Accounting

Running a new business can be a daunting endeavor. As soon as you form a business, you’ll face many important decisions, ranging from mundane to critical. While much of what you must learn comes through trial and error, other lessons can be learned by observing what other business owners have experienced. Here are seven tips to help you hit the ground running.

It’s important to notify the IRS if you move and change your address. Under tax law regulations, a taxpayer’s last known address is the one that appears on the tax return you filed most recently — unless the IRS is otherwise notified.

Many people are familiar with tax credits for individual taxpayers, such as the credits for higher education expenses or the child tax credit. But businesses and business owners also may be eligible for some valuable credits that can lower their tax bills. Here are seven credits for small business owners to consider this tax year and beyond.

Let’s say you have an unincorporated sideline activity that you think of as a business, including an activity involving horses. If you have a net loss (deductible expenses exceed revenue) on that activity and you think you can deduct that loss on your personal federal income tax return, think again!

Like the saying “You gotta be in it to win it,” many construction firm owners submit many bids for local jobs to be in it.

But to thrive and survive, you need to do more than just be in the bidding process. Your firm must be able to submit bids that have a reasonable chance of approval. And your firm must win often enough to thrive.

Do you plan on making contributions to charity this year? If you’re in a giving mood, you may be rewarded with sizeable charitable deductions on your tax return. But the tax law is fraught with numerous twists and turns, so you must be careful to navigate the rules.

The Administrator of the Department of Labor’s Wage and Hour Division (WHD) periodically responds to new Family Medical leave Act (FMLA) compliance questions from employers and employees. Notable ones are posted for the benefit of people facing similar situations. Here’s a sampling.

A recent case deals with whether an employee’s time away from work to attend regular meetings at her children’s school qualifies as FMLA-sanctioned leave. The meetings were with school officials to discuss the special needs of the children and appropriate “individualized education plans.” 

In an era of uncertainty, you can count on one thing: Time marches on. While you can’t beat Father Time, you can prepare for these age-related tax and financial planning milestones as you and your loved ones grow older.