Did you ever wonder how the federal government determines the amount of taxes you owe on your annual income? The W-4 Form is the answer. In the following article, we provide an overview of the W-4 and how it is used for tax withholding. We also take a look at recent changes that have been made to the W-4 Form, …
What to Prepare for the 2023 Tax Season: Important Dates, Deadlines, and Documents
It’s a new year and many of us are ready to get organized and streamline our business processes for the year ahead. In today’s article, we offer several practical ideas for organizing receipts for your childcare business. Read on to find out more.
As the year draws to a close, a few important tasks may still need to be checked off your to-do list as a childcare business owner. In the following guide, the Honest Buck Accounting team has compiled an actionable year-end checklist for the small business owner. Read on to find out more.
In the following guide, learn a few hacks that can help you master QuickBooks Online starting today. Read on to find out more.
Many individuals who own sole proprietorships, partnerships, limited liability companies, S corporations, and certain trusts and estates may be eligible for the qualified business income (QBI) deduction. Is your childcare business one of them? In the following guide, learn what the qualified business income deduction is, whether your childcare company qualifies, and how you can claim your deduction. Read on …
The Work Opportunity Tax Credit (WOTC) is a tax credit program initiated by the federal government through the Internal Revenue Service to increase employment opportunities for specific groups of people who might otherwise find barriers to employment. As a business owner, if you hire an employee from one of the target groups outlined by the WOTC program, you are eligible …
What Daycare Business Owners Need to Know About Taxes Running a childcare business is incredibly rewarding. Every day, you and your staff make a real difference to the parents who trust you to care for their kids. But just like any other business, you need to pay taxes. Daycare taxes work in the same way as taxes in most other …