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 […]
You’re probably thinking to yourself, “Accounting is accounting, right? How many different types of accounting can there be?” Here’s a look at what accounting is, the different types of accounting, and why each type is essential in ensuring your business is profitable and growing. What is accounting? Accounting is the recording of an individual’s or […]
If you’re self-employed or own a small business, you already know getting paid isn’t as simple as collecting a bi-weekly paycheck. Did you also know you need to file a Schedule C tax form with your income tax return? Schedule C reports your self-employment income to the IRS. If you run a business or you’re […]
When it comes to business tax returns, it’s best to get it right the first time. But that’s not always possible, so the IRS allows you to update your information by filing an amended tax return. This lets you address issues before they potentially find them! Whether you need to know how to file an […]
Recording your business’s revenue and expenses is easy, right? When you sell something, you record revenue. When you buy something, you log it as an expense. In theory, this should be easy to do. In reality, though, things can get extremely nuanced. In this article, we’ll explain the two different ways you can record a […]
If you’ve ever wondered how far back the IRS can audit you, you’re not alone. Many small business owners are unfamiliar with the IRS audit statute of limitations and assume they must retain decades of tax documents just to be safe. However, once you better understand the tax audit time limit, you can spend less […]
An accountant is an indispensable part of operating a small business. Accountants provide financial services to owners and entrepreneurs, including tax advisory, state and federal compliance, and more, all to minimize a business’s overall tax burden. Whether you’re an experienced owner or just starting, this blog provides a high-level overview of what accountants do, their […]
Filing taxes accurately and on time can be a daunting task, and it’s not uncommon for small businesses to miss a deadline. Whether due to procrastination, lack of organization, or simply being unaware of the deadline, late tax filing can lead to a variety of problems, from fines to increased IRS scrutiny. In this blog […]
Hiring an accountant for your small business saves money and gives you an edge over your competition. Your accountant achieves this by doing your taxes, advising you throughout the year on important business decisions, and contributing to a potential audit defense by ensuring their work is accessible and error-free. Many small businesses, particularly first-time owners, […]
If you’re starting a business or trying to grow an existing one, you may be considering incorporating your business. Wondering about the best states for incorporation is one of the most important parts of the process for several reasons that we’ll cover in this article. We’ll also be discussing factors to consider when choosing a […]
