Small business owners can write off many routine business expenses as tax deductions. Business tax deductions work by lowering your taxable income, thereby reducing the amount of tax you owe. According to the Internal Revenue Service (IRS), no expense can be deductible unless it is both “ordinary and necessary.” An ordinary expense is one that’s common and accepted in your type of business. For example, if you own a restaurant, the cost of food and other restaurant supplies are an…
Businesses throughout the United States have been negatively impacted by the COVID-19 pandemic. Businesses of all sizes have been forced to close, reduce hours of operation, or lay off employees. In response to these concerns, several state and federal programs were implemented to provide relief to both businesses and individuals. In addition, a presidential order was issued to allow employers to defer certain payroll taxes. Payroll Tax Deferral Programs It’s important to understand that there are two different types of…
As a small business owner, you have many responsibilities. You are the one in charge; everything falls back to you. But that doesn’t mean you have to DO everything. In fact, no one person should be doing all the tasks needed to run the business. Firstly, you don’t have enough time; secondly, you may not have the expertise; thirdly, you may not have the desire. Of all areas required to operate a business, there is one that most business owners…
You may love your job and enjoy going to work every single day. Or you may just be going through the motions until the time comes to retire. Either way, most people don’t want to work forever. Even if you love what you do now, you will eventually want to relax and enjoy more leisure time. Making sure you can afford a fun and secure retirement requires careful planning. Regardless of your age, if you are working now you should…
© 2022 Orcutt & Company CPA. Powered by 