How to Choose Between Standard Mileage and Actual Expenses for Tax Deduction Purposes

As a small business owner, handling your own business taxes probably isn’t your favorite pastime. Still, when it comes time to prepare your tax return, you’ll want to take advantage of every deduction and credit available to you to reduce your tax burden....

Tax Reporting: 1099 Forms and Their Significance in Recording Financial Transactions

There are several types of 1099 forms, such as 1099-NEC (Nonemployee Compensation payments to independent contractors) and 1099-Misc (Miscellaneous Income payments), used for reporting transactions that occurred during the previous tax year. These informational...

Are You Ready for the Corporate Transparency Act?

Executive Summary A new federal law will require small business entities to submit their beneficial owners’ identification documents to a federal database in 2024. Aimed at combatting global financial crime, the Corporate Transparency Act (CTA) will affect an...