If you are a new small-business owner, maintaining control of your finances can be daunting. There is so much you must do already; collect piles of paperwork from your employees;withhold federal, state, and local income taxes; set aside Social Security, Medicare, unemployment, and worker’s compensation funds; and pay your business’s taxes to the appropriate agencies—all the while keeping them separate from your own. But you’ve got this…right?
Except the Internal Revenue Service imposes gargantuan fines for small businesses with gross receipts of five million dollars or fewer. For example, returns are due January 1st, 2020. If your bookkeeping isn’t managed by experts — meet the team at Say Bookkeeping—then it can fine you up to $194,500. Here’s the kicker. If you’re late by one more hour, the fine jumps to $556,500.
If you’re a small-business owner who started your business after the new year, there are three changes to United States tax law you ought to know. First, there was a cut in tax benefits for commuter benefits you may want to offer employees. Second, you can no longer deduct expenses for courting clients, such as box seats at sporting events and getaways. And third, the nine percent federal deduction for producing products in the United States instead of abroad is ending. (But there are plenty of ways to make up the difference in income, including earning free money from Say Bookkeeping).
All of this can be overwhelming, especially for small-business owners who are new to the table. That’s why Say Bookkeeping wants you to request a consultation. They are a great resource for the occasionally obscure benefits you could take advantage of as a new small–business owner. For example, did you know that one of the major tax breaks this year is a higher annual depreciation cap for company cars? Or, that you can now claim a much higher amount of asset write-offs right away?
If any of this is sounding like a foreign language, that’s okay. You can skim case studies of Say Bookkeeping to learn more about the money you are due—and deserve. For example, you now get a temporary federal tax credit for a portion of the wages you pay employees who are on family leave and medical leave. And there’s been a twenty percent tax cut on net income for sole proprietors, farmers, S-corporations, LLCs, and partnerships. Perhaps you’re still in the planning stage of your small business. You can always come back to Say Bookkeepingwhen you are ready and read the blog or even join the team.