Quarterly Estimated Tax Payments can be a nightmare for business owners to determine how much they owe the IRS. Here is our guide for Frequently Asked Questions regarding Estimated Taxes. What are Estimated Taxes? Estimated Taxes are taxes that are paid to the IRS throughout the year on earnings that are not withheld from the federal government. Most people pay these taxes on a quarterly basis. Who pays estimated taxes?… Read More
IRS Provides Guidance on Penalty-Free Withdrawals From Retirement Plans
Some good news for cash-strapped retirement savers who may need to meet a financial emergency but do not want to incur interest or penalty charges when accessing money from a retirement plan: The IRS recently released guidance on a provision included in the SECURE 2.0 legislation that permitted retirement savers to withdraw up to $1,000 penalty free from their retirement account under certain specified circumstances. The IRS guidance says that… Read More
Start-Up Costs for a Start-Up Business
Many people dream of going into business for themselves. If you have an entrepreneurial streak and think that you are ready to start your own business, you’ll first need to calculate how much money you’ll need to get started. You can anticipate spending money on the following. Working SpaceStarting out, you may decide that it makes sense to keep expenses down by operating your business from a spare bedroom or… Read More
Understanding Unpaid Payroll Tax Penalties: What Every Business Owner Needs to Know
Payroll taxes are a critical component of running a business. These include federal income tax withholdings, Social Security and Medicare taxes (FICA), and federal unemployment taxes (FUTA). When businesses fail to properly collect or remit these taxes to the IRS, the consequences can be severe. Unpaid payroll taxes don’t just lead to financial penalties—they can trigger audits, legal action, and even personal liability. What Are Payroll Taxes? Payroll taxes are… Read More
3 Ways to Receive Payments in QuickBooks Online
Got customer payments coming in? QuickBooks Online has multiple ways to accept and record them. One of the biggest challenges small businesses face is managing a steady cash flow. Keeping income ahead of expenses is a constant balancing act. QuickBooks Online can help. With easy-to-use forms and a convenient mobile app, it helps you track and deposit incoming payments with ease. Do you ever receive instant payments for certain products… Read More
Self-Employed? Stay on Top of Your Taxes
If you are self-employed, it’s really important that you fully understand your responsibilities when it comes to paying taxes. Here are some tips that can help you stay on track and out of any disputes with state and federal tax officials. Income Taxes As a sole proprietor, you are not required to file a separate income tax return for the business. However, you must summarize your business income and expenses… Read More