Accessing Your Small Business Success
A couple of years ago, I decided to abandon a long, unsuccessful job search. After many months of desperately looking for the perfect job, I chose to start a home based business. Because I’d never been an entrepreneur before, I was more than a little anxious. I was excited as well. Thankfully, I’ve enjoyed success in my new business venture. At the end of every month and year, I carefully analyze my revenues. Because I have a background in accounting, I know how to calculate various financial statement ratios that help me determine how my business is doing on many different levels. If you’re a struggling small business owner, consider hiring an accountant to help you access the success of your business. On this blog, you will learn the types of consulting services an accountant can offer a small business owner.
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If you have no dependents and are single, then filing your taxes is pretty straightforward, especially if you take the standard deduction. When you receive income from a side business too, that complicates matters because you have to pay business taxes. If this is the first year you've added business income to your return, then you may want to let an accountant figure your taxes for you so you don't make any mistakes that get you in trouble with the IRS.
Members of the military sometimes have unique income tax situations. Service members can use nontaxable pay earned in a war zone to qualify for certain tax benefits.
Most forms of regular military pay are taxable. However, allowance payments received for housing or subsistence are not taxable. Military pay earned in an area officially designated as a war zone is also excluded from taxable income. That nontaxable form of military pay is referred to as combat pay.
Contributions to a traditional IRA are not always fully tax-deductible. The deduction is phased out for some individuals at certain income levels, resulting in a partial deduction or no deduction. Tax filers who make nondeductible IRA contributions must file an additional tax form to determine how their IRA activity is to be treated for tax purposes.
There is an annual limit on how much someone can contribute to an IRA. However, tax filers who participate in an employer-sponsored retirement plan may have a reduced IRA deduction if their income is at or above certain threshold levels.
Filing taxes using tax software or a website has become the norm for many people, but that may not always be the case for everyone. If you've been using tax software for years, you can still run up against situations that really need more than an algorithm-driven calculation as an answer. In many cases, using a certified public accountant (CPA), such as one from Carmines Robbins & Company PLC, is the way to solve those issues.
If you are in the process of starting a small business, it is essential that you learn how to do payroll correctly for all of your employees. Here are five different ways you can learn more about administering payroll as a small business owner.
#1 Work With The IRS
The first place you should look for assistance with payroll is the IRS. The IRS knows that tax codes can be confusing, and tries to provide resources to assist individuals and businesses with resources to comply with all applicable tax laws.