Browsing Tag
sole proprietor
16 posts
Ready to Exit Sole Proprietor Status? Consider These 4 Entities for Incorporation
A new year means a clean slate for business. If your business is still in sole proprietor status, now is the perfect time to start thinking about incorporating as a registered entity formation. What registered entities should entrepreneurs incorporate as? Here are a few popular options for entrepreneurs planning to exit sole proprietor status. Limited...
What is a DBA? Benefits of Filing for a Doing Business As Name
As states start to transition tiers amid COVID-19, storefronts are beginning to increase indoor capacity and ease into doing business in the "new normal." Some brick-and-mortar business owners may be using this time to file paperwork for additional assets that can provide great benefits to their business. One such asset is a Doing Business As...
3 Key Benefits of an S Corporation Election
The deadline for S Corporations to file their annual tax returns is March 15, which means businesses with an S Corp election need to file Form 1120S and Schedule K-1. These forms, respectively, outline the financial activity of the S Corp in the last calendar year and detail the share of income, deductions and credits...
Navigating Self-Employment Taxes and Income
There are many differences between being self-employed and working for someone else. However, the taxes you owe the federal government aren’t one of them. If you’re self-employed, you’ll still pay the same income tax as those who earn a living in the form of a paycheck or wage paid by an employer. You’ll still owe...
S Corp vs. C Corp: What’s the Difference?
When you start to develop how you want your business to be set up, you have a few different options to choose from. Some will go with an LLC, while others will look into an S Corporation or C Corporation. While they only have one letter difference, how they operate aren’t exactly the same. Here’s...
What Do Freelancers Need to Know About Incorporating?
In 2018, a survey from Upwork in partnership with the Freelancers Union revealed the state of freelancing in the United States. Given the continual rise of freelance work, it wasn’t completely shocking to see that the future of freelance is increasingly on the up and up. Last year, 56.7 million Americans were freelance workers, a...
Navigating Your First Year of Filing Taxes as an Entrepreneur
If you’re planning to start up a new business this year, you’ll experience tax time as a business owner soon enough. The following tips will help you prepare well in advance. And if you started a business in 2018, you’re likely wrestling with your company’s first experience with taxes right now. As an entrepreneur, you...
Before Starting a Business in 2019, Tackle These 3 Legal Areas
Planning to start a business in 2019? Here's the good news: preparing now will help to put you and your new company on the right track to success. Great idea? Check. Detailed business plan that objectively measures where you’ll take the company in the short and long-term? Check. Plans to incorporate the business to legitimize...
Do I Need Workers’ Compensation Insurance If I’m Self-Employed?
Workers' compensation insurance: the three words that give many employers a sudden anxiety attack. There are plenty of things to worry about beyond just the costly nature of this mandatory insurance coverage, including compliance, audits, independent contractors, claims management, safety committees, and the list goes on. The question arises, what about those business owners who chose...
Corporations vs. LLCs: What’s the Difference When Structuring a Business?
When you are starting a business, the legal structure you choose for it is a critically important decision. It will affect things like the cost of operating the business, its taxes, the potential for you and any other owners of the business to be held financially liable for problems it may develop, as well as...
Side Hustles Can Be Risky Business: Here’s How to Protect Yours
Millennials are embracing the side hustle. And why wouldn’t they, when on average, a side hustle can bring in $8,000 a year? The majority of side hustles don’t cost a lot to get off the ground and provide a great way to supplement an existing income. However, they can be risky business. Why? Because side hustlers’...
What is the Best Type of Business Entity for Your Home Based Business?
Solopreneurs of the world, unite! This year, FlexJobs released “The State of the Remote Job Marketplace” report that outlined what the current remote work industry and its workers looks like. Nearly four million workers, 3.9 million to be exact, in the United States spend half of their time working from home, totaling 2.9 percent of...
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...
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...
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...
Starting Up: Which Type of Business is Best for You?
Despite what you might see in the news, entrepreneurs aren’t just software developers, hip millennials and venture capitalists. Entrepreneurs are neighbors, parents, activists, dreamers and all sorts of people willing to burn the midnight oil to create a business from nothing. And because entrepreneurs are so varied, entrepreneurship is, too. This quick guide will help...