Robotics & Automation News

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tax

How These 4 Tax Implications Affect Automation Contracts

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Taxes and automation might not seem connected, but they intersect in surprising ways. Contracts involving robotics introduce unique financial considerations, especially with independent contractors or freelancers.

Tax implications aren’t just legal obligations; they influence decision-making in drafting agreements. Businesses must factor in how tax codes treat equipment usage, R&D credits, and even foreign partnerships.

What about individual workers managing 1099s for tech-driven gigs? Or companies grappling with compliance as their workforce evolves alongside innovation? The automation era transforms how taxes work. [Read more…] about How These 4 Tax Implications Affect Automation Contracts

Bookkeeping Tips for Owner-operators

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Bookkeeping is the fundamental aspect of any business. In particular, maintaining accurate financial records is necessary for staying compliant with tax regulations, managing cash flow, and fostering growth.

Ineffective bookkeeping can lead to costly mistakes, missing deadlines for tax payments, and facing cash flow issues.

With these bookkeeping tips for small businesses, owners can keep their financials in order and make informed decisions. [Read more…] about Bookkeeping Tips for Owner-operators

Why Are Quarterly Taxes Required for Freelancers?

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For self-employed individuals and independent contractors, tax season may be challenging. You need to gather paperwork and documentation, and you need to decide when you will return (or hire a professional to help work with you). On occasion, even writing a big check to the IRS is necessary. For independent contractors, tax season occurs four times annually, which is too often to handle just once.

Depending on the kind of work you perform or how you get paid, you could need to pay your taxes through expected quarterly taxes. If you require help with tax calculation, you can immediately prepare your taxes using a 1099 tax calculator or a quarterly tax calculator.

In the United States, taxes are paid on a pay-as-you-go basis as income is earned. Freelancers are in charge of managing their own tax responsibilities using anticipated quarterly tax payments. [Read more…] about Why Are Quarterly Taxes Required for Freelancers?

mHUB investing $50 million to build ‘largest independent manufacturing center in America’

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Historic 80,000 sq ft facility in Chicago Near West Side Opportunity Zone will expand to make mHUB the ‘largest independent manufacturing center in US’

Manufacturing and “hardtech” innovation center, mHUB, is investing $50 million in the acquisition and build-out of a historic manufacturing facility within Chicago’s Kinzie Industrial Corridor on the city’s Near West Side.

The building is located within a designated Opportunity Zone and planned manufacturing district on a 2-acre site that will increase mHUB’s prototyping and testing facilities and office and convening spaces to become the largest independent manufacturing innovation center in the country.

Launched in 2017, mHUB has supported over 500+ startups and 200 manufacturers from all over the world that have created 5,000+ jobs and generated over $2.6 billion of economic activity. [Read more…] about mHUB investing $50 million to build ‘largest independent manufacturing center in America’

Learn More About Cloud Faxing Services

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Cloud computing is still a relatively new technology. Because of its comparative novelty, states are still trying to figure out how to tax transactions that occur within the cloud computing industry.

They regularly issue new policy statements, enact new legislation, and promulgate new rules regarding the taxability of cloud-based transactions, so it can be hard for the average business owner to keep up.

Modern companies that utilize cloud-based solutions must be aware of the complexity of state sales and use tax treatment. To that end, this article will offer a basic introduction to the tax treatment of the three types of cloud computing transactions. [Read more…] about Learn More About Cloud Faxing Services

Tips for looking after your car during lockdown

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While we may all be getting used to this new normal that lockdown living has brought, if you’re one of the estimated six million to be furloughed during this pandemic you might be having to keep a closer eye on your finances than usual.

If the thought of receiving an unexpected mechanic’s bill because your car has been sitting idle for weeks fills you with dread, there are some things you can do to keep your car in good running order for when lockdown measures are lifted. [Read more…] about Tips for looking after your car during lockdown

Technically speaking, South Korea just introduced world’s first ‘robot tax’

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It was kind of funny when the idea of asking robots to pay their fair share of taxes was first floated, but it seems some are taking it seriously. 

Bill Gates was one of the first to talk about it, but not many probably took him all that seriously.

But then, not many people take the universal basic income idea seriously either, but some countries have already introduced it.  [Read more…] about Technically speaking, South Korea just introduced world’s first ‘robot tax’