When you hear the word “taxes,” other than a CPA, what else comes to mind? For many people tax returns is the first thing they think of. While that is a huge part of tax accountants’ work, there are other areas within the tax world that are of equal importance. Three of these areas are
TAXES: PLANNING, PREPARING, FILING, & CONSULTING Read More »
The decision to lease versus buy a vehicle is not a “one size fits all” decision. The answer depends on many factors. For example, the vehicle type, vehicle price tag, tax savings, availability of cash, the need and usage of the vehicle, and how long the business plans on keeping the asset. If you are not
BUSINESS VEHICLE: LEASING VS PURCHASING Read More »
The Work opportunity tax credit is a business tax credit that, in some ways, is different from other credits, and therefore, I thought it would be helpful to discuss it. As I always say, tax credits are every business owner’s friend when it comes to saving money by reducing income taxes owed. Another crucial point
TAX CREDIT: THE WORK OPPURTUNITY TAX CREDIT Read More »
A question I often get from clients is, “Do I have to pay estimated taxes?” The answer for most clients who ask this question is, “YES!” Estimated taxes are required for various tax filers, including most small-owned businesses. What are estimated taxes? When are they due? How do I compute estimated taxes owed? What happens
THE WORLD OF ESTIMATED TAXES Read More »
Tax credits are every business owner’s friend when it comes to saving money by reducing income taxes owed. Tax credits are not tax deductions; there is a difference. Tax deductions reduce taxable income, while tax credits reduce income taxes owed. Therefore, one area every business owner should peek into is that of business tax credits.
TAX CREDIT: PAID FAMILY MEDICAL LEAVE TAX CREDIT Read More »
Tax credits are every business owner’s friend when it comes to saving money by reducing income taxes owed. Tax credits are not tax deductions; there is a difference. Tax deductions reduce taxable income, while tax credits reduce income taxes owed. Therefore, one area every business owner should peek into is that of business tax credits.
TAX CREDIT: NEW MARKET TAX CREDIT Read More »
Tax credits are every business owner’s best friend when it comes to saving money and enjoying the business’s income profits. Tax credits are not tax deductions; there is a difference. Tax deductions reduce taxable income, while tax credits reduce income taxes owed. Therefore, one area every business owner should peek into is that of business
TAX CREDIT: RETIREMENT PLAN STARTUP COSTS Read More »
One of the most common questions CPAs get asked is, “When should I change my tax election from a sole, or partnership, LLC to an S-Corp?” The follow-up question is usually, “Why should I make the tax election move?” Let’s first explain the difference between an LLC and an S-Corp. An LLC or Limited Liability
WHEN SHOULD YOU MOVE YOUR TAX ELECTION FROM SOLE OR PARTNERSHIP TO AN S-CORP? Read More »
Tax deductions and tax credits are two confusing tax terms that sound the same but affect a business’s tax return differently. While both are deductions on a tax return, how they reduce the tax due is different. So how do they differ? Tax Deductions Tax deductions are dollar amounts on a tax return that reduce
TAX DEDUCTIONS VERSUS TAX CREDITS Read More »
At NaRfula Financial Solutions we pride ourselves in being the right company for our clients by providing customized services that help our clients successfully grow their businesses. We serve small businesses, in the; research, technology, engineering, legal, and chiropractic industries. We also welcome government contract projects.
