2019

Recapping highlights from National Small Business Week 2019

2019, Small Business / By

IRS Tax Tip 2019-58, May 13, 2019 The IRS continues to highlight many resources available to help small business owners and self-employed individuals understand and meet their tax obligations. Here’s a recap of key topics covered in IRS Tax Tips during this year’s Small Business Week. How small businesses can connect with the IRS over …

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Small businesses can benefit from deducting vehicle costs on their taxes

2019, Small Business, Tax Tips / By

IRS Tax Tip 2019-57, May 10, 2019 Businesses that use a car or other vehicle may be able to deduct the expense of operating that vehicle on their taxes. Businesses generally can use one of the two methods to figure their deductible vehicle expenses: Standard mileage rate Actual car expenses For 2019, here are the …

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Businesses should review depreciation deductions rules

2019, Small Business / By

IRS Tax Reform Tax Tip 2019-56, May 9, 2019 Businesses should know the tax rules for deducting depreciation on certain property. This deduction can benefit eligible business taxpayers. The Tax Cuts and Jobs Act made changes to the rules around depreciation that will affect many businesses. First off, businesses should remember they can generally depreciate tangible property, …

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It pays for employers to file payroll taxes electronically

2019, Small Business / By

IRS Tax Tip 2019-55, May 8, 2019 Business owners who file payroll and employment taxes using paper forms should consider filing these electronically. Here are some of the forms employers can e-file: Form 940, Employer’s Annual Federal Unemployment Tax Return Employers use this form to report annual Federal Unemployment Tax Act tax. Form 941, Employer’s …

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Taking care of business: recordkeeping for small businesses

2019, Recordkeeping, Small Business / By

IRS Tax Tip 2019-54, May 7, 2019 Small business owners should keep good records. This applies to all businesses, whether they have a couple dozen employees or just a few. Whether they install software or make soft-serve. Whether they cut hair or cut lawns. Keeping good records is an important part of running a successful …

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Here’s how small businesses can connect with the IRS over social media

2019 / By

Tax Tip 2019-53, May 6, 2019 Whether they’re looking for tax info during National Small Business Week or any other time of the year, business owners can connect with the IRS over social media. In fact, the IRS just launched its newest Twitter account created to offer information directly to small businesses. The Twitter handle @IRSsmallbiz joins …

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