This article was published by the IRS. The Internal Revenue Service has issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. Beginning on January 1, 2023, the standard mileage rates for the use of a car (also vans, pickups, or panel [...]
If you are an employer, here is an important filing deadline reminder. The law requires you to file a copy of the W-2 forms you give to your employees by January 31st. You are also required to file the W-3 forms. Remember, you need to send these forms to the Social Security Administration. In addition, if [...]
This article was published by the IRS. Some businesses and other payers take backup withholding from payments they made to certain people. These entities should remember their upcoming filing deadlines. What is backup withholding? Business and other payers generally don't withhold taxes from payments reported on Forms 1099 and W-2G. There are, however, situations when a [...]
Tracking your sales and key performance indicators (KPIs) is crucial if you want to save time and grow your business. You need to know how to track your progress toward achieving your business objectives. Looking at things like revenue and profit on a balance sheet can only take you so far; you should continually seek more [...]
Income taxes are a pay-as-you-go system. That means you pay your taxes as you earn income during the year. Either your employer withholds taxes from your pay, or you pay quarterly estimated taxes on your own. If you have income that's not subject to withholding, you may need to make quarterly payments. This includes income such [...]
