Owning your own business is a great adventure. There are a lot of challenges involved (including taxes) and one of the biggest is managing your finances. I wanted to share some of our basic strategies to follow and hopefully, these budgeting tips for small business owners will help you grow your business.
Self-employed workers and small business owners should always be on the lookout for tax credits but getting overzealous with these can lead to stiff penalties from the IRS. The IRS has warned about the fuel tax credit fraud, so let’s dive into what this means.
Granting awards to your employees is an excellent way to recognize their high achievement and continue to maintain it. But while it can help the employee’s wallet, it results in costs to the employer. This leads business owners to ask “Are employee achievement awards deductible?” Read on to learn about how businesses can receive a reward for their generosity through an employee achievement award deduction.
Tax deadlines can strike fear in the hearts of delinquent and diligent business taxpayers alike due to the penalties imposed for failing to file, pay or deposit taxes on time. But if you have been regularly compliant in the past, you may be able to avoid these penalties and save a pretty penny through the IRS’ first-time penalty abatement waiver, also known as the FTA waiver. Read on to learn about how to qualify for and request tax penalty relief through the FTA program.