As a small business owner, changes to the federal tax code and new federal business tax deductions will have you feeling like you have homework to do. But sweeping changes in the recently passed federal tax plan has entrepreneurs (and tax accountants) everywhere feeling like they are cramming for midterms. With that in mind, we created a study guide of sorts: let’s just call it your 2021 small business tax deductions checklist! Read on to see how your small business can best benefit from brushing up on these laws.
Tis the season for charitable giving – aka, charity donations. If you want to give back to those who aren’t profiting like you are, your business should consider giving a percentage of your profits to a charity of your choosing. There are plenty of worthy charities that could use some help. PayTech is here to convince you that giving is a good thing, even if it’s only for tax reasons.
[Read more…] about Charity Donation: How Your Small Business Can Get Tax Deductions
Keeping control of your business’ expenses is a vital part of making a business successful. While you might always make sure to keep careful track of your spending in order to make your business grow, not everyone involved with your company will have the same goal. Some people are only looking out for themselves, and they’ll often look for loopholes that allow them to get money that they don’t deserve. One of the most common ways that this can be done is through expense reimbursement fraud.
Every job has its perks. If you run a restaurant, for example, it may be expected that you provide some sort of employee meal policy. There are several benefits to these plans, but there are also costs associated with the plans. If you want to ensure that you have access to the best employees in your area and that you are able to keep your top talent, you’ll want to make sure you’ve considered the ramifications of having one of these plans in place. Doing so might give you a competitive edge over the other businesses in your area when it comes to finding and retaining employees.
Are you a business owner? Are you getting all of your potential tax savings? With those dollars representing precious resources you could invest back into your business, it is not just about getting more money in your pocket. It could be the difference between your business’ long-term failure and success. And while large corporations have entire teams of tax accountants who specifically seek out and help capitalize on these tax savings, that is a luxury most small organizations do not have. Check out these tax saving tips for small business owners to help you compete with the big guys.