The popularity of on-demand delivery services has increased exponentially over the last few years. Companies like Uber Eats, DoorDash, Instacart, GrubHub, and Postmates are household names because their drivers consistently deliver! Delivery drivers, typically classified as independent contractors, excel at spotting shortcuts and knowing their way around their cities. However, they might not be quite […]
Starting January 1, 2024, most US-based businesses must report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN) under the Corporate Transparency Act (CTA). This article will explain the FinCEN beneficial ownership information reporting requirements. Continue reading to learn about the purpose of the rules and their impact on your small business. […]
You’ve had that Eureka moment and founded a small business to realize that vision. You’ve even made it official by forming as a limited liability company business entity, commonly known as an LLC. Congratulations! Now what? Now it’s time to consider taxes and whether your LLC needs an accountant. Because if you don’t, you could […]
The 2020s may become the decade of the entrepreneur. More and more professionals are leaving the comfort of W-2 employment to strike out on their own, typically to find a small business or to become a self-employed freelancer or independent contractor. Between 2020 and 2023, full-time freelancers grew by 90%, while part-timers grew by 130%, […]
With tax season upon us, it’s time to prepare your tax document checklist. Small business owners know that now is the time for tax preparation. Whether you’re a seasoned small business owner, a limited liability company, or just passed your one-year anniversary, you know that a lot of planning goes into running a successful business. […]
It’s challenging to reach a consensus on anything, but exceptions exist. IRS audits are one of those exceptions. No one wants to be audited, and small business owners can do everything right and still receive a notice. This guide covers common issues that might trigger an audit, steps to protect your interests once you receive […]
Small business owners have many responsibilities when it comes to their employees, including payroll tax, tax payments, and other tax filing forms. One of the most important tasks is collecting and paying taxes on behalf of employees to file for the tax year to be in compliance with the IRS. In addition, whether you have […]
When you have specific business goals that you want to achieve, it’s essential to have a strategy in place to ensure you save time and resources. This is true for all areas of a small business, from marketing and production to business tax planning. Being well-versed in business tax planning, income tax, and business income […]
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 […]
