Here’s what business owners need to know about tax changes for 2021. Standard Mileage Rates The standard mileage rate in 2021 is 56 cents per business mile driven. Health Care Tax Credit for Small Businesses Small business employers who pay at least half the premiums for single health insurance coverage for their employees may be eligible for…

As we close out the year and get ready for tax season, here’s what individuals and families need to know about tax provisions for 2021. Personal Exemptions Personal exemptions are eliminated for tax years 2018 through 2025. Standard Deductions The standard deduction for married couples filing a joint return in 2021 is $25,100. For singles and married…

Cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for 2022 are as follows: 401(k), 403(b), 457 plans, and Thrift Savings Plan. Contribution limits for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased to $20,500, up from $19,500. The catch-up contribution…

QuickBooks has a new set of tools that can help you deal with what is probably one of your most pressing problems: getting customers to pay. Here’s how to use this new feature: Creating Your Groups QuickBooks has added an entry in the Customers menu to take you to these new tools. Go to Customers | Payment Reminders…

Can you point your company in the direction of financial success, step on the gas, and then sit back and wait to arrive at your destination? Probably not. While you may wish it was that easy, the truth is that you can’t let your business run on autopilot and expect good results. Every business owner…