Is your startup making these 6 tax mistakes?

Launching a new business is often filled with equal parts of excitement and trepidation. It can even be overwhelming at times. Because there are so many details involved, especially when it comes to startup taxes, you want to be extra careful. Sales tax and your compliance with federal and state income tax laws creates extra challenges for most startup owners, and you want to avoid mistakes at all costs. Below are six common tax mistakes startups make that you need to be aware of. #1: Tax deduct...
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Don't fall for last minute tax refund & phishing scams

With the U.S. tax-filing deadline fast approaching, the IRS is warning taxpayers and tax professionals to watch out for last-minute phishing scams aimed at obtaining taxpayers account details and stealing their refunds. Although safeguards are in place to prevent identity theft, the IRS warns that cybercriminals are using increasingly sophisticated scams in a bid to trick people into divulging sensitive information. This article offers advice on recognizing a scam and where to send suspicious em...
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25 tax deductions you can claim as a freelancer

While freelancers enjoy the flexibility of working how, when, and where want, there can be some downsides to freelancing. One of the biggest is filing our own taxes, which for U.S. taxpayers can be a complicated and time-consuming process. Its crucial to be well prepared in advance of tax season by keeping accurate records of all your business expenses, because without receipts—or other proof — you won’t be able to claim all of the deductions available to you. Although it’s advisable to hire an ...
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The Forbes 2017 tax guide

Americans spend an estimated 6 billion hours a year complying with the four million word U.S. tax code, according to the National Taxpayer Advocate. To help you get to grips with the complexity of your annual tax return before this year’s April 18 th federal filing deadline, Forbes offers a comprehensive guide covering everything from choosing the right form to dealing with the IRS, together with some top tips on how to reduce your tax bill. [ Read the full article on forbes.com ]
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Here's why it pays to track every tiny business expense

Although keeping tabs on all your businesses expenses may seem tedious, there are significant benefits to knowing exactly where your money is going. Apart from helping you to assess how well you’re managing your costs, it can help you to take advantage of any savings you can make through credit card incentives. And when it comes to reducing your tax bill, accurate records help you to maximize your deductions and provide the necessary proof of eligibility, says entrepreneur and investor John Ramp...
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The cost of hiring a new employee

Congratulations. You’ve decided after months of wearing many hats at your startup that it’s time to hire a new employee. Along with the excitement of bringing on a staff member or two, comes the inevitable question, “How much will it cost?” It might seem simple. You might think you can hire someone, pay them a salary and call it good. Well, it isn’t quite that simple. A new employee means much more than just the cost of their salary – which might even be a stretch for your new startup. You want ...
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7 common tax mistakes startups must avoid

According to the Kauffman Index on startup activity, there has been a 10% increase in the rate of new entrepreneurs in the US in 2015. That translates into more than a half million new business owners each month. With the formation of that many new startups, there are bound to be quite a few businesses making tax mistakes. We want to help this year’s crop of new business owners avoid the most common pitfalls of accurately keeping track of their taxes. To keep you from making the same mistakes as...
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