Starting a business in NY can be a great decision, but you must be prepared. Not only should aspiring owners follow the steps below, but you’ll also need to grasp the market you’re entering. As wonderful as running a business in New York can be, there are challenges. This includes numerous regulations to deal with, […]
The concept of debt is so ingrained in our culture that most people accept it as a necessary part of life. Many individuals accumulate personal debt, including credit cards, student loans, car payments, and mortgages. Another type of debt that may affect small business owners at one point or another is business debt. Businesses in […]
Reporting taxable income to the Internal Revenue Service (IRS) isn’t always a straightforward process. There are over 800 tax forms, from individual documents to information returns, which can create confusion and questions. This includes the common question: what is the difference between 1040 and 1099 tax forms? IRS Form 1040 and 1099 are pivotal for […]
Is it better to be paid via a 1099 or W-2? Are W-2 and 1099 employees the same? Whether you’re starting out as an independent contractor or a new business owner, understanding the difference between a 1099 and a W-2 is essential. Use this blog as your guide in understanding each form, how they differ, […]
Filing taxes for your business is essential to your responsibilities as a small business owner, but it can be complicated, especially if you’re not prepared. One thing leads to another, and you can fall further and further behind on your taxes. Even if you’re past the due date for your tax return, it’s not too […]
All Lyft and Uber drivers must file their tax returns as independent, self-employed individuals, which means each driver represents themselves as their own small business! This approach can make tax preparation and reporting business income more difficult, but it also gives drivers extra opportunities for tax deductions. If you’re curious about tax deductions for Uber […]
1-800Accountant has recently partnered with New York City’s Small Business Services (SBS) team. The partnership between the virtual accounting firm and the SBS team will provide SBS clients with a free tax clinic along with 30-minute virtual consultations. SBS clients interested in utilizing the services of 1-800Accountant will speak with one of our expert tax […]
The difference between tax credits and tax deductions is something that can often be misunderstood. Their purposes have a similar end result, and both can play a significant role when you file taxes (namely, to save you money as a taxpayer), which makes knowing their differences crucial. Here are the fundamental differences between tax credits […]
As a small business owner, you should never overlook your accounting needs. Learning the financial accounting basics is essential, regardless of industry or entity type. There are accounting basics and terms which are helpful to know as your small business develops and can help you understand the most critical financial concepts. Here are the financial […]
What does it mean to have a 509(a) status in the United States? What provision does the law offer, and which government agency grants this distinction and oversees them? Organizations that are classified as 501(c)(3) tax exemption status are further classified by the government as one of five types under section 509(a) of the Internal […]
