As a small business owner, it can be hard to stay on top of current news between everything you’re juggling. With tax season in full swing, a potential government shutdown approaching, you probably have a lot of questions about what you should be doing. This week, we rounded up some articles that cover these important topics and will get you prepared for tax season and what to do in case another shutdown happens.
Does your small business qualify for a 20 percent tax break?
Darla Mercado (@darla_mercado) answers this question and provides the updates small business owners are looking for in her article “Small business owners look to grab this 20 percent tax break” for CNBC (@CNBC). Due to the Tax Cuts and Jobs Act that went into effect last year, a qualified business income deduction was introduced. This tax break helps “pass-through entities” to deduct up to 20% of their qualified business income. While this sounds great, there is a lot of confusion surrounding the topic, which Mercado breaks down further in her article.
Do you know all of the important tax deadlines?
“For many businesses, managing taxes can be a yearlong undertaking.” Annie Pilon, a writer for Small Business Trends (@smallbiztrends2), kicks off her recent article “14 Important Dates for Small Businesses in the 2019 Tax Calendar”, with this statement. She’s right – while we are currently in the midst of tax season, the life of a small business owner is usually filled with tax tasks several times throughout the year. From tax filing deadlines to estimated quarterly income tax payments, and IRA contributions, this checklist of important dates includes everything.
Is your small business prepared for a government shutdown?
“No one is paying small businesses back.” This quote from Rhonda Abrams (@RhondaAbrams) most recent USA Today (@USATODAY) article, “How small businesses can prepare for the next government shutdown” reminds business owners that having a plan in place for the unexpected is necessary. During the longest government shutdown, thousands of government employees went without pay. While some will receive back pay, many won’t. Additionally, the businesses who suffered due to the shutdown will also struggle to find some financial relief. With talks of another shutdown approaching, Abrams provides 5 tips for small business owners to plan ahead.
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This website contains articles posted for informational and educational value. SurePayroll is not responsible for information contained within any of these materials. Any opinions expressed within materials are not necessarily the opinion of, or supported by, SurePayroll. The information in these materials should not be considered legal or accounting advice, and it should not substitute for legal, accounting, and other professional advice where the facts and circumstances warrant. If you require legal or accounting advice or need other professional assistance, you should always consult your licensed attorney, accountant or other tax professional to discuss your particular facts, circumstances and business needs.
