Mastering Quarterly Taxes: Your Essential Guide
Whether you are a contractor, small business owner, or self-employed individual, navigating the world of taxes can be challenging. Among the various tax obligations, quarterly taxes are an essential aspect of managing your finances responsibly. In this blog, we will review the details of quarterly taxes, providing you with a comprehensive understanding to help you […]
Four Mistakes to Avoid When Filing Pennsylvania Sales Taxes
Filing your Pennsylvania sales taxes can be a challenging task for businesses. To help your business steer clear of potential sales tax pitfalls, Gift CPAs experts have gathered some essential tips. In this blog, we will help you understand four common mistakes to avoid when filing Pennsylvania sales taxes and how leveraging the right resources […]
Tackling 2024 Tax Season: A Comprehensive Guide
With tax season just around the corner, now is the time to make sure your business’s financial materials are in order to ensure an accurate and timely tax filing experience. Tax season may not be as exciting as launching a new product or landing a big client; however, it is a necessary and important part […]
PA Sales and Use Tax: What You Need to Know
From lawn care services to restaurant owners, small businesses play a vital role in Pennsylvania’s economy. In fact, small businesses employ 2.5 million people and account for 99.6% of businesses in the state. Most small business owners know sales tax is part of doing business, but not everyone understands their responsibility for use tax under […]
The 3 Major Benefits Of Tax Projections and Your Small Business
Running a small business requires constant forecasting and planning to ensure you are prepared for both anticipated and unexpected changes. Planning for change is not only important for aspects of your business like revenue, expenses, sales, inventory, capital and cash flow, but also for taxes. Projecting the impact of taxes is essential. Similar to a […]
SECURE 2.0 Act of 2022 Retirement Plan Changes
Big changes are coming to retirement saving rules and tax breaks because of the SECURE 2.0 Act of 2022.
Reducing Small Business Taxes
Taxes can take quite a bite out of a business’s earnings. How can you reduce taxes on your small business? Tax deductions. Businesses pay taxes on their net income (defined as gross revenue minus expenses). A tax deduction is a subtraction from your business’s taxable income. Business expenses are generally tax deductible, as long as […]
The 411 on 1099s
Your business is responsible for providing tax forms to anyone you compensate, including contractors and other non-employees. The IRS form 1099-MISC is the most common non-employee tax form. It is used to report miscellaneous payments to contractors, experts, attorneys and vendors. Who gets a 1099? 1099 forms are commonly discussed in relation to the gig […]
What is and isn’t a deductible business expense
For many business owners, tax season is a stressful time. There’s a delicate balance between making sure you receive all possible deductions to optimize your tax bill and going too far and misunderstanding what qualifies as deductible business expenses. Read on to learn how eligible business expenses can save you money when filing your tax […]
Tips On Preparing For Year-End Tax Planning
As another year is drawing to a close, tax season is just around the corner. To help you get everything in order for the new year, we’re sharing some helpful tips and information to get you organized with year-end planning. Year-End Tax Planning Resources To Consider Invest in retirement accounts Consider investing in an IRA. […]