In Pursuit of Profit - Blog - ASP

12/14/2020

A Year-End Tax Planning Checklist for Business Owners

As the year wraps up, now is the time to plan and prepare for your upcoming tax filings. What should you be thinking about now personally and professionally to make smart tax decisions? When will you need to bring in professional to ensure you are on the right track to minimize tax obligations and facilitate business growth? Use this comprehensive checklist to avoid missing any critical components of your tax strategy:

5/28/2018

What is subject to Sales Tax AND What is Excluded in Washington State

sales tax washington state

Did you know?

On July 7, 2017, Washington state Gov. Jay Inslee signed House Bill 2163, providing for a use tax notice and reporting requirement for remote sellers and extending economic nexus to the retailing business and occupation tax (B&O).

If you are a business owner selling products to consumers in a state where you have no physical presence, this case could open your business up to various taxing jurisdictions throughout the U.S. and require you to follow specific guidelines for collecting sales tax or reporting the use tax obligations of purchasers within the taxing jurisdiction.

5/3/2018

Tax Reform: Changes to Depreciation Affect Businesses Now

As employers across the country celebrate National Small Business Week, the IRS reminds businesses that the passage of the Tax Cuts and Jobs Act may affect their depreciation deductions and taxes.

Business taxpayers can generally depreciate tangible property except land, including buildings, machinery, vehicles, furniture and equipment.

4/2/2018

Your Employees Need Help with The Recent Tax Law Changes – Here’s How

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The employer writes the paychecks and, as a result is often blamed for ‘bad news’ when employees get a surprise about taxes.

This often happens when employees work multiple jobs, have multiple income homes, changes in dependents or marriage, or simply a misunderstanding about what the tax talk means.

3/26/2018

Oregon Payroll Tax Basics, Tax Forms and Requirements

Payroll often influences business owners and managers to minimize recruiting because they believe hiring an employee complicates business and increases risks.

It's not a wonder considering the ever changing paperwork requirements, laws, forms, payroll tax rates and deadlines.

1/14/2018

Ten Tips for Choosing a Tax Preparer

It’s the time of the year you are likely to choose a tax preparer to help file a tax return. It is difficult to know who is trustworthy and who keeps up the latest tax laws. Regardless of who prepares the reports and files the return, you are the taxpayer and responsible for all information on your income tax return.

1/8/2018

W-2, W-3, 1099-MISC, Information Returns Due Date: January 31

In case you missed it, congress passed provisions in the Protecting Americans from Tax Hikes (PATH) Act of 2015 that accelerate the due date to January 31 for filing information on wages reported on Form W-2, Wage and Tax Statement, and information on nonemployee compensation, effective for returns and statements relating to calendar year 2016.

11/7/2017

What Businesses Can Do Now Before Filing Their Return in 2018

The most stressful time of the year for small business owners is tax season, which is why 70% of them choose to outsource their tax preparation, according to Forbes.

However, even if you hire a tax professional, you still have substantial work to do before filing your year-end taxes because the accuracy of your return depends on the information that you provide to your accountant.

10/20/2017

What to Do After Your Payroll or Tax Professional Data is Compromised (Hacked)

Every tax practitioner in the United States – whether a member of a major accounting firm or an owner of a one-person storefront - is a potential target for highly sophisticated, well-funded and technologically adept cyber-criminals around the world.

8/1/2017

IRS Standard Mileage Rate 2017 (There is an App for That!)

The mileage reimbursement rate is intended to cover the costs of operating a car for business purposes. Costs that the standard mileage rate are expected to cover include standard maintenance, repairs, taxes, gas, insurance, and registration fees.

If you didn't catch the change for 2017, the IRS standard mileage rate was reduced from the previous year.

On Jan. 1, 2017, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) is: 53.5 cents per mile for business miles driven, down from 54 cents per mile in 2016.

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Photos used under Creative Commons from Pricenfees, Debbieallendale