Browsing Tag

IRS

25 posts
home office
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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,...
corporation
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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...
tax records
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The Benefits of Keeping Tax Records All Year Round

Although we think of tax season as that period between January 1 and mid-April, it’s an ongoing event. If you shift your perspective when it comes to tax records, you may find that not only is Tax Day less stressful, but so too are estimated tax deadlines throughout the year. Furthermore, you’ll have a better sense...
tax mistakes
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Dodge These 5 Common Tax Mistakes Entrepreneurs Make

Starting and running a business requires precise attention to detail—especially when it comes time to file your business taxes. Whether you head a startup with a few employees or you’re an independent contractor, taxes are a common pain point for entrepreneurs. Tax law is complex, and penalties for filing mistakes can affect a business’s bottom...
tax laws
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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...
accounting tools
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4 Budget-Friendly Accounting Tools for Entrepreneurs

Small business accounting tools can be a lifesaver for all entrepreneurs. Let’s be honest: accounting and bookkeeping are not only the most tedious task for owners, but it’s also your least favorite task. So, if you can automate some of the processes and spend less time engaging in such a daunting task, why not? Small...
bookkeeping
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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
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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...
tax preparer
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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...
accounting
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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...
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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...
taxes
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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...
payroll
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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...
Tax deductions
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Tax Deductions To Take Advantage of this Holiday Season

With the holiday season upon us, many company employees are looking forward to being able to kick back and have some fun at the annual holiday party. Yet the savvy entrepreneur knows that once the holidays are over, tax season is right around the corner — and there are plenty of areas where a company...
accounting
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Accounting Errors Small Business Owners Make in the First Year

I’ve worked in accounting my whole career, so I can say this without shedding a tear: hardly anybody starts a business because they love balancing books. (Some of us do, sure, but we’re the minority). Accounting is a necessary evil and, when put up against all the other demands of getting a business off the...
1099-MISC
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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...
Estimated taxes
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Managing the Challenges of Estimated Taxes as an Entrepreneur

The hardest part of self-employment may well be dealing with estimated taxes. Nothing about the system is straightforward, starting with the fact that payments are not due quarterly. They are due on the 15th of April, June, September and January, which are three, two, three, and four months apart, respectively. It keeps things interesting! How...
post-tax season
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A Post-Tax Season To-Do List for Small Business Owners

We’re all familiar with the tax season hustle – getting all of your paperwork in order, scheduling appointments with your tax guy or gal, and praying you don't owe an arm and a leg to the IRS. This is a pressing time for small business owners, especially those that tend to be less organized all...
Taxes
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What You Need to Know About Taxes Before Starting a Business

Starting a business requires time and preparation, and preparing to meet tax obligations can affect many of the steps you must take when you open your business. In fact, you must deal with several items related to taxes before you even can obtain your business license. The earliest stages of opening a business usually involve writing...