According to one recent study, there are currently more than 32 million small businesses operating in the United States. For the sake of discussion, know that this term refers to those organizations with fewer than 500 employees To put that number into perspective,...
Business
Understanding taxes when a family member signs the paycheck!
Many people work for a family member, whether it’s a child helping out at their parent’s shop or spouses running a business together. When someone is employed by a family member, the tax implications depend on the relationship and the type of business. It’s important...
Do You Want to Grow Your Business With Minimal Investment? Here is How You Do It
With a potential recession on the horizon, most small businesses, in particular, are looking for avenues to cut costs wherever they can. However, that doesn't mean that your business can't still grow - you just have to be savvy about how you do it. With that in mind,...
Small Businesses Can Benefit from the Work Opportunity Tax Credit
The Work Opportunity Tax Credit (WOTC) is a general business credit that is jointly administered by the Internal Revenue Service (IRS) and the Department of Labor (DOL). The WOTC is available for wages paid to certain individuals who begin work on or before December...
You May Be Able to Donate Your Unused Employee Vacation, Sick, or Personal Leave to Ukrainian Relief
There is a little-known disaster provision of the tax code that, where if an employer has adopted a leave-based donation program, the employees can forgo paid vacation, sick, or personal leave in exchange for their employer making equivalent cash payments to qualified...
IRS Announces Mid-Year Optional Vehicle Mileage Rate Increase
With gas prices soaring it has been expected the IRS would increase the mileage rate that business owners can deduct for vehicle use instead of keeping a record of actual expenses. Sure enough, the IRS recently announced a 4-cent increase in the optional mileage rate...