Browsing Tag
internal revenue service
11 posts
What Entrepreneurs Need to Know About the Home Office Deduction
You may see your home office as the place you take important business calls, the place you meet new clients, the place you focus best on crafting your products -- but what about the place you save money on your taxes? The home office deduction can save entrepreneurs a significant sum on their taxes. Here,...
The 7 Benefits of Forming a Corporation
Whether you are just starting your business or you have already been operating as a sole proprietorship or general partnership, you may be wondering about the benefits of forming your business as a corporation. Often, business owners think that incorporation is too costly or too time-consuming, and neither is the case. The benefits entrepreneurs gain...
How the New Tax Laws Might Affect Your Startup’s Financing
Many entrepreneurs in the U.S. have been keeping up with the recent changes to the tax law, passed at the end of 2017 and championed as a boon for small business. However, if you were planning on launching a new business this year, you might wonder how these new tax laws might affect the financing...
How to Banish Your Bookkeeping Nightmares
For entrepreneurs and small business owners who don’t have an accounting background, bookkeeping and taxes can be intimidating or downright scary. But it doesn’t have to be. Lisa London, CPA, brings three decades of public accounting expertise to numerous books and other resources, including one called, “Banish Your Bookkeeping Nightmares: The Go-To Guide for the...
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...
4 Considerations for Choosing the Right Tax Preparer
Taxes can be taxing for entrepreneurs and small business owners. Thankfully, tax season is nearly done and dusted, but looming on the horizon are potential changes to the way in which taxes will need to be filed once the GOP tax reform comes into full effect. As well as aiming to make the process of...
4 Strategic Accounting Tips for Scaling Your Startup
When you’re getting a startup off the ground, it’s easy to get so caught up in the fun and creative aspects, like marketing, branding and product development, that you neglect the less-sexy (yet integral) components, like accounting. But what a mistake this can be! The significance of strong accounting For many of us, accounting is...
Should You Incorporate Your Business as an LLC for Tax Breaks?
One of the biggest appeals of incorporating as an LLC has long been the ability to save money on taxes. In addition to limited liability protection and building credibility with consumers, forming an LLC allows you to choose between an S corporation and C corporation for your tax entity. But do you really receive as...
Managing Taxes in the Gig Economy
The gig economy can be a wonderful way to supplement your income while you’re building a new business. One of the benefits of Uber, Lyft, Shipt, Instacart, Doordash, Postmates or the host of other independent contract platforms is that you can decide if and when you work. As an entrepreneur balancing a demanding schedule, the ability to set your...
Why Payroll Matters to Your Startup
According to a recent survey of 869 entrepreneurs, 74 percent were concerned about hiring good people. And, once you find the talent you’ve been looking for, you’ll want to do everything in your power to keep them — including paying them accurately and on time. Trust is a valuable currency One unspoken, yet pivotal, aspect...
Managing Estimated Taxes: Gig Workers and Form 1099
Freelancers and others in the gig economy are treated as small businesses by the IRS. Income is reported on Form 1099-MISC, which is submitted to the IRS by January 31 of the year after the money was paid. The 1099 tells the IRS that money was paid, making it important for recording both income and...