491 plain-English guides on small business & bookkeeping, each one ending in what to do next.
Page 7 of 21, newest first.
The ERC program ended for new claims as of January 31, 2024. Businesses that already filed ERC claims should check their status through the IRS processing.
Small Business & BookkeepingSmall businesses can offer tax-deductible benefits that cost less than equivalent salary increases: health insurance (100% deductible).
Small Business & BookkeepingISOs and NSOs have different tax timing and rates. NSOs are taxed as ordinary income at exercise; ISOs get capital gains treatment if holding periods.
Small Business & BookkeepingMisclassifying workers as contractors costs businesses back payroll taxes, penalties, and interest. The IRS three-category test and safe harbor rules.
Small Business & BookkeepingEmploying family members gives sole proprietors FICA exemptions for children under 18 and income-splitting benefits for spouses. The work must be real.
Small Business & BookkeepingHiring your children or spouse can save thousands in FICA taxes each year. Children under 18 working for an unincorporated parent pay zero FICA.
Small Business & BookkeepingEmployers must deposit federal employment taxes (income tax withholding, Social Security. Deposit schedule determination.
Small Business & BookkeepingEmployment tax penalties are among the harshest in the tax code. Late payroll deposits trigger 2-15% penalties. Employment tax penalty tiers: Late deposit.
Small Business & BookkeepingSmall businesses can claim tax credits for energy-efficient improvements under several provisions: the Clean Vehicle Credit (IRC 30D.
Small Business & BookkeepingERC status as of 2025: 1. Moratorium on new claims. The IRS stopped processing new ERC claims filed after September 14, 2023.
Small Business & BookkeepingThe IRS has paused processing of most new ERC claims and is auditing previously paid claims. The Employee Retention Credit (ERC) was a pandemic-era.
Small Business & BookkeepingNew LLC owners have no prior-year tax liability, which means the usual 100% safe harbor is $0. First-year estimated tax for new LLCs: 1.
Small Business & BookkeepingThe IRS assesses estimated tax underpayment penalties when quarterly payments fall short. The estimated tax penalty (IRC 6654 for individuals, IRC.
Small Business & BookkeepingFirst-year business owners have no prior-year tax liability, making the prior-year safe harbor the easiest penalty-free strategy.
Small Business & BookkeepingThe estimated tax penalty (7-8% annualized in 2025) is fully avoidable using one of three safe harbors: prior-year (100%/110% of last year's tax).
Small Business & BookkeepingThe IRS charges an estimated tax penalty on Form 2210 when quarterly payments fall short. How the penalty is calculated and the safe harbor exceptions.
Small Business & BookkeepingThe estimated tax underpayment penalty is calculated on Form 2210. It applies quarter-by-quarter based on the IRS's short-term interest rate.
Small Business & BookkeepingThe estimated tax underpayment penalty is approximately 8% annualized (2024-2025). It applies per quarter, not per year.
Small Business & BookkeepingThe IRS imposes penalties for underpaying estimated taxes, but two safe harbors provide complete protection. The two safe harbors: Safe Harbor 1:.
Small Business & BookkeepingThe IRS imposes an estimated tax penalty when a taxpayer owes more than $1,000 at filing time and did not meet one of two safe harbors.
Small Business & BookkeepingSelf-employed business owners must pay quarterly estimated taxes or face penalties. The 110% prior-year safe harbor eliminates penalties even if income.
Small Business & BookkeepingBusiness owners with a W-2 job (or S-Corp owners paying themselves a salary) can increase W-2 withholding to cover self-employment taxes.
Small Business & BookkeepingIRC 461(l) limits the amount of business losses that can offset non-business income to $305,000 (single) or $610,000 (MFJ) per year.
Small Business & BookkeepingNon-corporate taxpayers cannot deduct business losses exceeding $305,000 (single) or $610,000 (MFJ) for 2024 against non-business income.