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The IRS is spending $80 billion to close the tax gap. How will it impact your taxes?
7Jun
The IRS is spending $80 billion to close the tax gap. How will it impact your taxes?
In April 2023, the IRS received $80 Billion in a new budget as part of the Inflation Reduction Act. Recently, the agency revealed they’ll use some of those funds to hire thousands of agents to audit the filings of wealthy individuals and corporations to close “the tax gap.”  Let’s look closer at where these funds...
Gross vs. Net Income: What Employers Should Know For Tax Time
24May
Gross vs. Net Income: What Employers Should Know For Tax Time
In simple terms, the difference between gross vs net income is that gross income refers to a business’s total earnings, while net income is left over after subtracting expenses.  However, gross vs net income is slightly different for tax purposes depending on whether you’re an employer or an employee:  Because the law requires employers to...
A Beginner’s Guide to Small Business Tax Deductions
10May
A Beginner’s Guide to Small Business Tax Deductions
Whether on an individual level or as a business owner, every living, breathing citizen or resident of the United States of America has some familiarity with federal and state taxes. The mission of the Internal Revenue Service is to "provide America's taxpayers top quality service by helping them understand and meet their tax responsibilities and by applying the tax law with integrity and fairness to all.
Mastering Form 2553: Unlocking the Benefits of S Corp Tax Election
27Apr
Mastering Form 2553: Unlocking the Benefits of S Corp Tax Election
Navigating the world of taxes can be overwhelming for small businesses, especially when it comes to understanding which forms to file and the implications of making certain elections. One such tax form, IRS Form 2553, can significantly impact a company’s tax strategy, potentially saving them from double taxation.  In this article, we delve into the...
The Business Owner’s Guide to Mileage Reimbursement (2023 Edition)
18Apr
The Business Owner’s Guide to Mileage Reimbursement (2023 Edition)
Company vehicles aren’t always available, particularly for smaller and growing businesses. This can lead to situations where employees must use their own cars for work-related travel. Whether visiting clients, heading to the airport, or making deliveries, personal vehicle usage may qualify employees for mileage reimbursement. The IRS provides a 2023 reimbursement rate, but there’s more...
More Than a Loophole: Delaware Sales Tax and Other Benefits of Incorporation in DE
11Apr
More Than a Loophole: Delaware Sales Tax and Other Benefits of Incorporation in DE
Delaware taxes may not seem great after considering what Nevada, Oregon, and Wyoming have to offer. Get expert tax advice.
How to Convert LLC to S Corp or C Corp
13Mar
How to Convert LLC to S Corp or C Corp
This can make a lot of sense if you are the single owner of a company or if you only have a few partners. Operating as an LLC gives business owners flexibility.
What Happens if You Don’t Report Cryptocurrency on Taxes?
3Mar
What Happens if You Don’t Report Cryptocurrency on Taxes?
Are you using cryptocurrency in your business? The tax experts at inDinero have broken down the basics of crypto taxation so you can avoid huge tax bills.
83b Election Can Save Some Serious Cash
14Feb
83b Election Can Save Some Serious Cash
Issuing restricted stock is a common way to compensate a company’s founders. If you are a founder of a new business, an 83b election is a vital tax form that can save you serious money when it comes time to file taxes. An 83b filing could work out great for you, but the ins and...
The R&D Tax Credit and Payroll-Tax Offset Swirl: It’s A Tax Treat for Qualified Small Businesses
21May
The R&D Tax Credit and Payroll-Tax Offset Swirl: It’s A Tax Treat for Qualified Small Businesses
Did you know your business could qualify for a ‘sweet’ tax credit. Does your startup or small business spend money on trial-and-error activities to create a new product or improve a process? If that sounds like your business, the R&D tax credit and the payroll tax offset should absolutely be part of your tax strategy....
Side Hustlers! Don’t Forget to Pay Your Small Business Taxes
31Mar
Side Hustlers! Don’t Forget to Pay Your Small Business Taxes
You may not have had time to check out all of the business expenses that your side hustle affords you. Skim our infographic of five small business deductions you shouldn’t miss.
Consider This Before Selling Your C-Corp Stock
29Mar
Consider This Before Selling Your C-Corp Stock
Are you looking to sell your c-corp stock? Check out these tips on how you may be able to save some serious cash.
Don’t Forget How Generous You Were Last Year and Miss Out on 2020 IRS Charitable Deductions
26Mar
Don’t Forget How Generous You Were Last Year and Miss Out on 2020 IRS Charitable Deductions
The CARES Act made changes to charitable deductions for 2020. Find out how the IRS is giving back to you for your generosity.
Make Sure You Know Your IRS Tax Deadlines for Filing Your 2020 Business Taxes in 2021
3Mar
Make Sure You Know Your IRS Tax Deadlines for Filing Your 2020 Business Taxes in 2021
Whether you file your business’s taxes yourself or you have help, making sure your tax returns are right and on time is a lot easier when you have a year-round reliable accounting team and have the right deadlines marked on your calendar. By outsourcing your business’s accounting and taxes with indinero, you’re covered on both...
A Business Owner’s Guide The Payroll Protection Program Round Two
12Jan
A Business Owner’s Guide The Payroll Protection Program Round Two
Guidance from the Small Business Administration (SBA) for lenders of the Round Two (aka “second draw”) of Paycheck Protection Program (PPP) loans is out, and the portal is open.