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 […]
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 […]
The legal entity type you select will have significant tax implications for you and your small business. That’s why it’s so important to understand the strengths and weaknesses of each entity before making a selection. In this blog, we’ll tell you everything you need to know about C corporations, including what it is, the steps […]
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: […]
Owning and operating a small business can be a gratifying experience. You’re your own boss, and you call the shots! But you also take on numerous responsibilities, including the calculation and timely submission of small business quarterly taxes. This ongoing responsibility may seem intimidating, but once addressed, it will help support your business’s long-term tax […]
Shifting your small business from its current legal entity to a multi-member limited liability company, commonly called an LLC, can be a transformative step in your career. Forming a multi-member LLC is a popular choice among entrepreneurs due to numerous benefits, including flexibility, favorable corporate tax considerations, and liability protections. But before you make the […]
If you’re self-employed or own a small business, you already know getting paid isn’t as simple as collecting a bi-weekly paycheck. Did you also know you need to file a Schedule C tax form with your income tax return? Schedule C reports your self-employment income to the IRS. If you run a business or you’re […]
