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 […]
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 […]
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 […]
Business owners, whether operating as an independent contractor, limited liability company, or S corporation, must understand how taxes impact their business income. You must be familiar with the strategies and protocols available that aid in maximizing your tax refund. If you’re running your business as an independent contractor, use this ultimate guide to navigating taxes […]
As a small business owner, you’ve got a lot of responsibilities. You’re busy running your business, ensuring happy customers, and managing employees. The more you expand, the more you’ll have to do, primarily if you use contractors. We break down the complexities of tax forms, IRS forms and information returns, specifically the 1099-MISC and the […]
