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 […]
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 […]
Most small businesses must calculate and file tax returns with the IRS multiple times per year. It’s a crucial aspect of operating a business that all owners should be familiar with to remain compliant and avoid repercussions. How and when do you pay taxes as a small business? Why is it so hard to find […]
Taxes can be a headache, especially when you’re unsure of the technical rules. Section 179 allows taxpayers to take an immediate tax deduction for property placed in service during the year instead of deducting the cost over several years. This article will explain the Section 179 rules and help you understand how to take advantage […]
Independent contractors, freelancers, sole proprietors, self-employed individuals, and gig workers. No matter what you call it, earning an income from something other than a full-time job is booming in the United States. According to statistia.com, 73.3 million Americans call themselves freelancers, up from 57.3 million in 2017. While freelancing offers significant benefits not available for […]
You’re finally ready to dive into your passion and create an organization for your cause. Do you dream of supporting an underrepresented group, improving social welfare, or starting a sports club? After you decide on a goal, you should determine whether a non-profit or a not-for-profit organization is best for your mission. You may wonder: […]
