Fundera

FEBRUARY 16, 2018

Let’s keep going with that example of an invoice created in December 2017 with customer payment actually received in January 2018. An accrual-basis taxpayer would include the amount of the invoice on their 2017 tax return, while a cash-basis taxpayer would include it on their 2018 return. So, wait a minute! Actually, yes!

Bad Debt 71

Bad Debt Deductions Small Businesses 71

Fundera

AUGUST 16, 2017

But here’s a general overview of each: A SEP-IRA is a tax-deductable plan much like a traditional IRA. For 2017 tax returns, you can contribute up to 25% of your pay or $54,000. In 2017, contributions cannot exceed $12,500. The business owner and employees can contribute up to $12,500 in 2017 and $15,500 for people 50 and older.

Small Businesses 101

Small Businesses Credit Scoring Deductions 101

Fundera

APRIL 11, 2019

During an IRS audit, the auditor will check whether an individual or business has reported taxable income, losses, expenses, and deductions in compliance with federal tax laws. According to the IRS’s 2017 Data Book , which contains statistical information about the past year’s tax returns, only 0.5% What Is an IRS Audit?

Deductions 85

Deductions Small Businesses 85

Fundera

JULY 4, 2019

The income, losses, credits, and deductions of the business flow through to each owner’s personal tax return, and the profits are taxed at each owner’s personal income tax rate. The Tax Cuts and Jobs Act, passed into law at the end of 2017, enacted tax reforms which affect pass-through entities. What Is a Pass-Through Entity?

Deductions 67

Deductions Default Small Businesses 67

Fundera

JULY 1, 2018

According to Work Institute’s 2017 Retention Report , turnover can cost as much as 33% of a worker’s annual salary. And when they’re seeing headlines about employers stealing from workers’ paychecks with illegal deductions, they go on high alert. How Paycheck Errors Directly Impact Employee Retention.

Deductions 68

Deductions Transactions 68

Fundera

JUNE 10, 2019

Fortunately, tax deductions and small business tax credits can help lessen the sting of taxes. Most small businesses are aware of the importance of tax deductions. Claiming deductions reduces your taxable income and helps you save money. Small Business Tax Credits vs. Tax Deductions. You deduct $20,000 as expenses.

Small Businesses 65

Small Businesses Deductions 65

Fundera

JULY 29, 2016

Tax extensions are handy if you can’t file your taxes by the original filing date or if you’d like more time to work with your accountant to identify deductions and file your return. For instance, you might be able to report “bad debt”—money you’re owed but can’t collect—to the IRS, and get it deducted from your taxes.

Deductions 75

Deductions Bad Debt 75

Fundera

SEPTEMBER 23, 2017

The 2017 combined rate for Medicare is 2.9%. The 2017 combined rate for social security is 12.4% The 2017 amount is 6% of wages up to $7,000. Throughout the year, employees should review their pay stubs to ensure that right deductions are made and that the numbers add up. Employers are not subject to this increase.).

Small Businesses 80

Small Businesses Credit and Collections Deductions 80

Fundera

AUGUST 12, 2019

IRS Form 4562 allows you to deduct a portion of the cost of a business property by claiming a depreciation deduction. Depending on the class of the property you are claiming, you must claim a depreciation deduction on IRS Form 4562 over a period of years in order to receive the full deduction. What Is IRS Form 4562?

Deductions 40

Deductions Small Businesses 40

Fundera

JANUARY 20, 2017

Usually the solution was to double-check some figures, make sure they weren’t missing any deductions or credits, maybe make an IRA contribution if they qualified and hadn’t done so already. You lose those deductions forever! Avoid Making the Same Mistake in 2017. But that simply cannot guarantee results.

Deductions 61

Deductions 61

Due

DECEMBER 2, 2022

According to The Tax Cuts and Jobs Act , enacted in 2017, homeowners who purchased their homes after Dec. 15, 2017, can deduct mortgage interest paid on up to $750,000 in mortgage debt from their taxes. Otherwise, keep that money for yourself and invest it in your 401(k) or other growth assets.

Medical Billing 97

Medical Billing Deductions 97

Fundera

JUNE 16, 2018

In 2017, for example, American Express, Capital One, and Discover doled out a combined $12.9 …But Rewards Can Limit Your Business’s Tax Deductions. As a small business owner, you’re probably already aware that you’re eligible to claim tax deductions for eligible business expenses. billion in rewards payments!

Deductions 75

Deductions Credit Card Companies Transactions Small Businesses 75

Fundera

JANUARY 25, 2017

IRS audits require you to provide copies of specific documents to support the credits, income, and deductions you claimed on your tax return. What to Do With Your Small Business Taxes in 2017. ”. Keep detailed records. If you are ever audited, you’ll need to have accurate expense records. Check out “ Pay or Delay?

Deductions 75

Deductions Small Businesses 75

Fundera

MARCH 17, 2017

The Protecting Americans from Tax Hikes Act of 2015 , however, bumped the deadline for filing with both employees and the government to January 31st, 2017, for both W-2 employees and contractors receiving 1099-MISC forms with compensation listed in Box 7. Make sure you don’t miss possible deductions. Look into an extension.

Small Businesses 75

Small Businesses Deductions 75

Fundera

DECEMBER 12, 2018

The average American’s credit score has been slowly rising over time, reaching 700 for the first time in 2017. Short-term lenders deduct payments from a business’s bank account on a weekly or daily basis, which can disrupt a small business’s cash flow. Key Findings: The Good Credit-Bad Credit Divide in Business Financing.

Credit Scoring 54

Credit Scoring Small Businesses Deductions 54

tillful

NOVEMBER 22, 2022

For example, if you’ve been in business since 2017, but only registered in 2022, you wouldn’t qualify for loans that require at least two years in business (like SBA 7(a) loans, for example). Also called an S corp, this is a type of corporation that avoids corporate taxes. Every S corp must have a board of directors.

Bankruptcy 40

Bankruptcy Deductions Small Businesses 40

Fundera

JUNE 28, 2017

According to the AICPA, 168 CPAs received disciplinary actions in 2016 and 78 have already been reprimanded in the 1st quarter of 2017. A trustworthy accountant knows how to maximize your deductions lawfully without falsifying your return and can advise you on how to better manage your finances in order to receive funding.

Bankruptcy 77

Bankruptcy Deductions 77

Fundera

DECEMBER 13, 2019

Plus, some sole proprietors may be able to take advantage of the 20% tax deduction as defined in the Tax Cuts and Jobs Act of 2017, which allows you to deduct 20% of your business’s net income from your taxes. Fewer Business Fees. When you’re starting and first running a business, your budget can be tight.

Credit and Collections 71

Credit and Collections Deductions Transactions Small Businesses 71

Fundera

AUGUST 1, 2018

Over the past decade, 2017 set a record for most venture capital invested globally in a single year. Sweetgreen was one of the first restaurant chains to go fully cashless in 2017 , emphasizing pre-orders and efficiency. Equity financing is also at a historical high in terms of money invested. For example.

Credit and Collections 111

Credit and Collections Small Businesses Deductions Default 111

Fundera

MARCH 24, 2019

A survey by InsuranceTrak found that the average annual cost of a commercial auto policy was $1,982 in 2017. Size of deductible. For commercial auto insurance, Next offers $0 and $500 deductible plans, $50,000 to $1 million of bodily injury and property damage coverage, and optional collision and physical damage coverage.

Insurance Companies 75

Insurance Companies Deductions Small Businesses Medical Billing 75

Fundera

OCTOBER 10, 2019

This allows them to provide themselves with a tax deductible benefit. Tax incentives : Like group health care plans, a QSEHRA is also tax deductible for both the employer and employee. In addition, reimbursements made by the company count as a tax deduction. Generally, corporation owners are able to participate in a QSEHRA.

Small Businesses 40

Small Businesses Deductions Insurance Companies 40

Fundera

APRIL 17, 2019

According to the TriNet website, TriNet handles payroll for over 325,000 employees across the United States, and processed $37 billion in payroll in 2017. You’ll then need to input all of your employees’ payroll information, including tax and benefits deductions and their personal bank account information if they elect for direct deposit.

Dashboards 40

Dashboards Deductions Small Businesses 40

Fundera

MARCH 18, 2019

The average cost of general liability insurance for small businesses was $741 per year in 2017, according to insurance comparison site Insureon. Don’t forget that most general liability policies come with a deductible for certain types of damages. The higher your deductible, the lower your premium will be.

Small Businesses 65

Small Businesses Insurance Companies Deductions 65

Fundera

NOVEMBER 15, 2018

The average out-of-pocket cost to resolve an employee lawsuit without insurance was $110,000 in 2017. Most business policies have a deductible that you must pay before the carrier will begin insuring your losses. In general, the higher the deductible, the lower the monthly premium.

Small Businesses 75

Small Businesses Deductions Insurance Companies 75

Fundera

SEPTEMBER 11, 2019

Amount of coverage and size of deductible. The policy will also have a deductible, which is the amount of money you’ll have to pay upfront before the insurer pays a claim. Historic employee turnover rates at the company. The company’s claims history. Hiring/firing procedures. Documentation of employee training and conduct.

Insurance Companies 54

Insurance Companies Law Firms Deductions Small Businesses 54

Fundera

SEPTEMBER 19, 2018

The bank automatically deducts micropayments from direct deposits or other deposits in the customer’s account. The OCC didn’t revisit this topic again until late 2017, when they issued a notice in the Federal Register effectively rescinding the previous set of rules. Now, the OCC Is Green Lighting Short-Term Loans.

Credit Unions 40

Credit Unions Small Businesses Deductions 40

Fundera

JANUARY 3, 2017

The QuickBooks Pro 2017 small business accounting software (the most basic version of QuickBooks Desktop) comes at a starting one-time payment price of $219.95. Here’s what you’ll get with QuickBooks Pro 2017 : Automated reports letting you know that your reports are on time and accurate based on your data. Maximize tax deductions.

Small Businesses 66

Small Businesses Dashboards Transactions Credit Card Payments 66

Fundera

JUNE 20, 2018

This franchise started in 2006 and brought on 91 units in 2017 alone. Plus, if you’re interested in writing off the business loan interest as a deduction on your tax return, you’ll need this documentation, anyway.). Franchise Financing.

Deductions 76

Deductions Small Businesses 76

Fundera

OCTOBER 20, 2019

Also know that daycare centers can claim certain tax deductions , which can ease your annual financial burden. For more context, the average Microloan amount was $14,000 in 2017.) How much tuition you’ll charge. Your predicted revenue over the next two to three years. When you’ll break even.

Credit Scoring 65

Credit Scoring Deductions Small Businesses 65

Fundera

OCTOBER 18, 2018

This franchise started in 2006 and brought on 91 units in 2017 alone. Plus, if you’re interested in writing off the business loan interest as a deduction on your tax return, you’ll need this documentation, anyway. Franchisor Financing.

Deductions 76

Deductions Small Businesses 76

Fundera

AUGUST 1, 2019

Employers will be able to select from HMO, PPO, and high-deductible (HDHP) medical insurance plans that cover preventive, routine, and emergency care, as well as prescription drugs. serving over 323,000 employees and processing $37 billion in payroll in 2017. Let’s explain each service in more detail: Employee Benefits.

Small Businesses 40

Small Businesses Credit and Collections Dashboards Deductions 40

Fundera

MAY 8, 2019

In the United States alone, Paysafe processed $80 billion worth of transactions in 2017. The cost of the purchase will then be deducted from the balance on your Paysafecard. From their headquarters on the Isle of Man, Paysafe delivers payment solutions to merchants in over 40 different countries.

Alternative Payment Methods 40

Alternative Payment Methods Credit and Collections Transactions Small Businesses 40

Fundera

DECEMBER 22, 2018

Also know that daycare centers can claim certain tax deductions , which can ease your annual financial burden. . For more context, the average Microloan amount was $14,000 in 2017.) How much tuition you’ll charge. Your predicted revenue over the next two-three years. When you’ll break even. Register Your Business.

Credit Scoring 40

Credit Scoring Deductions Small Businesses 40

Fundera

OCTOBER 10, 2018

Beyond the SHOP tax credit, you’ll also be able to write off the health insurance premiums you pay as tax deductions , saving even more money. Small business owners can save a lot by deducting expenses, and health insurance premiums are one of the most common small business tax deductions out there. .

Small Businesses 75

Small Businesses Insurance Companies Deductions 75

Fundera

MAY 24, 2020

Additionally, many sole proprietors operate out of their homes—meaning they can take advantage of home business tax deductions like home office space and car expenses (if you drive your personally owned car for business purposes). Many sole props can take advantage of a 20% income tax deduction. Disadvantages of Sole Proprietorships.

Deductions 105

Deductions Small Businesses Default 105

Fundera

NOVEMBER 24, 2019

However, there is some good news: The Tax Cuts and Jobs Act of 2017, sometimes referred to as the Trump tax plan , allows self-employed real estate professionals who earn commissions and meet certain income requirements to qualify for a 20% pass-through deduction (also known as the Section 199A deduction). . trade or business.

Deductions 52

Deductions Real Estate Companies Brokerages Insurance Companies 52

Fundera

OCTOBER 7, 2018

If that’s the case with your sole proprietorship, don’t forget to deduct home business expenses and car expenses (if you drive your personally owned car for business purposes). Many sole props can take advantage of a 20% income tax deduction. One of the main provisions in the law is the Section 199A 20% tax deduction.

Deductions 80

Deductions Credit and Collections Credit Scoring Small Businesses 80