Tax Planning for Small Business Owners

Nobody can force you to plan about taxes before the time comes for you to pay them. However, the cost of not planning ahead might even cost money in the long run and might even land you in prison for tax evasion. For small business owners, an accounting system that places taxation as a major concern can prevent them not just from paying the right amount of taxes but may even reduce them into a smaller amount.

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How Do I Set Up Payroll in the United States?

When setting up payroll in the United States, there are certain rules and taxation that you need to take note of. As a general rule, the primary concern of any company in the United States is that they need to comply with the tax laws including the federal, state, and individual income tax of employees. They also need to pay for social security, Medicare, as well as take care of other concerns. Below are the steps to set up payroll for your business in the United States.

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199A Proposed Regulations

There’s been a lot of talk about the new tax law changes imposed under the Tax Cuts and Job’s Act (TCJA) Trump signed into office last year and rightfully so, considering it’s the largest tax reform signed into law since 1986. The most notable change for businesses was the decrease of the corporate tax rate to a flat 21%. This change buzzed into the ears of many business owners, making them wonder if they should change their business structure to a C Corporation.

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The United States Netherlands Tax Treaty

No matter where you live abroad, you need to pay your income tax if you are a citizen of America. Thus, if you move to the Netherlands, you need to know that the tax regulations still pertain to you and that there are Dutch tax regulations that you also need to follow. Thus, the United States and the Netherlands have joined a treaty to help its residents from double taxation and prevent income tax evasion. Read More

Reduce Insurance Costs by Encouraging Employee Wellness.

Protecting your company through the purchase of various forms of insurance is a risk-management necessity. But just because you must buy coverage doesn’t mean you can’t manage the cost of doing so. Obviously, the safer your workplace, the less likely you’ll be to incur costly claims and high workers’ compensation premiums. There are, however, bigger-picture issues that you can confront to also lessen the likelihood of expensive payouts. These issues tend to fall under the broad category of employee wellness.

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Consider all the Tax Consequences before Making Gifts to Loved Ones.

Many people choose to pass assets to the next generation during life, whether to reduce the size of their taxable estate, to help out family members or simply to see their loved ones enjoy the gifts. If you’re considering lifetime gifts, you should be aware of which assets you give and the ones that can produce substantially different tax consequences.

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International Financial Reporting Standards

The consequence of growing international trade is that companies have to deal with different provisions and laws when they have dealings with other countries. Without a proper safeguard, companies have to use different accounting standards that are difficult to understand. Read More

How Do I Organize A Business in The United States?

Organizing your business protects your entire company. There are many reasons why you should organize your business, and these include tax purposes and protection against possible legal disputes. Another benefit of organizing your business is that it makes it easier for your business to obtain things such as insurance, bank accounts, and loans, as well as set up the payroll.

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Cash vs. accrual reporting: Which is right for your business?

Small businesses often use the cash-basis method of accounting. As businesses grow, they usually convert to accrual-basis reporting for federal tax purposes and to conform with the U.S. Generally Accepted Accounting Principles (GAAP). Starting this tax year, the Tax Cuts and Jobs Act (TCJA) has increased the threshold for businesses that qualify for the simpler cash method for federal tax purposes. Here’s how these accounting methods compare and how the TCJA could affect your financial and tax reporting decisions.

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