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Small Business

2021 Q3 tax calendar: Key deadlines for businesses and other employers

2021 Tax Calendar, Individual Income Tax, Retirement, Small Business, Tax Deadlines /

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. Monday, […]

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Pondering the possibility of a company retreat

Company Retreat, Small Business /

As vaccination levels rise and major U.S. population centers fully reopen, business owners may find themselves pondering an intriguing thought: Should we have a company retreat this year? Although there are still health risks to consider, your employees may love the idea of attending an in-person event after so many months of video calls, emails

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Recordkeeping DOs and DON’Ts for business meal and vehicle expenses

Business Deductions, Business Expenses, Business Meals and Entertainment, Small Business, Vehicle Expenses /

If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set forth under tax law. Tax auditors are adept at rooting

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Hiring your minor children this summer? Reap tax and nontax benefits

College children on The Payroll, Small Business /

If you’re a business owner and you hire your children this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, spend time with you, save for college and learn how to manage money. And you may be able to: Shift your high-taxed income into tax-free or low-taxed income,

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Are you ready for the return of trade shows and other events?

Small Business, Trade Shows /

It’s happening. With vaccination rates rising and the more severe effects of the pandemic trending downward, several industries have announced in-person trade shows for later this year. Meanwhile, over the summer, businesses will likely see marketing opportunities in other events such as “sidewalk days” and local festivals. Are you and your team ready to get

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Help ensure the IRS doesn’t reclassify independent contractors as employees

Employees, Federal Income Tax, Independent Contractors, Internal Revenue Service (IRS), Payroll Tax, Small Business /

Many businesses use independent contractors to help keep their costs down. If you’re among them, make sure that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be a costly error. It can be complex to determine whether a worker is an independent contractor or an

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The Restaurant Revitalization Fund is now live

American Rescue Plan Act, Paycheck Protection Program, Restaurant Revitalization Fund (RRF), Small Business, Small Businesses Administration /

The COVID-19 pandemic has affected various industries in very different ways. Widespread lockdowns and discouraging movement have led to increased profitability for some manufacturers and many big-box retailers. The restaurant industry, however, has had a much harder go of it — especially smaller, privately owned businesses in economically challenged areas. In response, the Small Business

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Providing education assistance to employees? Follow these rules

COVID-19, Employee Benefits, Qualified Educational Assistance Program, Small Business, Tax /

Many businesses provide education fringe benefits so their employees can improve their skills and gain additional knowledge. An employee can receive, on a tax-free basis, up to $5,250 each year from his or her employer for educational assistance under a “qualified educational assistance program.” For this purpose, “education” means any form of instruction or training

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Ensure competitive intelligence efforts are helpful, not harmful

Competitive Intelligence, Small Business, Strategic Business Planning /

With so many employees working remotely these days, engaging in competitive intelligence has never been easier. The Internet as a whole, and social media specifically, create a data-rich environment in which you can uncover a wide variety of information on what your competitors are up to. All you or an employee need to do is

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Know the ins and outs of “reasonable compensation” for a corporate business owner

C Corporations, Compensation, Small Business, Tax, Tax Planning /

Owners of incorporated businesses know that there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason: A corporation can deduct the salaries and bonuses that it pays executives, but not dividend payments. Thus, if funds are paid as dividends, they’re taxed twice, once to the

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