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 […]
When it comes to business tax returns, it’s best to get it right the first time. But that’s not always possible, so the IRS allows you to update your information by filing an amended tax return. This lets you address issues before they potentially find them! Whether you need to know how to file an […]
Filing taxes accurately and on time can be a daunting task, and it’s not uncommon for small businesses to miss a deadline. Whether due to procrastination, lack of organization, or simply being unaware of the deadline, late tax filing can lead to a variety of problems, from fines to increased IRS scrutiny. In this blog […]
Hiring an accountant for your small business saves money and gives you an edge over your competition. Your accountant achieves this by doing your taxes, advising you throughout the year on important business decisions, and contributing to a potential audit defense by ensuring their work is accessible and error-free. Many small businesses, particularly first-time owners, […]
If you recently started a business (or got hired to help one), you might wonder how to calculate business taxes. First, you’ll need to understand which taxes your small business should pay. Business taxes include federal and state income taxes, self-employment, and payroll taxes. Next, review your entity structure to determine your small business tax […]
Growing your business outside your home state can be an exciting time for your company. Expansion into multiple states, though, can also present additional challenges and compliance responsibilities. Here are some of the areas you’ll need to be familiar with when doing business in multiple states that will be discussed in this article: At the […]
