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Tax Credits and Tax Deductions are great! Both reduce the amount of taxes you will have to pay at tax time but there is a big difference. - **Tax DEDUCTIONS** reduce your taxable income while **Tax CREDITS** reduce the amount of tax you pay. This distinction is crucial when applying for loans, as deductions lower your reported income, while credits only impact your tax liability. For example: - If you made $50,000 and your tax rate is 20% - Tax deductions of $10,00... Read more

Ever wonder why some small businesses pay fewer taxes than others? It all comes down to business expenses, deductions, tax credits, and proper documentation. Here are some essential tax-saving strategies to ensure you're only paying what you NEED to:

Tip #1: Keep Detailed Records of ALL Expenses

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Business Owners…As we are nearing the close of this tax season, make sure you are taking advantage of every opportunity to cut your tax bill. Business owners can deduct business expenses from the amount of income they earn throughout the year. For an expense to qualify as a “business expense” it must be directly related to the business and it must be necessary for that business. Some of these business expenses may include the following: - Business Use of a Home Office includin... Read more

Here are some important dates you need to get on your calendar: **By January 31, 2019** - Form 940 due – Employer’s Annual Federal Unemployment Tax Return - Form 941 Quarterly Reports due - Form 943 due – Employer’s Annual Federal Tax Return for Agricultural Employees - Form 944 due – Employer’s Annual Federal Tax Return (replaces form 941) - Form 945 due – Annual Return of Withheld Federal Income Tax (for all non-payroll income tax withheld) - Must distribut... Read more