For a business, regardless of the business entity or the size of the business, taxation is anarea in which even a small mistake can become very costly. Failure to properly account for payments to independent contractors can lead to steep penalties. However, penalties, interest, and additional taxes are not the only consequences a business owner should worry about when making a tax-related mistake. Business taxation mistakes can lead to expensive and time-consuming tax audits.

The signing of the Tax Cuts and Jobs Act the end of the year ushered in several changes to the US Tax Code. Even though tax day comes at around the same time each year, many companies still scramble to get everything in at the deadline since going through receipts, bank statements, and other documents can be a time-consuming and tedious affair. Proactive tax compliance can often make tax preparation a less-stressful affair. In addition, avoiding these four tax mistakes can save you time, money, and stress over the next few years.

The sweeping tax reform bill known as the Tax Cuts and Jobs Act will overhaul the way the tax code treats businesses – whether small businesses or large multinational corporations. While it is not possible to gauge the exact ways different provisions will impact small businesses, it is very likely that the overall tax burden will be reduced for the majority of small businesses.

You came up with a great idea for a business. You might even have drafted a business plan.

Before you can move forward, one of the key questions that you need to decide, especially if you need to raise start-up capital, is what business entity to choose. Before you set up a structure, you must decide, what business entity is right for your company. A good business transaction lawyer can assist you in determining the right business entity before you make a costly mistake. Before you take that step, take a look at the pros and cons of some of the most common business entities out there.

With the Tax Cuts and Jobs Act (TCJA) expected to save taxpayers over $1.5 trillion in the next decade, the massive overhaul will likely reduce the tax burden for most American and businesses. However, in any sweeping overhaul, there are certain aspects of the tax code that will be changed to either reduce a tax burden or increase tax revenue. Maryland taxation attorney, Steve Thienel talks about the pros and cons of the new tax bill and how it may affect you and your family.

Now that the Tax Cuts and Jobs Act (TCJA) has passed Congress and signed by the President, many business owners are wondering what the sweeping overhaul of the tax code could mean for their business. The new tax bill represents the largest overhaul of the tax code in decades. In general, the news for businesses is good. From large corporations to small business owners, TCJA could significantly reduce taxes for all businesses.

As a business owner, you will most likely have people working for you at some point in your company’s existence. These workers can either be employees or independent contractors. How they are classified makes a significant impact on their rights and protections. Contrary to what many business owners believe, it is not the title you give that determines whether a person is an employee or independent contractor - it is the working relationship you that you share.