Entries by Team

What happens if you miss the tax deadline?

There’s a lot to keep track of when you run a business. Many business owners look at their calendars halfway through April and realize that they missed their tax deadline. If this happened to you, it’s not too late to take action. You might be wondering: What happens if you miss the tax deadline? In […]

How To Fill Out Form 1065

Form 1065 is the end-of-year tax form for small businesses that operate as partnerships. So if you registered your business entity as a partnership, you must file the form at the end of your company’s tax year.  With all the responsibilities that come with running a business, it can be difficult to stay on top […]

5 Reasons You Shouldn’t Wait to Catch Up on Bookkeeping in 2023

Running a business is, without a doubt, a challenging task that requires a lot of commitment, effort, and attention to detail. Did you know 82% of small businesses fail due to cash flow management? Besides managing all aspects of the business, taking care of your books is crucial to achieving financial success while being tax […]

Qualified business income deduction: What it is and how to claim it

With the qualified business income deduction (QBI), small business owners and self-employed workers could deduct up to 20% of their taxable income. The QBI deduction is only available to pass-through entities between the tax years 2018-2025. A pass-through entity is a business that doesn’t need to file a separate business tax return. Instead, the owners […]

How to Lower Your Taxable Income and Pay Less in Taxes

If you’re wondering how to pay less in taxes, you’re not alone. Everyone—from individuals to business owners—wants to know how to lower their taxes.  Tax laws are complicated and they can change each year. Our tax accountants know all the tax breaks for business owners and how to leverage them. With some guidance, you can […]

Business Tax Credits to Lower Your Tax Bill

Minimizing your company’s tax burden can help maximize profits. One way of doing this is through business tax credits. Leveraging the right tax credits can save your business thousands of dollars in taxes each year.  However, there are many types of business tax credits and the IRS has strict eligibility requirements. How do you know […]

What Happens if a Business Doesn’t File Taxes?

As a business owner, you probably know that you should file taxes on time. However, if you’ve fallen behind on taxes, you’re not alone. Over 33% of Americans procrastinate doing taxes until the last minute. Reasons for procrastinating taxes vary. Some find it too time-consuming and stressful, while others worry if they are filing correctly.  […]

Business Tax Rates: How Much Do Small Businesses Pay in Taxes?

Filing taxes as a small business owner can be complex, with numerous factors to consider. From tax law revisions to the overwhelming number of forms, understanding your small business tax rate and how to file can be difficult. Your business entity type and preferred filing status will also affect your tax rate. For example, LLCs […]