Tax Responsibilities of Small Business Owners

Small business owners have a wide range of tax obligations. Aside from their essential requirement to pay and file income tax returns, they are also required to manage payroll taxes if they have any employees. Depending on their business type and activities, there may also be a requirement to collect and report on state and […]

Credits versus Deductions

Some business expenses cannot be written off as deductions but instead claimed as tax credits. Tax credits are considered more valuable than a regular deduction as it reduces business income taxes dollar for dollar. Like deductions, tax credits are available only to the extent they are allowed in Congress. Business owners can decide whether to […]

This lucrative retirement planning solution just got saved from Biden’s proposed tax cuts

President Biden’s $1.75 trillion Build Back Better bill, which has been struggling to gain congressional approval, has been amended to retain a lucrative retirement account loophole that was initially planned to be eliminated. Democrat members of the House Ways and Means Committee decided in October to leave intact the so-called backdoor Roth IRA loophole to […]