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2021 Tax Preparation for Small Business

xendoo

If you want to make sure that you and your small business are ready for the 2021 tax season, then it is essential to remain well organized throughout the year. Lastly, you need to know about all of the various tax deadlines that might apply to your business throughout the year. Excise Tax. Work with a Tax Professional.

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US Payroll Taxes Explained (Everything You Need to Know)

LyfeAccounting

?. Today, we’re going to be deep-diving into US payroll taxes. And after helping hundreds of businesses with their accounting and taxes, we know a thing or two about it. Note that for guidance or advice specific to your business, you should consult with a tax or legal professional. Categories of US Payroll Taxes.

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The R&D Tax Credit and Payroll-Tax Offset Swirl: It’s A Tax Treat for Qualified Small Businesses

inDinero Tax Tips

If that sounds like your business, the R&D tax credit and the payroll tax offset should absolutely be part of your tax strategy. The R&D tax credit wasn’t always available to small businesses. Until 2015, the credit had been subject to renewal by Congress, making it less reliable as a tax strategy.

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Provisions of the Second Coronavirus Relief Bill That Affect Skagit County Small Businesses

SkagitCountyTaxServices

Yes, it’s “just a date” on a Gregorian calendar, but … 2021 holds great promise for our Mount Vernon business clients. billion to reopen and strengthen PPP for first and second time borrowers and reauthorizes the program through March 31, 2021. Wow, does it ever feel good to have turned the page on 2020.

CPA 98
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Year-End Business Tax Strategy for Skagit County SMB Owners

SkagitCountyTaxServices

Year End Business Tax Strategy #1: You’re the boss. If you have employees, you have some special tax preparations to think about concerning tax preparation this year. 31, get ready to pay half that deferred amount by the last day of 2021. Year End Business Tax Strategy #2: Timing’s everything.

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20 Small Business Tax Deductions You Need to Know

xendoo

For the 2021 tax year, the standard mileage rate deduction is.56 If you have family members that work in your small business, there are some additional tax considerations. Family members who legally work for your business and are under 18, may be exempt from paying FICA, also referred to as federal payroll tax.

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Use These Financial Reports For Business Decisions By Steve Padgett

SkagitCountyTaxServices

Just in time for the weekend, the IRS issued Friday-evening guidance about the overly-hyped (at first) payroll tax “holiday” There was initial hope that this might be a great shot-in-the-arm for Skagit County businesses and employees, but given how the thing is structured, and the limitations of executive action (i.e.