Business News and Insights


Supporting Local Businesses

Supporting Local Businesses

We all know people who own or run their small-scale businesses or local setups, selling their farm-grown fruits and vegetables, crafts, home-baked goods, or even clothes. Along with the retail industry, local businesses provide legal, automotive, and manufacturing services.

Local businesses have 500 or under employees and provide goods or services to a local population, such as within a neighborhood. We have all heard that local businesses need our support and when given the option, we must buy local. But we aren’t aware of the many benefits we get by supporting local businesses.



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How Do I Get A Business Tax Extension?

How Do I Get A Business Tax Extension?

Filing taxes is no easy job, and neither can it be completed in a single day. You need to take the time to sit and file your taxes as the due date approaches, and if for any reason you think you might not be ready just yet, there is good news for you. You can extend your deadline to file your taxes by 6 months. Although this doesn’t mean that you don’t still have to pay what you are due, this is only to extend the date to submit your tax returns. You can pay an estimated figure, and if you have overpaid, the balance amount will be returned to you.

Here are the simple steps to follow when you want to request an extension on your deadline:



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What Is Self-Employment Tax

What Is Self-Employment Tax

Self-employed individuals such as freelancers and those who work as independent contractors or consultants or run small businesses are exempt from withholding taxes. Therefore they are expected to pay self-employment taxes to pay for social security and Medicare.



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What Is a Tax Preparer?

What Is a Tax Preparer?

A tax preparer is a person who prepares, analyzes, and submits income tax returns while representing individuals and businesses. They are also known as tax accountants.

It is possible to find different tax preparers, some accredited by third-party organizations and others that any organization does not credential.

Knowing the different sorts of tax preparers and their qualifications might assist you in obtaining the best possible tax outcome.

A tax preparer is an organized and goal-oriented person who advises clients regarding their tax needs.



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How to Find the Right Small Business Tax Advisor

How to Find the Right Small Business Tax Advisor

Irrespective of the industry or sector your small business falls into, a good tax advisor is as valuable to your business as it is to any. A small business tax advisor is a certified professional that helps you plan your year-round taxes and use various tactics to minimize your tax payments and maximize your tax returns. Other responsibilities include business bookkeeping and representing the company in an audit.

Generally, small businesses refrain from keeping a tax advisor because it is an added expense on their limited budget. However, a tax advisor is important to save your unnecessary business outflow and legal issues that benefit the business in the long term. The following tips will talk about how you can find the right small business tax advisor for your firm.



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The Benefits of a Tax Consultant to the Small Business

The Benefits of a Tax Consultant to the Small Business

Small businesses need to keep their productivity high and costs low to grow quickly and efficiently. One way to do that is to hire a tax consultant. Tax consultants are skilled professionals who stay updated about tax laws and help businesses optimize tax liability to avoid unnecessary tax penalties and fines. A common misconception is that only the big companies benefit from tax consultants since their services are expensive and they have the resources to spend fortunes on.

However, tax consultants study your business closely and find ways to carry on your business with prosperity while addressing your tax matters. Although the tax consultant's fee is an added expense in the small businesses' books, it offers more growth for them in the long run.

Let's see the benefits of a tax consultant to a small business.



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