ABCs of customer profitability
Some customers naturally require more time and resources than others. But when certain relationships consistently consume more of your and your employees’ time than they generate in profit, it may be time to reassess. Taking a closer look at customer‑level profitability can help you understand where resources are going and ensure that high‑value relationships receive […]
What Happens If You’ve Never Filed a Tax Return for Your Business? Here’s the Honest Answer
Many small business owners miss filing deadlines and find themselves sitting on years of unfiled business tax returns, unsure what to do next. This post breaks down exactly what happens when you don’t file: the IRS receives third-party income data regardless, may file a Substitute for Return using their own calculations without your deductions, and penalties compound at 5% per month up to 25% of the balance owed. The piece explains the critical difference between filing late and not filing at all, why doing nothing is always the worse choice, and what Indiana business owners face with separate state penalties through the Indiana Department of Revenue. A five-step action plan walks through how to identify missing years, gather records, file in order, assess the real balance, and pursue resolution options like penalty abatement or Offer in Compromise. Key definitions, a document preparation checklist, and a comparison of approaches help readers understand their actual exposure. The FAQ section answers the most common questions about IRS look-back periods, zero-income years, negotiation eligibility, and Indiana-specific rules. The post closes with a clear call to action for Indianapolis-area business owners to connect with On-Target CPA.
How to Start a Business in Indiana the Right Way – Before You Register Anything, Talk to a CPA
Before you file anything with the Indiana Secretary of State, your entity structure decision will shape how you’re taxed for years. This post breaks down the real cost of starting a business in Indiana in 2025 – including LLC filing fees ($100), corporation fees ($90), and Indiana’s corporate tax rate of 4.9%. The S-corp election window is just 75 days from formation, and missing it means overpaying self-employment tax for a full year. A detailed comparison of LLC, S-Corp, and sole proprietorship structures shows exactly where each option wins and fails, plus a side-by-side table comparing Indiana to Illinois, Ohio, Michigan, and Kentucky. An action plan walks through every step from CPA consultation to Indiana Department of Revenue registration. Common mistakes – like skipping the S-corp election or missing the biennial report – are called out directly with how to avoid them. A pre-CPA meeting checklist helps new owners prepare. Six FAQ answers cover costs, deadlines, tax obligations, and structure decisions in plain language. The core message: the filing fee is cheap; the tax consequences of getting the structure wrong are not.
2 retirement plans for small businesses with lean budgets
Most business owners would like to offer their employees a 401(k) retirement savings plan with all the bells and whistles. But for small businesses with lean budgets and small staffs, offering such benefits may be out of the question. Fortunately, SEP IRAs and SIMPLE IRAs are less expensive and easier to administer. Might one […]
Don’t miss your opportunity to make a 2025 IRA contribution — whether you can deduct it or not
Generally, each year you can contribute up to the annual limit to a traditional or Roth IRA (or a combination of the two). But once the contribution deadline has passed, the opportunity to contribute for that year is lost forever. The deadline for 2025 IRA contributions is April 15, 2026. You may be eligible […]
Cross-functional teams can boost collaboration — and sales
“Cross-functional” sales teams that collaborate with other departments often perform more effectively than siloed ones. By providing feedback and support, employees with varied skill sets and knowledge bases can help your sales team create more holistic sales strategies, better align product offerings with customer needs and efficiently adapt to market changes. Here’s how sales […]
Business deductions for four-legged coworkers
Did you know that you can claim tax deductions for animals that serve a bona fide business purpose? This benefit extends beyond agricultural operations. Working animals in many sectors may qualify. Here are the details. Working animals vs. personal pets A working animal must provide a clear and direct business benefit. Common examples include: […]
How Local Businesses in Indianapolis Are Transforming Tax Strategies
Indianapolis businesses are revolutionizing their tax strategies in response to evolving tax laws, leveraging local knowledge and innovative technology. On-Target CPA provides personalized solutions that enhance financial health and compliance. With the fiscal year-end approaching, businesses are urged to reassess their strategies to secure savings and growth opportunities. Contact On-Target CPA for tailored advice that aligns with your goals.
How will taxes affect your merger or acquisition?
Whether you’re selling your business or acquiring another company, the tax consequences can have a major impact on the transaction’s success or failure. So if you’re thinking about a merger or acquisition, you need to consider the potential tax impact. Asset sale or stock sale? From a tax standpoint, a transaction can basically be […]
6 last-minute tax tips for businesses
Year-round tax planning generally produces the best results, but there are some steps you can still take in December to lower your 2025 taxes. Here are six to consider: 1. Postpone invoicing. If your business uses the cash method of accounting and it would benefit from deferring income to next year, wait until early […]
