Essential Bookkeeping Practices: Avoid These Common Mistakes
Good financial management is crucial for business success. Proper bookkeeping helps with tax compliance and provides data for strategic decisions. Avoid these common bookkeeping mistakes to ensure accurate financial records. 1. Keep Accurate Records Challenge: Many businesses fail to keep up-to-date records. This can lead to misunderstandings about financial health. Solution: 2. Separate Personal and […]
Independent Contractor vs. Employee: A Crucial Decision for Small Business Success
A critical decision you need to make is whether to classify a worker as an independent contractor or an employee. Making the wrong choice can lead to expensive consequences. Why Does It Matter if I Hire an Employee vs. a Contractor? When you hire an employee, you must: For independent contractors, you don’t have these […]
Are you setting aside enough money for taxes?
For many small business owners, taxes may be a mystery, or an annual burden that surprises you every April 15th. Understanding your tax obligations and setting aside enough cash to pay them is an important part of your cash flow planning. This can be difficult if you have more than one source of income, such […]
Interest Rates Remain Unchanged for Q2 2024
What You Need to Know The Internal Revenue Service (IRS) has released its announcement regarding interest rates for the upcoming quarter. For the calendar quarter beginning April 1, 2024, here are the key details: Why Estimating Taxes Is Crucial Connect with our team today to receive personalized tax planning tailored to your unique financial situation. […]
Why is an Accountable Plan Important for Small Business Owners?
Running a small business demands wearing multiple hats and managing your finances can be a constant challenge. One often-overlooked tool for small business owners is the accountable plan. In this post, we’ll explore why having an accountable plan is not just advisable but essential for the financial success of your small business. Understanding the Essence […]
Are you subject to the Net Investment Income Tax (NIIT)?
The NIIT is a 3.8% tax that applies to individuals, estates, and trusts. It kicks in when your net investment income or your modified adjusted gross income (MAGI) exceeds certain thresholds. Here’s the breakdown based on filing status: Married filing jointly $250,000 Married filing […]
Introducing the New IRS Online Tool for Business Taxpayers
The Internal Revenue Service (IRS) has recently launched a new online self-service tool designed to help business taxpayers access their tax account information anytime, anywhere. This tool is part of the IRS’s ongoing modernization efforts to improve services for taxpayers. What Can You Do with the IRS Online Tool? Whether you’re a sole proprietor, an […]
Welcome to Apogee Tax & Accounting, LLC!
We’re excited to launch our new website and blog. We are based in Prince William County, VA and offer tailored services for small businesses, including bookkeeping, tax preparation and planning, and QuickBooks Online consulting. We’re more than just numbers; we’re your financial partners. Contact us today for a free consultation. Let’s reach new heights of […]
Maximize Tax Savings with Bonus Depreciation and Section 179
If you’re a business owner aiming to boost tax benefits from investments, understanding bonus depreciation and Section 179 expensing is crucial. These two tax incentives can significantly reduce taxable income and enhance cash flow. Here’s a concise guide on how to maximize your tax savings for the 2023-2024 tax years. This strategy allows businesses to […]
