The legal entity type you select will have significant tax implications for you and your small business. That’s why it’s so important to understand the strengths and weaknesses of each entity before making a selection. In this blog, we’ll tell you everything you need to know about C corporations, including what it is, the steps […]
Shifting your small business from its current legal entity to a multi-member limited liability company, commonly called an LLC, can be a transformative step in your career. Forming a multi-member LLC is a popular choice among entrepreneurs due to numerous benefits, including flexibility, favorable corporate tax considerations, and liability protections. But before you make the […]
Doing business as, commonly referred to as a DBA, is a great way to protect your small business interests. A DBA does this by helping your small business develop in a way that protects both your business name and legal name. Starting a DBA in Florida is quick and easy and will only take a […]
Bank reconciliation is a useful tool if you want to know how to keep good financial records. It can assist you in significant ways to protect your finances. It can also help you determine whether there are errors in your transactions and, if so, how you can correct them. However, there are several things that […]
Within the intricate realm of taxation, this article aims to shed light on the process of attaining tax-exempt status for nonprofit organizations and charitable entities. In this informative guide, we will navigate the complexities of tax exemption, offering valuable insights and step-by-step instructions to assist you in pursuing tax relief. Section 501(a) and Tax Exemption: […]
What are capital gains on a rental property? Capital gains on a rental property are the profits made from selling real estate assets. When these transactions are not profitable, they’re referred to as capital losses. Special rules apply in regard to the basis for your gain or loss when an asset is received as a […]
Whether you’re a solo entrepreneur or work a regular nine-to-five job, dealing with Form 1040 becomes inevitable come tax season. Understanding and accurately completing this form can be tricky. This comprehensive guide will walk you through each step of the process. If you prefer expert assistance, feel free to reach out to our tax professionals. […]
Summer is just around the corner, which means Q2 quarterly taxes are due for many small businesses. While some businesses use a service to calculate and submit what’s owed, many owners will roll the dice and do it themselves, which makes them vulnerable to penalties and increased IRS scrutiny. Use this blog as your guide […]
Navigating tax return transcripts can be tricky, especially when you’re uncertain about the right forms to use. If you’ve ever needed tax return transcripts but didn’t know how to get them, Form 4506-T, Request for Transcript of Tax Return, might be the solution you’re looking for. Form 4506-T is more than just a tax form; […]
For tax purposes, the IRS requires non-U.S. citizens to file for an ITIN. Form W-7 is used to apply for or renew an Individual Taxpayer Identification Number, or ITIN. This nine-digit number allows non-citizens who are ineligible to receive a Social Security Number and lack U.S work authorization to file tax returns to the IRS. Fortunately, […]
