Conner Tax Service

8 Tax Penalties Your Business Should Know About Hello Reader, Most business owners are well acquainted with tax penalties - they’re harder to avoid than anyone wants to admit. But what are tax-related penalties? The majority of penalties taxpayers come across are issued by the IRS. Here’s a list of the most common tax-related penalties and their amounts: Information Return: applies to taxpayers who don’t file or provide required information on their return or payee statement (like a 1099)...

Get Rewarded for Your Business Expenses—Apply Now! A business credit card can be a powerful tool for managing expenses, improving cash flow, and earning rewards. It allows you to keep personal and business finances separate, simplifying tax reporting and bookkeeping. With features like expense tracking and spending limits for employees, a business credit card helps streamline operations. Additionally, many cards offer rewards programs that can provide cashback, travel points, or other perks,...

An emergency fund is an essential part of a solid financial plan. It can help you pay unexpected expenses and avoid taking on more debt from high-interest credit cards or loans. You can build up your business cash reserve account in several ways: Determine Your Needs. The first step is to determine how much you need in an emergency. Your needs will be unique, depending on your business. A rule of thumb, 10% of your annual revenue might be a good benchmark. Set Reasonable Emergency Savings...