Accounting, Bookkeeping, & Tax Blog

Your business's state tax ID is necessary to perform many of your core duties, such as applying for state-level permits or paying state income tax. Failing [...]

While double taxation is a real feature of C corp taxation, it doesn’t automatically apply to all profits. With the right planning, business owners can oft [...]

This form enables eligible businesses to elect S corporation (S corp) tax status, which can provide significant savings and lay the foundation for improved [...]

Business tax deadlines can feel like a maze, especially with different rules depending on your entity type, income, and payroll obligations. However, these [...]

By strategically structuring income, you can potentially reduce your tax bill by thousands each year. But there’s a catch: the IRS requires that shareholde [...]

An S corp allows owner-employees to split income between salary and distributions. Salaries are still subject to payroll taxes, but distributions generally [...]

Introduced under the Tax Cuts and Jobs Act of 2017, it allows eligible taxpayers to deduct up to 20% of their QBI component, reducing taxable income and po [...]

The general ledger is the master record of every financial transaction you make as part of your business. Every time money changes hands, there should be a [...]

Maximizing every eligible tax credit and deduction, including QBI, is an essential business practice. Because this deduction was supposed to sunset after 2 [...]