Self-employment offers flexibility, independence and the potential for unlimited earnings, but it also comes with important financial responsibilities—one of the most significant being taxes, as your CPA can attest to.
Managing payroll is one of the most important responsibilities for business owners. Ensuring employees are paid correctly and on time is essential not only for maintaining morale and compliance but also for avoiding payroll tax issues that could lead to audits, penalties, or even legal trouble.
Running a business often means taking calculated risks, including extending credit to customers or offering loans to other businesses. While this can foster growth, it also comes with the possibility of nonpayment. When debts become uncollectible, they are classified as bad debts.
Running a home business isn’t without its own unique challenges. For all the conveniences that operating a business out of your home brings, there are some pitfalls that all small business owners have in common should strive to avoid.
Despite the changing economy, real estate remains one of the most reliable ways to build wealth. The downside to that is, the more wealth you build, the more taxes you usually have to pay. For many, finding legal ways to lower taxes is an ongoing hunt.
Every year, millions of taxpayers in the U.S. dutifully submit their tax returns, along with whatever taxes they owe to the government. But there is also a large percentage of people who find themselves short and can’t pay their taxes.
Being self-employed these days is more common than ever before. More people are deciding that it’s better to be their own boss rather than punch a time clock. In addition, the gig economy, as it’s called, means that more people are opting to “piecemeal” their income, getting work here and there instead of working for an employer.
It's almost December... be sure to review the "Tax Planning" blog published last month. Any questions before 12/31? just ask. Have a great Holiday Season!Garland
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for corporations - be sure to see notes at the end of the Nov23 "bonus" blog... GT
