Editor’s Note: This post was originally published in July 2012 and has been updated for accuracy and comprehensiveness.
Charitable giving is one of the most common tax deductions for individuals. But some business owners may not know that they can use these same deductions to lower their taxable corporate income. The IRS offers significant tax savings for employers who take advantage of charitable deductions during the tax year, including these five tax write-offs.
As a new business owner, one of the most critical decisions you'll make is choosing the right business structure. Your choice will not only affect your company's legal standing but also its tax responsibilities, liability, and overall financial well-being. In this blog post, we'll delve into the tax implications of different business structures, including sole proprietorship, limited liability company (LLC), and corporation, so you can make an informed decision that aligns with your business goals and don't miss anything when it comes time to pay taxes.
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As a small business owner, you have your hands full with keeping the doors open and the business running. Payroll taxes can take a big bite of your time because they are as comprehensible as any other government regulation.
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The Employee Retention Tax Credit program has ended, but you can still claim retroactive credits if you qualify. It's not too late! You have until 2024, or in some cases, 2025, to do a look-back on your payroll and retroactively claim the credit by filing an amended tax return.
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If you pay people to work for you, you are required to collect and pay payroll taxes. The IRS receives 70% of its annual revenue from payroll taxes, but 18% of the tax gap is due to unpaid or unreported payroll taxes. This tends to upset the IRS.
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If you have employees, you have endless administrative work to do, or so it seems. Payroll taxes are part of the package. But do you know what you need to know about withholdings, deposits, and the attendance paperwork?
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In 2017, the IRS collected $2.39 trillion (yes, that’s with a ‘T’) in payroll taxes. That amount represented 70% of all federal tax revenue collected for the year.
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Holding profits in offshore tax havens isn’t a new thing. Any time a business or individual can find a way to lower taxes, they will do it. When those profits are kept outside of the US, they aren’t available or used to invest in the business. They just sit there.
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As it turns out, non-profits must follow more than the tax law when it comes to being an exempt entity. If they hire employees, they also have the responsibility for payroll taxes, just like any business.
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For business owners everywhere, the end of the year means that it is time to get ready to file their businesses’ tax returns. Rather than wait until the last possible minute, you can get ready now for tax filing season with some common sense advance planning. These strategies could help you maximize your deductions, lower your taxable income, and possibly increase the amount of your tax refund.
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