Keeping up with the complicated tax code can create stumbling blocks for small businesses who spend substantial time and money to prepare accurate returns and avoid audits. Tax compliance can be a surprising cost for business owners, with retail small businesses spending 163 hours and an average of $17,000 per month on sales tax compliance … Continued
Category: Tax Advisory
Sole proprietors, partnerships, corporations and LLCs have unique tax benefits and risks. Find out which business entity is best for you.
Some tax minimization strategies ring true every year. Others need special attention because of their unique timing and circumstance. Programs expire, get extended or have their rules changed mid-stream. These opportunities are sometimes complex, but taking time and effort to understand and potentially integrate them into your business strategy is often worth it.
No recent Supreme Court ruling has rocked the business world as much as the Wayfair decision that introduced sales tax nexus. The narrow 5:4 verdict on South Dakota v. Wayfair, Inc, et al opened a floodgate of responsibilities for businesses to collect and remit taxes on goods sold in far off states and localities despite having no physical presence there.
Small and mid-size businesses continue to struggle to make sense of, and comply with, their obligations for sales tax collection, filing and remittance.
Tax time usually means more work, more unintelligible jargon, and more confusion for you and your growing business. Our goal in this article is to turn this time of the year into a time where you can leverage existing tax laws to the best benefit of your business.