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Why YOU should outsource your small business payroll
Payroll management can pose challenges for small businesses, and this is a well-known fact. In a recent survey conducted by Deloitte, it was revealed that 45% of small businesses opt for outsourcing payroll to avoid errors. But what exactly does outsourcing payroll entail? And how can it benefit your small business? Allow us to guide…
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The Benefits of Continuous Planning for Your Business
Are you a business owner or CEO who has experienced frustration when your budget becomes irrelevant halfway through the year? If you’ve wished for a more flexible and agile way to manage your finances, continuous planning might be the solution for you. Today, we will dive into the concept of continuous planning, its benefits for…
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Important Tax Dates in 2024 for Small Business Owners
Be mindful of the varying filing deadlines that apply to your specific business type. Take note of these essential tax calendar dates to keep track in 2024. January 31, 2024 Please ensure that all employees or independent contractors you hired in the previous year receive their W-2, 1099-NEC, or 1099-MISC tax forms within the specified…
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What to do if you receive a notice from the IRS
Receiving a letter from the IRS shouldn’t cause undue concern. It’s important to note that not all letters indicate an audit, as many are simply routine and can be easily resolved. If you do receive one, there are a few simple steps you can take to address the matter. Correspondence from the Internal Revenue Service…
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My Business Owes Back Taxes: What do I do next?
Many entrepreneurs strive to fulfill their obligations by promptly and completely settling their small-business taxes. Nevertheless, it is plausible to overlook a deadline due to an overwhelming number of daily responsibilities or an unmanageable tax liability. Neglecting to file and remit overdue taxes can result in various complications and sanctions. Therefore, it is imperative to…
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Small business Tax Deductions You Might Not Know About
Numerous entrepreneurs fail to fully capitalize on the array of tax deductions that are readily accessible. Presented below are a few deductions that you should not overlook. Inventory Certain businesses that rely on inventory may engage in manufacturing or purchasing products for resale. In such cases, it is permissible to deduct the expenses associated with…
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What does the new 2023-2024 Tax Bracket mean?
For the years 2023 and 2024, there are seven federal income tax rates ranging from 10% to 37%. Your filing status and taxable income determine the tax brackets and rates that apply to you. These adjustments ensure that the increasing cost of living does not force taxpayers into a higher tax bracket. Furthermore, these adjustments…
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7 Biggest Tips For Lowering Business Tax
As a proprietor of a small enterprise, it is common to assume various roles and responsibilities. Your primary focus is likely on efficiently managing the operations of your business rather than prioritizing tax optimization. Nevertheless, there exist several viable avenues for reducing your tax liability through widely recognized tax deductions specifically designed for small businesses.…
