There have been a lot of changes in 2020 in regards to the US overtime policy salary history bans in Ohio, New York, and New Jersey, and the federal mileage rate. In addition to that, the IRS recently changed Form W-4 for employees and employers starting in 2020. This change leaves employees and employers wondering what they need to do moving forward. Luckily, most people don’t have to worry about changes; however, if you’re thinking about getting a new job or hiring new employees in 2020, you’ll want to acquaint yourself with the new Form W-4.
Contribution by: Guest Author
With the tax return deadline steadily approaching, you might find yourself feeling overwhelmed at the idea of sitting down to do your taxes. You might be concerned about missing documents or worried about owing additional taxes, but by putting it off, you are only creating a bigger problem. To help prevent some of this tax season stress, follow these seven simple tips to make filing your taxes easier than ever.
Taxes are difficult for a lot of people, and it’s even tougher when you own a company. Not only do business owners have to track expenses for taxes and other tax deductions, but they must also fill out multiple forms throughout the year for tax filing purposes. With many forms and deadlines, it is difficult to remember when certain IRS forms are due. We don’t want you to stress, so we’ve mapped out all of the important dates so that you know exactly what to do and when to do it.
If you run a small business, you’re going to want to file your tax deductions accurately. Properly filing tax deductions will give you a larger tax return. Unfortunately some businesses are not keeping accurate track of their records. As a result, there are a lot of tax write offs that people miss. To ensure that you benefit from deductions, you must keep records of all aspects of your business, including expenses. Once you’re organized and have valuable data to back up your claims, you may deduct many business expenses.
Businesses everywhere donate to charitable organizations every year. After all, it’s a great way to contribute to society and it’s probably tax deductible. Timesheets.com, for instance, donates to organizations like the Jane Goodall Institute, The African Wildlife Foundation, The Humane Society of the United States, and others. Did your business donate to a charitable organization this year? If so, you may be able to claim a deduction if you donated to a qualifying 501(c) 3 organization. The IRS states that you can deduct contributions given to any religious, charitable, educational, scientific, or literary organization. If you donated to any of the organizations listed above, you may be eligible for deductions. Here’s your guide to understand your contributions and tax deductions:
Contribution By: Rachel Cottam
Tax season can be stressful, but it’s worth it when Uncle Sam gives you a big refund. Unfortunately, many U.S. taxpayers leave too much money on the return table—and you might be one of them.
Understanding the best ways to prepare taxes and knowing which tax write-offs you’re missing will help you avoid this costly mistake.
Just remember: if you are going to claim any deduction, you need to have records. Don’t try to claim write-offs you have no proof of. Keep pristine accounting books and physical or digital documentation of all relevant receipts. Even if you’re handing your taxes off to a professional, they’ll need a paper trail.
Though it’s still a few months away, you’re probably already starting to feel some anxiety about tax time. Adding one more thing to a busy business owner’s to do list is bad enough but the stress of making a mistake on your taxes can be maddening. The good news is there are many helpful tools for business owners to better navigate this “taxing” process. Here are a few to check out.