Any business with employees must withhold money from its employees’ paychecks for income and employment taxes, including Social Security and Medicare taxes (known as Federal Insurance Contributions Act taxes, or FICA), and forward that money to the government. A business that knowingly or unknowingly fails to remit these withheld taxes in a timely manner will […]
Pandemic Is a Wake-Up Call for Underinsured Small Businesses
Many small businesses have been devastated by the coronavirus pandemic. Unlike their larger brethren, small companies typically lack the cash cushion or access to funds that bigger businesses enjoy. Even with new programs to help small businesses out, such as the Paycheck Protection Program, many are seeing their resources run dry. A large number of […]
7 Small Business Tax Credits You Should Know About for 2021
Small businesses benefit from various tax credits that reduce the amount of tax they pay to the government. Here, we discuss tax credits, why they exist and provide a list of the top tax credits that small business owners should know. Small Business Tax Credits A small business tax credit is an amount of money […]
Treatment of Business Expenses Paid with PPP Loan Funds
In December 2020, Congress passed the Consolidated Appropriations Act, 2021. The Act includes the COVID-related Tax Relief Act of 2020, which provides for the full deductibility of business expenses paid with PPP loan funds. A Refresher: What are PPP Loans? As a reminder, the Paycheck Protection Program (PPP) is a Small Business Association (SBA)-backed loan […]
Common (and Costly) Payroll Errors and How to Avoid Making Them
Payroll is one of the most important aspects of any business, but it’s one that, when running smoothly, business owners don’t tend to think about; however, when there’s a payroll glitch, it jumps to the forefront of an owner’s mind. Here are several payroll mistakes that can cost you a bundle and how to avoid […]
THE CONSOLIDATED APPROPRIATIONS ACT: 6 Ways It May Help Your Small Business
While another stimulus plan waits in the wings, we’re still learning about the impact of the previous one on small businesses. It was a long time coming, but it’s finally here. On December 27, 2020, then-President Trump signed a $900 billion stimulus bill into law, the Consolidated Appropriations Act. Along with many new provisions, the […]