes, this post is for you.
The qualified business income deduction is a tax deduction for eligible small businesses and self-employed individuals. This deduction allows taxpayers to deduct up to 20% of qualified business income from their tax returns.
Tax time is stressful enough for small business owners. Add in new tax laws that pretty much require a translator to decipher, and it can make the start of the year even more chaotic. In this post, we’re going to break down these laws and how they may impact your 2021 tax return.
If you made less than $5,000 in income, you may not be required to file and pay taxes based on a number of factors. For example, individual taxpayers that are married filing separately or dependent taxpayers may be required to file a tax return, even if they made less than $5,000. In some cases, you may want to file even if you don’t meet income requirements because you may receive a tax refund.
Dreading tax season? These 3 accounting programs can help you handle your business taxes with ease and file the correct forms on time.
Whether you’re a full-time small business owner or you do freelancing work on the side, doing your taxes can be stressful. One way to ease some of that tax-time stress is by lowering your tax liability with credits and deductions, such as the standard or actual expenses mileage deductions.
Are you a small business owner that’s rewarding your employees with a year-end bonus? You will need to decide how much to give, when to distribute the bonus, and calculate how much taxes to withhold based on the bonus tax rate for 2022 (spoiler alert: tax calculations for bonuses are different from regular wages).
The good news for those who received PPP and EIDL loans is that, in most cases, your tax liability won’t be impacted — at least on the federal level. You also won’t need a ton of additional paperwork to take to your accountant. Keep reading to learn more about how SBA loans will affect your tax return and how you can be prepared this tax season.
QuickBooks has lots of customization options already built-in, and the latest version of the software includes customizable bill payment stubs. Add your logo, update billing details, and change the format to create a custom payment stub that can be sent to a single vendor or multiple vendors at once.
Not every business owner has the time or experience to tackle their business’s bookkeeping, and for those owners, Bench may be the perfect solution. Bench’s professionals can handle your bookkeeping on a regular basis at a fraction of the cost of hiring an in-house bookkeeper.
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