As a business owner, you know that your financial reports are crucial for determining the health of your business. Accurate financial reporting can help you make informed decisions, secure loans, and even attract potential investors. However, many businesses fall short in keeping up with their financial reporting, which can lead to costly mistakes and oversights. In this blog post, we will discuss the importance of accurate financial reporting for your business. What is Financial Reporting? Financial reporting is the process of creating financial statements and other reports that provide an overview of your business’s financial performance. There are three primary... View Article
Child Tax Credit 2023 – What You Need To Know Many families take advantage of tax credits and deductions when they file their annual returns. The Child Tax Credit is a popular one that could be worth up to $2,000 per qualifying dependent under 17 this year. Millions of American families took advantage of an expanded credit in 2021 that boosted the amount of money parents received for each child under six or 17-year-old. That enhancement has now expired, and the credit will revert back to its former value and rules in 2023. Child Tax Credit 2023 The child tax credit... View Article
Tax season is upon us again, so now is the time to start preparing your business taxes. Make sure you have the information you need to file accurately and on time so you can avoid penalties and interest. Tax Inflation Adjustments If you are a small business owner, there are a few important 2023 tax changes that you should know about. These include tax inflation adjustments and a new limitation on business losses. The IRS typically adjusts income thresholds, deduction amounts, and credit values each year to reflect inflation. This helps prevent what’s called bracket creep, which occurs as people... View Article
Those who qualify for the child credit must meet certain requirements and have their income below a certain limit. Those who exceed the ceiling will have their credit reduced in increments. Requirements/Qualifications The child tax credit, also known as the CTC, entitles parents and guardians to a tax benefit for each dependent qualifying child. Its maximum amount is a maximum of $2,000 per child under the age of 17, with up to $1,400 refundable. However, the child tax credit is not available to every family. It’s typically limited to families with adjusted gross income below a certain threshold. Income Requirements... View Article
One of the most important decisions you’ll ever make as an entrepreneur is choosing the right structure for your business venture. Early on, going it alone as a sole proprietor made sense. Now that you’re set to expand your business significantly, altering its structure may be necessary. Forming an LLC or a limited liability company is one of your options if you wish to expand your business operations. But is owning an LLC worth it? Come up with your own answer to that question by reading up on the benefits of LLCs. You Enjoy Personal Liability Protection as an LLC Member... View Article
