March is the month when the attention of all small business owners turns to the looming tax deadline. Yes, it can be stressful, but it can also be a great opportunity to put your business’ financial house in order.
6 second take: Learn how the new tax law changes will affect you when you file your return.
I have to admit, I dreaded reading about and listening to all the commotion in 2018 about the new tax reforms. It was nerve-racking. But now that the regulations are in effect, I have dedicated some time to learning about these changes and to figuring out how they impact my clients and myself. Below are the eight most relevant tax law changes.
Anxiety levels have soared among the lower and middle class as the GOP instigates a tax bill overhaul proffering hefty cuts to corporations and the highest-earning 1%. But most income brackets will see a boost in take-home pay – a blip for some earners and a bump for others. Find out where you stand.
The Tax Cuts and Job Act of 2017 is hotly contested for its drastic tax breaks for corporations and the top one percent of households. But it does offer small businesses a significant breather — at least until 2025. Here are a few things to ask your accountant as tax season approaches:
Tax season is here again! For tax professionals like me, this is a happy season. For almost everyone else, it’s a time of year they wish should they could skip. However, since no one has come up with a way to avoid life’s inevitabilities – taxes are one of them- let’s at least try to make the best of it. Here are my quick tips to take advantage of some of the tax perks available to you and to make the process of filing your tax return as painless as possible.
As another tax season has come and gone, I thought it would be a good opportunity to pass along some general takeaways which may make next year’s tax experience more seamless, informative and less taxing (pardon the pun). Well, here it goes …
Most entrepreneurs clinch at the sound of the word “taxes.” And it’s not simply out of a fear of paying large sums of money to Uncle Sam. It’s more because of the complexity – the multiple layers and branches of compliance associated with taxes. This is not true for everyone, but there might be some who would rather pay a little more in taxes in exchange for some relief from the burden of the paperwork, research, and unknown final results of filing tax reports.
But entrepreneurs need to come to grips with the fact that taxes are an inevitable part of being in business. The best antidote for the fear and dread associated with taxes is preparation. Planning, knowledge, and information help to reduce the anxiety about dealing with the mean IRS.
Of course, no one will ever know everything about taxes – industry trends, compliance issues, and even simple changes in government all lead to regular changes in the tax code. But knowing some basics about your tax situation and knowing where to turn to when your situation changes can help you confront the fear of what will happen if you receive bad news from the IRS.
Entrepreneurs can confront their fears and address their tax obligations through planning and preparation. Here are the basic steps every entrepreneur should consider:
If you switched employment in 2016, you may not have received an email notification that your W-2 is available online. This may not mean that your prior employer did not send you notification, but rather that the employer does not have your correct email address.