The term non-profit organization is used frequently, but what does it mean? A non-profit organization qualifies for a tax exemption from the IRS when it’s operated for a public, social, or collective benefit as opposed to a business that generates profits for its owners. None of the profits from the entity are distributed amongst the [...]
When tax season rolls around, life can become hectic. To make the process a little smoother, here are some things you can do to prepare as a small business owner. If you need assistance with your tax preparation for the 2023 tax season, please get in touch with our professionals at ORT Consulting. We can [...]
Businesses of all sizes may have issues when it comes to payroll taxes. The Internal Revenue Service (IRS) is generally not forgiving – leaving businesses on edge when tax season comes around. Still, by understanding and preparing for the most common problems with payroll taxes, companies can avoid any issues. Below, the experts at ORT [...]
Estate planning is a critical step in planning your financial future. Without it, you could be opening up your estate to hefty taxes. Multiple heirs or a large estate tends to complicate matters, so everything must be planned out properly. ORT Consultants is here to assist with your estate planning. Our professional staff can handle [...]
The question on every graduate’s mind is whether they will need to pay taxes on their student loan forgiveness. The one-time student loan forgiveness will forgive $10k for most borrowers earning under $125,000 annually or $250,000 if filing jointly. Some borrowers could receive up to $20k in student loan forgiveness if they previously received a [...]
Although the 2023 tax season seems like it is far away, it is fast approaching. April 2023 will be here before you know it, so understanding revisions to the tax code now will leave you with fewer headaches come next year. […]
It’s hard to imagine the feeling of dread that is experienced when you open a letter from the IRS stating that you are to be audited. IRS audits are long and drawn out because you must compile documentation on everything that was claimed in the tax returns. Personal audits are one thing, but business audits [...]
Running a small business is the equivalent of working two full-time jobs. Nobody knows your business better than you do, so it is hard to turn over the reigns on certain aspects, such as financials, to another employee. However, trying to juggle every aspect of your business may be detrimental to your mental health. You [...]
Small businesses grow over time, which means that your bookkeeping needs must evolve. While you may have started by keeping track of your business finances on your own, you may be in a position where it makes more sense to have a company, such as ORT Consulting, do your bookkeeping. There are several advantages to [...]
The 2021 tax season is at an end for many Americans, because April 18th marked the last day to file a 2021 tax return and pay any taxes due. April 18th also marked the due date for the first installment of quarterly prepayments for businesses. However, there are still key tax deadlines quickly approaching this [...]
