SEYMOUR & PERRY, LLC | BLOG

Did you know that you may be able to deduct rent as a business expense? Read on for more information.

In addition to other types of expenses, certain federal, state, local, and foreign taxes also qualify as deductible business expenses. Which taxes can I deduct as business expenses? When can I deduct taxes as a business expense?

As a business owner, you have likely found that offering various employment incentives helps to attract and retain high-quality employees. Offering an employer-sponsored retirement plan is a popular incentive among many employers, with tax benefits to boot. You may choose to offer either a defined benefit plan (also known as a pension plan) or a defined contribution plan. Defined benefit plans, more commonly known as pension plans, promise a specified monetary amount upon an

One of the most vital elements of running a business is keeping track of expenses and revenue; if you currently own a business or are interested in doing so in the future, it’s important to use a method of accounting that best suits your business needs. There are two main methods of accounting: the accrual method and the cash basis method. Let’s explore the differences between the two. The main difference between these two accounting methods is the timing of when expenses

Depending on your type of employment, level of income, and the previous tax year, you may be required to make estimated payments. Estimated payments are essentially a series of pre-payments made toward an individual or corporation’s tax liability for the current tax year. Usually paid on a quarterly basis, estimated payments help taxpayers avoid unnecessary penalties and prevent an unexpectedly high tax bill come tax season.

Whether you freelance or own a small business, being self-employed comes with a host of challenges and responsibilities, including unique tax requirements. If you are considered self-employed for tax purposes, it is up to you to accurately track and report your income and make any required tax payments. Maintaining a clear understanding of your tax responsibilities will give you peace of mind during tax season and throughout the rest of the year. [...]

When you hear the word "taxes," what comes to mind? Income taxes may take center stage in your mind's eye at the first thought of taxation, especially during tax filing season. You are probably familiar with property tax and sales tax, as well; but did you know that there is a plethora of other tax categories? Though we are certainly acutely aware of some taxes, others are levied more sparingly or are less obvious to consumers.