Tax law is by far the most complicated field of law in the United States. And if the federal tax system isn’t enough, each state has different laws and requirements around taxes. Small business owners have a responsibility to learn and comply with those obligations under both the federal system and the state or states […]
You might be paying far more in taxes than you need or are even supposed to. If you’re not reporting all your tax-deductible expenses on your tax return, you’re likely leaving money on the table. This is especially true in the medical field when there are so many overhead costs that should be deducted from […]
Every adult individual and business in the U.S. is expected to prepare and file an income tax return each year. And every year, many businesses struggle to navigate the tax system’s complexities and determine their obligations. Whether you handle your paperwork alone or hire an accountant to help with your small business taxes, you know […]
When tax time arrives, many small businesses will need to complete tax forms. The exact form the business needs will depend on several factors. There are many tax forms that businesses will have to file. Here are the most common business tax forms and the basics about each. What Are the Most Common Business Tax […]
C-Corps are a common type of business entity and for a good reason. Their structure offers flexibility and opportunities for growth. While a C-Corp does offer a lot of benefits, there are also some drawbacks that you should know. Here’s everything you need to know about forming a C-Corp, including how to form one and […]
Creating a partnership can be a great way to propel your small business. You should be aware of some things, such as the partnerships that you can form and the liability differences between the types. What is a Partnership? A partnership is a relationship between two or more people that agree to conduct business together. […]
A chart of accounts is an excellent way for you to see your company’s finances. It provides small business owners with a strategy to see their transactions arranged in several categories. You should know a few things before creating a chart of accounts, especially if you’ll ever plan on adjusting it. Here is what you […]
A balance sheet is an essential tool for businesses of all sizes as it tracks how your business earns and spends money over a certain period. Your balance sheet also gives investors and potential investors insight into your company’s operations. Before you create your balance sheet, here are a few helpful things to know. What […]
It’s not easy making a living in the gig economy. Rideshare drivers work hard for not great pay, so every little bit counts. Uber and Lyft take enough money out of your paycheck that you can’t afford to let taxes take any more. Fortunately, there are many deductions available that rideshare drivers can use to […]
Recently, the House of Representatives passed a $484 billion bill to mitigate economic losses from the COVID-19 pandemic. The funding will provide relief in the form of economic stimulus for hospitals and small businesses. It’s also expected that Congress will pass bills to stimulate the economy in the coming weeks and months. Further updates about […]
