Browsing Tag

business taxes

9 posts
financial planning
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10 Best Financial Planning Habits for Freelancers and Entrepreneurs

While 48% of new freelancers view freelancing as a long-term career choice, this is only realistic if you have a long-term financial plan. While freelancing comes with advantages, such as flexibility and independence, there are also plenty of drawbacks. You’ll need to cover your own benefits, build an emergency fund and plan around inconsistent income....
startupnation business beat
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WJR Business Beat with Jeff Sloan: Tax Day Extension (Episode 33)

Today's date, April 15, is always etched into our memories as Tax Day. But this year, amid the COVID-19 crisis, things are a little different. This year, the federal government has extended Tax Day out 90 days to July 15. Jeff shares more in this morning's WJR Business Beat, below: "The IRS now gives us...
goals
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3 Bite-Sized Goals You Can Set (and Achieve) in January

If there’s one thing entrepreneurs love doing, it’s setting goals for their small business. This list is often long and detailed at the start of the year. After all, a new year means new business! However, a few weeks back into the grind can have even those with the strongest work ethics struggling to readjust...
Sole Proprietor
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Sole Proprietor? Here’s What You Need to Know About Filing Taxes

The first thing to know about being a sole proprietor is that a sole proprietorship is a specific type of business structure where the individual and the business are seen as the same entity. Is your startup a sole proprietorship? If you haven’t filed any paperwork formally incorporating your business and you are the only...
Corporation
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Should You Change Your Sole Prop to a Corporation?

There are so many strategic business decisions you’ve got to make as a business owner, and you don’t always know which is the right one for your company. When you’re running a startup, it can be frustrating when you’re unsure of what to do for the benefit of your company. Related: Incorporate Your Business Through...
Business Vehicle
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Seven End-of-Year Tax Planning Strategies

How to improve your tax planning strategies As the year draws to a close, now is the time to strategize and look at possible tax planning ideas. It is an opportunity to save money this year and going forward by possibly postponing income, accelerating dedications to reduce taxes or do the future changes in the...
startup mistakes
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Your Business Car – 8 Important Tax Considerations

Many business owners use a car, truck, or van in the course of their operations—to make deliveries, pick up supplies, and visit customers and clients. Tax-wise, there are certain rules that apply to write-offs for the vehicle. Here are eight points you need to know. 1. If you buy the vehicle, write-offs are limited There...
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Tax filing day is here – rejoice all ye small business owners!

I don't know, maybe it's because of the relief that comes over me once it's all done. Maybe it's because I've persevered & survived yet another tax season. But I've always felt like rejoicing once April 15 has come & gone – and this year April 15 is actually April 17. For an entrepreneur, filing...