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Summer is a Great Time to Think About Tax Deductible Expenses.

For most business owners, taxes are the last thing you want to think about during the summer. After all, you made it through April and, as long as you do a better job this year of keeping your receipts and staying current with the books, you really don’t need to worry much about taxes until next year. That approach, while common, can be a huge mistake. There are certain opportunities you’re only likely to find during those summer months, and so you need to spend at least a little bit of time thinking about your tax situation, and tax deductible expenses.

Here are some common summertime tax deductible expenses Read more →

Pros & Cons of Outsourcing Payroll

Your business relies on its employees to grow and succeed. You’ve got to be able to calculate tax payments, deductions, and a host of other factors. It’s no wonder that payroll is one of the functions many small businesses outsource. In addition to the risks, we’ll take a look at the benefits of outsourcing payroll.

Payroll providers may offer your business great benefit. Before outsourcing payroll, you need to keep some things in mind:

1.Outsourcing payroll isn’t always beneficial. If you’re in a small business with a fairly stable staff, and if your business is such that you’re not likely to experience significant changes in tax obligations, you might be better off keeping payroll … Read more →

Tax Strategies for Hiring Family Members

A History

Hiring family members is nothing new. For generations, small businesses have been passed down through the family line. Family farms, for example, might move from one generation to the next, with the new generation starting to work on that farm before they even turn 16.

It’s not just farming, either; many small businesses are really “family” businesses. Each member of the family participates in helping to make the business a success. For many families, this will not only help to grow the business, but may have a number of tax advantages, as well. Given the current tax code, there are some real advantages to hiring family members.

All of that said, there … Read more →

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