As a rideshare driver, you are considered self-employed and treated as a business by the IRS. However, this may change if local or state laws require Uber or Lyft to employ drivers directly. Tax obligations can be incredibly complicated for Uber and Lyft drivers. You don’t have an employer handling many tax compliance concerns for […]
Payroll taxes are an integral part of running a business. As an employer, paying employees properly is one of the most essential things that you can do. However, it isn’t as easy as it may seem. Here’s what you should know about the payroll tax return. What Are Payroll Taxes? Employers withhold payroll taxes from employee’s […]
While most people don’t think of tax season as an exciting time to look forward to, it doesn’t have to be something you dread either. As with most things, you’ll be okay if you prepare ahead of time and know what you’re getting into. And while tax season itself and the deadlines it carries with […]
Debits and credits are an important part of organized bookkeeping. The two concepts work together so that bookkeepers can better manage their financial transactions. If you’re not accurately tracking your debits and credits, your accounting could get extremely messy and chaotic. Some differences between the two can affect how your small business conducts its bookkeeping. […]
It’s perhaps inherently obvious that running a small business involves risk. Every business faces risks associated with changing economic conditions, competition, or other market forces, but oftentimes, these risks can have irreparable effects on a small-sized organization. No matter how much preparation, education, and experience small business owners have in their respective fields, internal and […]
An income statement can help your business and budget. It’s a helpful tool to monitor your spending and figure out how to allocate money. If you’ve never made an income statement before, don’t sweat it. We’re here to walk you through everything you need to know to get you started on the right track. What […]
Bookkeeping has several benefits for small business owners. It can help you track your company’s profits or losses, and it can also help you remain organized. Thorough bookkeeping comes in handy if the IRS audits your company. If you are interested in bookkeeping, you’ll need to first know why it is important and you’ll need […]
Property management can be a lucrative industry for landlords. It is a fast-paced industry with many moving parts, such as interviewing potential tenants, managing current tenants, and maintaining property quality. Income tax and deductions for rental properties may not be the first thing on a landlord’s mind, but there are tax benefits that may be […]
The CARES Act legislation in March offered stimulus payments to almost every U.S. citizen or resident under a certain income level. During a time of record unemployment, the bill came at a crucial time for those in need. Despite the severe need for economic relief, the size of the package and processing complications have led […]
If you own a small business or you’re otherwise self-employed, you have to take responsibility for yourself in many different ways. No one else is going to withhold taxes from your salary, so you have to make estimated tax payments for yourself. No company is going to put you on their group health insurance plan, […]
