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Showing posts with the label Taxes

7 Best Christmas Tree Stands in 2022

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Believe it or not, a Christmas tree won't stay upright on its own. Instead, you need a stable Christmas tree stand that can accommodate the type and size of tree you have. We researched dozens of the best Christmas tree stands to help you find the right one for your needs, whether you have a real tree, an artificial tree, a small tree, or a behemoth. The stands in our guide have a track record of durability, performance, and easy setup. We also outline the size and type of tree each stand is meant for. Check out our guide to the best Christmas tree skirts once you've chosen the right stand for your tree. The best Christmas tree stands in 2022 Best Christmas tree stand overall: Krinner Tree Genie Christmas Tree Stand, available at Amazon, $82.79 The German-engineered Krinner Tree Genie Christmas Tree Stand is easy to set up in a couple of minutes and keeps trees up to 12 f...

Act Now on Your Year-End Tax Strategy to Save in 2023

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Opinions expressed by Entrepreneur contributors are their own. Come January 3, a new Congress will convene in Washington, DC, setting the stage for potential tax changes that could impact small and medium-sized businesses. With that in mind, it's important for businesses to engage in certain tax planning strategies and to take advantage of tax credits that will soon expire or be phased out. The Employee Retention Credit (ERC) is one such credit. Created in 2020 to provide economic relief during the Covid-19 pandemic, the ERC lets businesses claim thousands of dollars in refundable tax credits to compensate for losses experienced in 2020 and 2021 while they continued to pay employees. Businesses subject to a full or partial shutdown or significant decline in gross receipts can qualify. Many small and midsize businesses I know are eligible for two quarters or more of credits, which can range as high as $7,000 per quarter per employee in 2020, with higher per-e...

9 States With No Income Tax: Everything To Know

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Income tax can take a big bite out of your wallet and your business's bottom line. But not every state in the union charges income tax. Some states, like Texas, have become well-known as business havens for budget-minded entrepreneurs partly because they don't charge income tax. For comparison, here are the nine states with the highest income tax rates : California - 13.30% Hawaii - 11.00% New York - 10.90% New Jersey - 10.75% Oregon - 9.90% Minnesota - 9.85% Vermont - 8.75% Iowa - 8.53% Wisconsin - 7.65% This article will look at nine states with no income tax and explore everything taxpayers need to know about these tax-reduced territories. What is income tax? Income tax is a crucial source of revenue for state and federal governments worldwide. There are several types of income tax that you might have to pay depending on where you live. An individual income tax is levied on individuals' wages, salaries or other income. States usually impose these. Corporat...

What is Auto-Reconciliation? How Can it Save Small Businesses and Banks?

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Opinions expressed by Entrepreneur contributors are their own. Imagine this. John Carter begins his job as the country club's new finance and administration director by reconciling its payroll journal entries with employee payroll logbooks provided by its payroll processor. It takes him weeks and distracts him from other important issues. Eventually, Carter deduces that the club's HR director is misappropriating thousands of dollars in overpayments to herself and other employees. Without reconciliation, Carter might not have been able to discover the fraud. He might have caught it sooner — maybe even prevented it — if the club had a monthly or biweekly reconciliation policy that provided tight oversight of its bookkeeping. Reconciliation reliably helps monitor cash by cross-validating accounting data with an independent financial record like a bank statement to reduce errors, duplicated entries and inaccurate information. Does your accounting data show m...

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