9 tax considerations if you’re starting a business as a sole proprietor
- ByPolk & Associates
- Feb, 14, 2024
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When launching a business, many entrepreneurs start out as sole proprietors. If you’re launching a venture as a sole proprietorship, you need to understand the tax issues involved. For example, you may be eligible for the pass-through deduction on qualified business income. You must pay self-employment taxes and make estimated tax payments on income earned. For 2024, these are due April 15, June 17, Sept. 16 and Jan. 15, 2025. If you hire employees, you need a taxpayer ID number and must withhold payroll taxes. Keep complete records of income and expenses. Also, consider setting up a retirement plan. Contact us if you want more information about the tax implications of running your business.
3 common forms of insurance fraud (and how businesses can fight back)
- ByPolk & Associates
- Feb, 14, 2024
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Businesses need insurance, but dishonest individuals can exploit it. Here are three of the most common forms of insurance fraud: 1) Premium diversion occurs when an employee or insurance agent steals funds intended to be premium payments and uses them for personal or other business expenses. 2) Workers’ compensation schemes involve employees fabricating or exaggerating injuries or illnesses to receive benefits. 3) Health insurance scams happen when someone adds a fake employee to the plan or uses a stolen identity to enroll a nonexistent dependent. To fight back, choose providers carefully, develop strict claims policies and offer a fraud prevention hotline. Contact us for help.