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Small business tax credits and deductions you should know about

BMT Office Administration

And now is the time to think about them, since the tax-filing deadlines for calendar-year corporate returns are fast approaching—March 15 for S corps and April 18 for C corps. For certain small businesses, however, the credit is effectively refundable , depending on the size of their payroll. For 2023, you can deduct up to $1.16

Payroll 98
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1099 vs W-2: The difference between employees and contractors

BMT Office Administration

Does the business provide all necessary tools or equipment or does the worker provide their own tools? 1099 workers also are not generally paid through regular payroll and do not typically have taxes withheld from their checks or deposits. Medical and health care payments. Booth copies must be sent out by January 31.

Payroll 52
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Business finance: The ultimate guide for non-finance people

BMT Office Administration

The catch is that a business’s fiscal year does not have to line up with the traditional calendar year. However, to avoid confusion, most companies ensure that their fiscal year aligns with the current calendar year. It also depends on the health of the economy, as banks are less willing to give out business loans during recessions.

Finance 105