Business partnerships always begin with good intentions. Two friends, two family members, or two co-workers have a great business idea, each person brings something valuable to the table, and “Voilà!” You have yourself a business that will hopefully last a lifetime! With partnerships, though, there will come a point in time when one of the […]
As your business grows, your taxes become increasingly complex. Avoid the headache of complicated calculations and worrying about errors on your tax return by outsourcing your tax preparation to a professional CPA. An accountant can help you reclaim your time to grow your business. You can help your CPA prepare accurate tax filings by providing […]
It’s an understatement to say that small business owners, especially new ones, have a lot on their plates. From marketing and team supervision to managing payroll and bookkeeping, there’s much to take on. However, one of the most important things a small business owner does is ensure their taxes are paid accurately on time every […]
It is essential for taxpayers to understand Adjusted Gross Income, commonly called AGI, especially if you prepare and file your own business taxes. AGI significantly impacts your tax rate, tax payments, and potential refunds. If you don’t fully understand how taxable income is calculated, you could end up paying more or less than legally required. […]
The government encourages private-sector innovation by offering incentives, such as the federal research and development (R&D) tax credit, to businesses that invest in qualified research activities. While this credit used to be aimed at corporations with seemingly endless budgets, that is no longer the case. Now, this credit is available to medium and small businesses […]
If your business is formed as a C corporation, you need to know the ins and outs of Form 1120. In this blog, we’ll detail what Form 1120 is used for, when and how to file, the required documentation, and a page-by-page taxpayer guide. This information will help make preparing and filing your Form 1120 […]
Whether you’re a freelancer or a small business owner, running a business means navigating complicated paperwork. Accurate and timely tax compliance is critical to smooth operations. Independent contractors and businesses paying non-employee compensation should understand the reporting requirements. IRS Form W-9 is an informational form for recipients of numerous types of income, including non-employee wages. […]
If you’re a real estate investor – or interested in the industry – you understand the lucrative nature of property investments. Buying and selling real estate can generate valuable portfolios. However, property transactions also drive a large tax bill. Real estate investors can save money by taking advantage of 1031 exchanges. The IRS allows taxpayers […]
The business status of “self-employed” and “small business ownership” are sometimes used interchangeably and usually indicate you’re your own boss. While certain aspects, such as business model or eligible tax deductions, intersect, they are separate types of entities from a tax standpoint. Use this blog to determine what each status indicates and their tax implications […]
When you started your business, you probably weren’t thinking about full-time employees, tax bills and tax brackets, business expenses, or working with CPA tax professionals during tax season. Tax credits weren’t on your mind, either, which is understandable. But now that you’re up and running, it’s important to learn which credits your business is eligible […]
