Deducting Medical Expenses

May 07, 2021 by First Federal Bank

No matter your income or financial situation, medical bills can take an enormous bite out of your budget. If you face big recurring costs or recently went through a high-priced operation or hospital stay, you might benefit from claiming a medical expense deduction on your taxes.

Topics: Taxes

Understanding Taxes When You're Self-Employed

March 29, 2021 by First Federal Bank

If you’re new to the world of business ownership, managing your taxes can be one of the most daunting aspects of self-employment. Dealing with estimated taxes, figuring out deductions, and navigating tax forms can dampen the spirits of even the most intrepid entrepreneur. To help you prepare, here are a few things to know about the unique tax...

Topics: Entrepreneurship, Taxes

Business Accounting Mistakes to Watch Out For

March 19, 2021 by First Federal Bank

Tax time is stressful for every small business owner, especially if you make certain common accounting mistakes. These simple errors can lead to missed deductions, additional fines, and plenty of unnecessary stress, all of which cost you the time and energy you could be using to grow your company. From simple disorganization to overburdening...

Topics: Small Business, Entrepreneurship, Taxes

What Happens When You Miss Tax Deadlines?

March 17, 2021 by First Federal Bank

The beginning of each new year brings the looming stress of filing your taxes. Sorting through all the paperwork, filling out the correct forms, and making sure everything is prepared and filed on time can be a challenge. Depending on your circumstances, you may find yourself missing important tax deadlines. This can be a frightening situation,...

Topics: Taxes

Business Tax Tips For Procrastinators

March 08, 2021 by First Federal Bank

Every year you tell yourself you will not wait until the last minute to file your business’s tax return. Every year, though, you still find yourself scrambling to complete it. If you are ready to break the procrastinating cycle when it comes to filing your business’s tax return, implement these tips into your business plan:

Topics: Small Business, Taxes

Learn More About Form W-9

January 29, 2021 by First Federal Bank

If you’re an independent contractor, you have a different set of tax obligations from a full- or part-time employee. When you enter into a contact with a company but aren’t on the payroll, you should receive a Form W-9. This allows you to report your earnings and ensure you don’t land in hot water with the Internal Revenue Service.

Topics: Entrepreneurship, Taxes

Tax Resolutions for 2021

January 15, 2021 by First Federal Bank

Nobody looks forward to paying taxes, but a bit of preparation and planning can go a long way toward easing the stress for your small business. As 2021 gets underway, consider making these tax resolutions part of your business strategy for the new year:

Topics: Small Business, Entrepreneurship, Taxes

How to Prepare for an IRS Audit

January 06, 2021 by First Federal Bank

A letter from the Internal Revenue Service states you are being audited. Not news you were expecting, so it’s understandable to feel a little unsettled, panicked or scared. Don’t let you emotions take over. An IRS audit isn’t fun, for sure, but you can handle it. The following tips will help you prepare for an audit:

Topics: Financial Education, Taxes

Record Management 101

December 21, 2020 by First Federal Bank

Being an entrepreneur comes with a lot of paperwork. All of those receipts, invoices, tax forms, credit card statements and payroll forms can quickly become overwhelming. But don’t succumb to the temptation to shove them all in a drawer and forget about them. Follow these tips to help you wrangle those records:

Topics: Small Business, Entrepreneurship, Taxes

The Do's and Don'ts of Home Office Deductions

November 20, 2020 by First Federal Bank

The popularity of the home business model has seen a significant spike in recent years. More and more individuals have found success earning a living from the comfort of their own home. There can be many perks to being a home business owner, but one benefit not many owners take advantage of is the ability to claim a home office tax deduction....

Topics: Small Business, Entrepreneurship, Taxes, Home Owners, Business

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