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Small Business Taxes Tax Tips

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Penalties for Missing the 1099-NEC or 1099-MISC Deadline
There are penalties for missing the deadline for the new 1099-NEC form and the updated 1099-MISC for both tax filers and businesses. Read more…

The Payroll Tax Credit and Other Stimulus Programs for COVID-19
Congress passed several laws to stimulate the economy during the COVID-19 crisis. This includes a payroll tax credit and other stimulus measures. Read more…

What is Form 4136: Credit for Federal Tax Paid on Fuels
The federal government imposes taxes on a variety of fuels. The one most familiar to taxpayers is probably the federal gas tax—18.4 cents/gallon as of 2020—which pays for road projects across the country. Certain uses of fuels are untaxed, however, and fuel users can get a credit for the taxes they’ve paid by filing Form 4136. Read more…

The Home Office Deduction
2020 saw an unprecedented number of workers and businesses transitioning to a work-from-home model. If you work from home, you should know these important tax implications of setting up a home office. Read more…

2020 Stimulus: Does My Small Business Qualify for an Economic Injury Disaster Loan (EIDL)?
Freelancers and self-employed business owners experiencing financial hardship due to Coronavirus (COVID-19) have the option to apply for an Economic Injury Disaster Loan (EIDL) — a low-interest federal disaster loan that's directly administered by the Small Business Administration (SBA). Learn whether you qualify for this loan and how receiving one may affect your taxes. Read more…

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