Businesses often need to hire workers on a seasonal or part-time basis. For example, some businesses may need seasonal help for holidays, harvest seasons, commercial fishing, or sporting events. Whether you are getting paid or paying someone else, questions often arise over whether these seasonal workers affect employers with regard to the Affordable Care Act (ACA).
Seasonal Employees and the Healthcare Law
Topics: Business Ownership, Small Business, Seasonal Employee, Seasonal Worker
The Home Office Deduction
With more people working from home than ever before, taxpayers may be wondering if they can claim a home office deduction when they file their 2020 tax return next year. The short answer is that self-employed taxpayers who use their home for business may be able to deduct expenses for the business use of it whether they rent or own their home. If you are an employee, however, you are not eligible to take the home office deduction - even if you are working remotely in your home office.
Topics: Taxes, Tax Deduction, Small Business, Tax Return, Tax Preparation, Business Expenses
Closing Your Business: A Tax Checklist
More than 100,000 small businesses have closed due to COVID-19. If yours is one of them, you should be aware that there is more to closing a business than laying off employees, selling office furniture, and closing the doors - you must also take certain actions as required by the IRS to fulfill your tax obligations. For example, if you have employees, you must file final employment tax returns as well as make final federal tax deposits of these taxes.
Topics: Business Ownership, Small Business
Employee Retention Credit Deadline July 31
As a reminder, employers whose business has been financially impacted by COVID-19 can take advantage of the Employee Retention Credit, a refundable tax credit designed to encourage businesses to keep employees on their payroll. The credit is worth 50 percent of up to $10,000 in wages paid by an employer. Employers that are eligible for the credit for the first and second quarters of 2020, can apply for the credit when they file their second-quarter filing of Form 941, Employer's Quarterly Federal Tax Return which is due July 31.
Topics: Business Ownership, Small Business
Cash Management Tips for Small Businesses
Cash is the lifeblood of any small business. Here are some tips to help your business maintain a sufficient cash flow to meet its financial goals and run efficiently:
Topics: Business Ownership, Small Business, Financial Success, Collection Procedures
Tips for Taxpayers Who Make Money From a Hobby
Many people enjoy hobbies that are also a source of income. From soap making and pottery to calligraphy and designing jewelry, these activities can be sources of both fun and finances. However, taxpayers who make money from a hobby should know that they must report that income on their tax return.
Topics: Business Ownership, Personal Finance, Taxes, Small Business, Tax Return
Reminder: Use Correct Forms to Pay Employment Taxes
Topics: Business Ownership, Taxes, Small Business
Employer Benefits of Using the EFTPS
Topics: Business Ownership, Taxes, Small Business
Recordkeeping Tips for Small Business Owners
Topics: Business Ownership, Record Keeping, Small Business
The Home Office Tax Deduction for Small Business
If you're a small business owner who uses your home for business you may be eligible to claim the home office deduction, which allows you to deduct certain home expenses on your tax return. The benefit to this, of course, is that it can reduce the amount of your taxable income.
Topics: Business Ownership, Tax Deduction, Small Business