While the New Year is always a time to celebrate and hope for better things, it also means that tax season is upon us, and this reality brings with it stress for both accountants and...
You are responsible for personal and business taxes as a small business owner. There are two types of taxes: direct and indirect. What differentiates these two groups? Indirect and...
As a small business owner, you want to know the type of taxes you should pay, and an excise tax is one of such taxes. Excise taxes are the extra tax added to particular products or...
Posted by KLSM CPA Firm PLLC on 10/09/2021
Excise tax has to do with selected goods and services. The tax applies to businesses that manufacture or distribute chosen goods and services. While a consumer will not be billed for...
Energy tax credits for businesses are classified as a dollar to dollar deduction on a commercial organization's energy bills. It is usually done at the federal and state level....
The Federal Fuel Tax Credit is a program that allows businesses to reduce their taxable income dollar by dollar-based on specific types of fuel costs. The fuel tax credit encourages...
A flexible spending account, or FSA, is a pre-tax expense account that many employers offer for employees' benefit. These bills allow you to pay necessary expenses without paying...
It is a common saying that there is nothing as certain as death and taxes. However, the issue with taxes is the inconsistency and the complication. Also, tax is not as old as human...
What is the Internal Revenue Code?The Internal Revenue Code refers to Title 26 of the United States Code. "Formal consolidation and codification of the United States' general...