Missouri Tax and Business Blog

This blog focuses on a variety of issues affecting individuals and small businesses. Topics for individuals include taxes, identity theft, security among other relevant issues. Small business owners can see topics about taxes, tax planning, marketing and other business issues/topics.

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Posts about Small Business

21 September 2020

10 Tips for Better Budgeting…

…and how QuickBooks Online can help you with the mechanics.

David M Robson

Small Business

15 September 2020

Ready for the 1099-NEC?

The Internal Revenue Service has resurrected a form that has not been used since the early 1980s, Form 1099-NEC (the NEC stands for non-employee compensation). This form will be used to report non-employee compensation in place of the 1099-MISC, which has been used since 1983 to report payments to contract workers and freelancers. Form 1099-MISC has also been used to report rents, royalties, crop insurance proceeds and several other types of income unrelated to independent contractors.

David M Robson

Small Business

01 September 2020

Video: Watch Out for Tax Penalties

Watch this video to look at some of the more commonly encountered tax penalties and how they may be avoided.

David M Robson

Small Business

01 September 2020

Is the Temporary Deferral of Employee Payroll Tax Worth It?

President Trump issued a Presidential Memorandum on August 8, 2020, that directs the Treasury Secretary to use his authority to defer the withholding, deposit and payment of employees’ portions of Social Security taxes from September 1 through December 31, 2020. The goal is to put more money in the pockets of workers during the COVID-19 pandemic emergency. The deferral applies to the 6.2% tax on wages or compensation paid for a bi-weekly pay period of less than $4,000 or the equivalent threshold amount for other pay periods. In other words, employees with annual wages up to $104,000 are generally eligible for the deferral.

David M Robson

Small Business

18 August 2020

Wealth Transition and Succession Planning: Best Practices for Businesses During COVID-19

Business owners of all industries need to be aware of the implications of COVID-19 in regard to business valuations, wealth transition, and succession planning.

David M Robson

Small Business