Are you deciding whether a limited liability company (LLC) structure is right for your business? Before setting up an LLC, you should understand the tax implications. The simple structure can affect your tax liability and reporting requirements. This article highlights the LLC tax rules, filing deadlines, and advantages of the LLC business entity type. How […]
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 […]
Working for yourself feels exhilarating. You’re your boss. You can work wherever (and whenever) you want. The downside to your independence? Freelance taxes. Freelancers and independent contractors enjoy autonomy and the added responsibility of self-employment tax rules. Unlike employees who earn a paycheck, freelancers must calculate and pay quarterly taxes. The income tax filing process […]
You have a vision for helping others. Your non-profit can make a difference – if you can finish all the paperwork. You know you need to keep your receipts and records, but you’re slowly finding that bookkeeping is more complex than simply tracking expenses. Bookkeeping for non-profit organizations requires a specific skill set because the […]
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 […]
Business owners, whether operating as an independent contractor, limited liability company, or S corporation, must understand how taxes impact their business income. You must be familiar with the strategies and protocols available that aid in maximizing your tax refund. If you’re running your business as an independent contractor, use this ultimate guide to navigating taxes […]
As a small business owner, you’ve got a lot of responsibilities. You’re busy running your business, ensuring happy customers, and managing employees. The more you expand, the more you’ll have to do, primarily if you use contractors. We break down the complexities of tax forms, IRS forms and information returns, specifically the 1099-MISC and the […]
Whether you’re a business owner or an independent contractor, you might feel overwhelmed by paperwork – especially during tax season. The multitude of types of 1099 tax forms adds to the complexities of tax compliance. You may encounter 1099 tax forms for multiple reasons. Examples include hiring (or working as) an independent contractor, earning interest […]
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 […]
As a business owner, you know first-hand that running and growing your company is a daily challenge. The same thing can be said about your tax situation. This article gives a brief overview of the primary types of business taxes you’ll likely encounter as a business owner: Income taxes, self-employment taxes, payroll taxes, and excise […]
