Effective bookkeeping is essential for any business, as it helps to keep track of financial transactions, maintain accurate records, and ensure compliance with tax regulations. However, many businesses make common bookkeeping mistakes that can lead to financial mismanagement, costly errors, and even legal issues.
…
Managing employee payrolls is much more than just paying them for the number of hours they have worked. It involves tracking their bonuses, health insurance, taxes, social security, and other factors affecting their salary. Efficient payroll management includes paying employees the right amount at the right time.
…
Ready to take the next step and start your own business? Starting a business requires a lot of thinking and planning. One of the first things you need to decide on is the structure of the business. Your business can be a sole proprietorship, partnership, corporation, or legally registered Limited Liability Company (LLC).
…
Tax planning is the process of organizing your finances to minimize your tax liability. It involves understanding the tax laws and taking advantage of the deductions and credits that are available to you. By reducing your tax liability, you will have more money to invest or spend on other things. Additionally, tax planning can help you avoid penalties and interest charges that may be assessed if you fail to pay your taxes on time. Finally, tax planning can give you peace of mind.
…
Financial planning enables you to avoid overspending, plan for unseen costs and save money for retirement.
Every year, the IRS (Internal Revenue Service) sends out reminders regarding the deadline to file taxes through various channels. Tax issues and related problems can pile up quickly if you ignore this deadline or miss it.
…
If you are a business owner and highly value your peace of mind and time, consider outsourcing your payroll services.
…
With frequent tax laws and policy updates, it’s challenging to keep up with all the technical details.
As a result, a lot of people end up making tax planning mistakes.
…
When it comes to running a business in the United States, the owner generally has access to several different organizational forms to choose from. These business structures may vary from the simplest—a sole proprietorship—to the most complex, such as a C corporation. However, one type of structure that is exceptionally prevalent nowadays is the limited liability company (LLC). Continue reading to learn what an LLC is, how to form an LLC, and how it benefits business owners.
…
Is Forming an LLC Beneficial for Business Owners?Read More »
Is there a chance that your company may be entitled to tax refunds next year, resulting in additional cash flow? That’s great news. Now that you have the possibility of some extra money coming in, how should you spend it? Sure, you can take a trip, put money into an emergency fund, or purchase something you’ve had your eye on for a while. However, a tax refund is an excellent opportunity to expand your business if used wisely. Here’s how:
…
The profitability of your company entirely depends on how well you understand your federal, state and local taxes.
…
If you’re a new small business owner, you may be wondering what the phrase “doing your taxes” entails. Paying business taxes and filing returns can be quite confusing, especially when you’re doing it for the first time.
Here are a few commonly asked small business tax questions answered.
Businesses are required to file an annual tax return. Most businesses pay federal taxes on income earned during a twelve-month period. On the other hand, partnerships don’t have to pay income taxes but must file an annual information return reporting their share of profits or losses.
It’s imperative that you fully understand your local, state, and federal tax requirements before making any payments. This will ensure accuracy during the tax filing process and prevent missed deadlines. The type, amount, and method of tax payments depend on your business structure. Since the federal income tax system adopts a pay-as-you-go approach, you can expect quarterly tax payments that will compensate for your tax bill during your annual tax return.
Many small business owners struggle to conclude their deductible expenses when filing taxes. This can be tricky, as some personal and business expenses may overlap. The good news is that most business expenses are deductible, as long as you can prove they were made for crucial and reasonable business purposes.
Common deductible business expenses include those related to the equipment, transportation, office supplies, and technology used by employees. You may also be able to include business-related meals, travel, and purchases in these expenses. However, it’s best to reach out to a professional instead of assuming things on your own to avoid penalties.
Another aspect to keep in mind when paying taxes is how you classify your employees. The IRS has specific guidelines on how small business employees need to be classified, depending on the business relationship you have with them. You need to stick to these rules when determining if a worker is a permanent employee or an independent contractor.
Misclassifying workers can result in hefty fines and tax penalties. Working with a certified tax coach can help you evade these outcomes. Nidhi Jain is a certified public accountant and tax coach who provides comprehensive services for personal and business tax filing in Bay Area.
If you’re looking for a tax consultant in San Jose for your business, reach out to her today!
With frequent tax laws and policy updates, it’s challenging to keep up with all the technical details.
As a result, a lot of people end up making tax planning mistakes.
Outsourcing continues to play an essential role in the strategy of worldwide businesses; despite the upheaval caused by COVID-19, companies continue exploring foreign outsourcing, according to the Deloitte 2020 Global Outsourcing Survey findings. Payroll, which is a fundamental business activity, is often outsourced, especially by larger businesses. But why do companies outsource their payroll management? Continue reading to learn about the benefits of outsourcing payroll management.
…
5.4 million startups were registered in the US in 2021. Starting a business from scratch and then keeping it afloat is not easy. You are bound to make mistakes, and sometimes these mistakes can cost you big time. Most owners don’t want to outsource any services for their startups because they want to save money.
…
CPA, CTC, CA, Master of Commerce (India)
This e-mail and any files transmitted with it are for the sole use of the intended recipient(s) and may contain confidential and privileged information. If you are not the intended recipient(s), please reply to the sender and destroy all copies of the original message. Any unauthorized review, use, disclosure, dissemination, forwarding, printing or copying of this email, and/or any action taken in reliance on the contents of this e-mail is strictly prohibited and may be unlawful.
Nidhi Jain is a CPA and Indian CA providing services in US and India. We serve Bay area including South Bay, Sunnyvale, San Jose, Milpitas, Fremont, East Bay, Trivalley, Pleasanton, Livermore, Dublin and San Ramon. We specialize and have extensive experience to best serve our clients with complex tax situations like: Asset Inheritance and Gift from Foreign countries, Repatriating Money from Foreign countries, FBAR Filing (Foreign Bank Account Reporting), Incorporation of US Entity by International Clients, International Tax reporting and compliance of selling property abroad, Tax Planning and Advisory Service
© 2025 Nidhi Jain CPA. All Rights Reserved
