Within the intricate realm of taxation, this article aims to shed light on the process of attaining tax-exempt status for nonprofit organizations and charitable entities. In this informative guide, we will navigate the complexities of tax exemption, offering valuable insights and step-by-step instructions to assist you in pursuing tax relief. Section 501(a) and Tax Exemption: […]
Payroll is most likely one of the largest expenses you’re responsible for as a business owner. It’s also one of the most important, as you’re the person responsible for ensuring that an employee and their family receive their salary or wages on time so they can pay their expenses. Because payroll is so important to […]
What are capital gains on a rental property? Capital gains on a rental property are the profits made from selling real estate assets. When these transactions are not profitable, they’re referred to as capital losses. Special rules apply in regard to the basis for your gain or loss when an asset is received as a […]
Whether you’re a solo entrepreneur or work a regular nine-to-five job, dealing with Form 1040 becomes inevitable come tax season. Understanding and accurately completing this form can be tricky. This comprehensive guide will walk you through each step of the process. If you prefer expert assistance, feel free to reach out to our tax professionals. […]
While some industries have struggled to attract and retain talent, the high-demand delivery driver profession has defied that trend. Some drivers prefer the flexibility and additional cash a part-time gig provides. In contrast, others have made it a full-time career working independently or for big corporations like UPS and Amazon. For many, the delivery and […]
Summer is just around the corner, which means Q2 quarterly taxes are due for many small businesses. While some businesses use a service to calculate and submit what’s owed, many owners will roll the dice and do it themselves, which makes them vulnerable to penalties and increased IRS scrutiny. Use this blog as your guide […]
Navigating tax return transcripts can be tricky, especially when you’re uncertain about the right forms to use. If you’ve ever needed tax return transcripts but didn’t know how to get them, Form 4506-T, Request for Transcript of Tax Return, might be the solution you’re looking for. Form 4506-T is more than just a tax form; […]
For tax purposes, the IRS requires non-U.S. citizens to file for an ITIN. Form W-7 is used to apply for or renew an Individual Taxpayer Identification Number, or ITIN. This nine-digit number allows non-citizens who are ineligible to receive a Social Security Number and lack U.S work authorization to file tax returns to the IRS. Fortunately, […]
Whether you’re an entrepreneur, a freelancer looking to establish your own business, or a small business owner seeking to restructure, the single-member LLC business structure may be a fitting choice. But what is a single-member LLC exactly? Let’s dive into everything you need to know about this business entity, how it works, and its benefits. […]
Rental properties offer a convenient way to increase assets. However, capital gains tax may play a significant role in rental property landlords’ investments. The exact amount you may owe in capital gains tax can vary based on a number of factors. In this article, we will discuss strategies you can use to help avoid paying […]
