The entity you choose can have serious implications for you and your business, including taxes, raising capital, and personal liability. Selecting the right entity has numerous benefits and can make a positive immediate impact. For example, small business owners who select their optimal entity can cut their tax burden in half in their first year […]
Ensuring your business is firing on all cylinders and moving in the right direction can be incredibly challenging, especially when you have partners. That’s before you attempt to navigate mountains of complex financial work, including Form 1065 the US Return of Partnership Income, that can get in the way of building your business. If you […]
Partnering with vendors is an important part of being a small business owner. One aspect of working with vendors is making sure you’re complying with applicable state and federal tax rules. Similar to employees having a set of tax rules that business owners must follow, vendors have their own set of rules that owners are […]
Small business owners wear many hats and have a lot going on as they build their businesses. So, it’s understandable that some tasks and priorities are pushed to the side in favor of what they deem to be more pressing aspects of their work. Typically, accounting and financial tasks are among the priorities relegated to […]
Navigating the maze of federal tax requirements can be difficult for busy business owners, especially regarding indirect taxes such as excise taxes. If your business sells goods that qualify for the excise tax, you must understand the Internal Revenue Service (IRS) tax Form 720, the Quarterly Federal Excise Tax Return. In this article, we’ll explore […]
There are numerous instances where a Certified Public Accountant (CPA) can help your small business. From tax preparation, advisory, submitting your quarterly estimated taxes to the IRS, and even bookkeeping services, a CPA can take on the difficult financial tasks that tie you up and slow you down. But not every CPA and CPA firm […]
Of all the financial tasks small business owners must address, bookkeeping might be one of the most consequential and time-consuming. Do your books right, and you’ll gain important insights into your finances that will help you make critical, time-sensitive business decisions. Do them wrong, and it might hinder your ability to compete in the marketplace […]
Business partnerships always begin with good intentions. Two friends, two family members, or two co-workers have a great business idea, each person brings something valuable to the table, and “Voilà!” You have yourself a business that will hopefully last a lifetime! With partnerships, though, there will come a point in time when one of the […]
The government encourages private-sector innovation by offering incentives, such as the federal research and development (R&D) tax credit, to businesses that invest in qualified research activities. While this credit used to be aimed at corporations with seemingly endless budgets, that is no longer the case. Now, this credit is available to medium and small businesses […]
If your business is formed as a C corporation, you need to know the ins and outs of Form 1120. In this blog, we’ll detail what Form 1120 is used for, when and how to file, the required documentation, and a page-by-page taxpayer guide. This information will help make preparing and filing your Form 1120 […]
