Many businesses pay more than they have to in taxes in their first year. The overpayment can be significant, with impacted businesses paying up to double what they should in taxes, which could be the difference between an annual profit and an annual loss. Why does this happen so often? Because there’s usually more to […]
As a small business owner, you should expect to pay total taxes of 20% to 30% of your business’s net profit. Your tax planning strategy depends on whether you pay north or south of this range. Our article breaks down the different aspects of small business taxes so you can pay taxes seamlessly. Proper tax […]
Operating a small business often involves navigating a critical, yet time-consuming element – payroll, especially if you have employees who expect to receive their paychecks on time. Payroll essentially determines how you and your staff get paid. There are strategies available to improve running payroll, such as using payroll software to eliminate manual processes, that […]
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. […]
