Some withdrawals from a Roth IRA are taxed, despite popular belief. A 10 percent early withdrawal penalty tax can be applied even if there is no income tax due. This is the worst-case scenario. Take a look at the information below to learn more about tax-free Roth IRA withdrawals. To begin, let’s look at the […]
How Do Roth IRA Withdrawals Affect Your Tax Situation? Read More »
Do you have a 401(k), an ESOP, a profit-sharing plan, or any qualifying employer-sponsored retirement plan where you own stock in your company? If not, This means that you should start planning for when you retire or leave your current job and have to deal with your stock. Your choice could have significant ramifications for
Do You Own Stock in a Company? Here’s Some Tax Strategy For You! Read More »
Limited liability companies (LLCs) are a popular choice of entity for small businesses and investment activities. LLC owners are called members. Single-member LLCs have one owner, although spouses who jointly own an LLC in a community property state can elect treatment as a single member LLC for federal income tax purposes. We will call LLCs
All about Limited Liability Companies (LLC’s) Read More »
Of all the business entities someone could form, the S corporation is by far the most misunderstood. This is because the S-Corp is a tax designation rather than an actual business entity. Both limited liability companies (LLCs) and corporations can file to be taxed as an S corp. However, no state offers entrepreneurs the option
The S-Corp Tax Election and What it Can Mean to You! Read More »
Many businesses hire part-time or full-time workers, especially in the summer. These types of employees are referred to as seasonal employees, which the IRS defines as an employee who performs labor or services on a seasonal basis (i.e., six months or less). Examples of this kind of work include retail workers employed exclusively during holiday
Seasonal Employees and Taxes Read More »
Financial advice for small business owners is everywhere – from seasoned financial experts to individuals who have been running their own companies for years. While there is a wealth of beneficial information to read up on regarding general accounting practice, cash vs. accrual basis, and all of the brass tacks that go into financially managing
Bookkeeping Tips for Small Business Owners Read More »
When you choose a piece of accounting software to manage your business’ finances, you have more options than ever, and your choices now include digital accounting systems. With QuickBooks services from BASC Expertise, you get access to QuickBooks in the cloud, which differs slightly than what you may expect with a desktop version of the
Cloud Accounting: Desktop QuickBooks vs. QuickBooks Online Read More »
Small businesses are allowed several deductions to help reduce their overall tax liability. Some of the most popular include the home office, business travel, hotel, meals, and entertainment. Another popular deduction is for business use of a vehicle. There are two ways to take the business vehicle expense deduction; the Actual Expense Method or Standard
IRS Reduces Standard Business Mileage Rates Read More »
Under the Affordable Care Act (ACA) of 2010, if you did not have an ACA-approved health insurance plan for 2015, you will owe a penalty (unless you fall into one of several categories of exceptions) when you file your taxes in April. The penalty for failure to have health insurance in 2015 is $325 per
Individual Health Coverage Mandate Penalties Higher Read More »
The Affordable Care Act (aka Obamacare) was passed and signed into law more than five years ago, and it is still not fully implemented. In 2016, new requirements will go into place that will affect all firms with 50 or more full-time employees. This is commonly known as the “employer mandate”, and its full implementation
Health Care Compliance for Small Businesses Read More »
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