The Financial Management Blog for Surprise, Arizona
When starting a business, there are many papers to keep for tax purposes. Some are needed for actually filing taxes, and others should be kept in case the IRS asks you questions later or audits your business. Here’s a look at some of the tax-related documents and papers you’ll want to keep when starting a business.
You need to be able to trust someone who manages your financial affairs and protects your assets for the future, so using the right professional is a must. While most people turn to a financial planner, you have good reasons to opt for a Personal Financial Specialist.
Are you an owner (part or full) of an S Corporation? Then you need to know about how to compensate yourself properly. For many small business owners, the amounts and types of compensation are often determined by whether or not the business is making a profit. But the IRS does actually provide rules about officer compensation, and when you follow these rules, you stay out of trouble.
The Internal Revenue Service as of late gave the 2020 discretionary standard mileage rates.
Those costs, which shift every year to make up for fuel cost expansion, vehicle cost and support, and increments in protection rates, will again influence the manner in which a business repays its versatile personnel. In particular, the IRS mileage rate is a rule that organizations use to ascertain the deductible expenses of working a vehicle for business, beneficent, restorative, or moving purposes. Beyond announcing the rate change, we have a few reminders and tips surrounding this reimbursement allowance.
Do you plan to begin working with a financial planner? This step is surely one that will help put your new year on a good path financially. And as you consult with your new financial planner, you may be directed to do some tasks alongside a paraplanner. What is a paraplanner, and how can they help you reach your goals? Here is a brief guide to this unique part of the financial planning world.
Whether you auction specialized antiques online, ship mugs from China, or sell handmade artwork and crafts, you probably didn’t get into it for the taxes. Maybe you started the business to do something you love. Maybe it even developed out of a hobby. In either case, taxes may be one of your least favorite parts of the business, but you still have to do them.
When businesses outsource bookkeeping and accounting, they reduce their risk and gain better insight.
You probably have dreams that you want to realize if you own and run your company. The problem is that you need a recipe with the right ingredients to achieve your goals. You’ve got the foresight, ingenuity, and tenacity, but have you got time, energy, and peace of mind? Smart professionals know that they need to alleviate pressure in order to expand. If their dreams are going to last, they also need to minimize risk.
A new overtime rule paves the way for overtime eligibility among executive, administrative, and professional employees.