Do You Need to Make Quarterly Tax Payments?

August 25, 2021 by First Federal Bank

If you have worked as an employee of a company or another person for most of your life, you are probably used to having taxes withheld from your paycheck and filing one yearly tax return. However, if you are self-employed, you likely need to pay estimated taxes, which are due on a quarterly basis.

Topics: Entrepreneurship, Taxes

Tax Breaks You Might Have Overlooked

July 22, 2021 by First Federal Bank

Every year, American citizens perform their civic duty by writing a check for their taxes. While the process of filing taxes can be a challenge, the real stress comes when you find out how much of your hard-earned money needs to be sent to Uncle Sam. Before you finalize your next round of taxes, be sure to keep these easily overlooked tax...

Topics: Taxes

Tax Differences Between Corporations and LLCs

July 07, 2021 by David Brewer, CPA

You want to ensure you set your business up properly from the start. Choosing the right entity can be one of the most important decisions you make. Corporations and limited liability companies have many differences worth weighing, including how the money earned is taxed. Paying taxes on profits is part of running a business, but how much you...

Topics: Small Business, Taxes

Calculating Business Asset Depreciation

May 21, 2021 by First Federal Bank

The things you buy, including equipment and property, to help improve your small business are not only smart investments, they are valid deductions you can report on your tax return. Since you are dealing with taxes, though, how to calculate the depreciation of your business assets can be complicated.

Topics: Small Business, Entrepreneurship, Taxes

Claiming Earned Income Tax Credit

May 14, 2021 by First Federal Bank

For low- or middle-income household, the Earned Income Tax Credit may be able to help reduce your tax burden or bolster your refund. However, tax firm H&R Block states as many as 22 percent of qualifying taxpayers miss out on claiming the EITC. Don’t be one of them — here’s a look at what you need to know to get the most out of your EITC.

Topics: Saving Money, Taxes

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

Leave us a comment and join the conversation.