Browsing Tag

Taxes

71 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,...
tax mistakes
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5 Mistakes to Avoid When Filing Your Taxes

The process of filing taxes may be intimidating and difficult, and if you're not cautious, you might make a mistake that costs you. Every year, it's the little things that cause taxpayers to pay more than they should. 5 tax mistakes people frequently make and how to avoid them Filing your taxes late You don't...
start a business new year
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Why the Beginning of the Year is the Best Time to Start a Business

The beginning of the year has always been a popular time to start a business. If you’ve been considering forming an LLC or incorporating, but are curious about the benefits of starting up in January, look no further. We’ll catch you up on the biggest reasons why entrepreneurs like forming new business entities in January....
choosing a business structure
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4 Factors to Consider When Choosing a Business Structure

Structuring your business is one of the first—and most important—decisions you make in your entrepreneurial journey. Your business entity impacts everything from taxes to daily operations. But if you’re just starting out, you might not know what to look for in a business structure, and that’s OK. We have your cheat sheet right here.  StartupNation exclusive...
tax reform
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How President Biden’s Tax Reform Could Impact Your Small Business

Information about tax changes the Biden administration is considering have recently leaked, creating some big headlines in media. “First major tax hike since 1993,” according to Bloomberg. As a fractional CFO, my first reaction to any tax reform is: what does this mean for small business? Although we do not have an official White House plan yet, I...
s corporation
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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...
llc michigan
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How to Form an LLC in Michigan

Starting a business is an exciting journey. For many entrepreneurs, starting a business is their chance to take their product to market, to become part of their local communities and to start making income from their own ventures. Many entrepreneurs choose a limited liability company (LLC) as a preferred vehicle for that journey. An LLC...
business entity
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LLC or Corporation: Which Entity is Best For My Business?

Two of the most popular entity formations for business incorporation are limited liability companies (LLCs) and corporations. Both entities provide startup owners with certain benefits, and one of the biggest benefits is limited liability. This creates a separation between the assets of the business and the owner, and protects the owner’s personal assets in the...
e-commerce side hustle taxes
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What You Need to Know About Taxes for Your E-Commerce Side Hustle

E-commerce sales have been on the rise in the U.S. over the past couple of months due to the realities of the coronavirus pandemic. According to a new SpendingPulse report from Mastercard, U.S. online retail sales jumped by 92.7 percent in May and consumers spent more than $53 billion via e-commerce in April and May....
COVID loan
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3 Things That Could Cost Your Business its COVID-19 Loan

The Senate approved an additional $60 billion in funding for the Economic Injury Disaster Loan (EIDL) program and $310 billion for Paycheck Program Protection (PPP) loans on April 21, 2020. It now heads to the House and then, hopefully, to the President’s desk. Small business owners who missed out on the first round of funding...
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...
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 season
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3 Things You Should Talk to Your CPA About Ahead of Tax Season

Tax season is fast approaching, and you may be feeling the stress of filing or reeling from tax law surprises last year. As an entrepreneur, getting ahead of your taxes is essential not only to making this season smoother, but also in preparing you for the rest of 2020. The simple first step is booking...
expenses
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Don’t Let These 5 Sneaky Startup Expenses Break Your Budget

The budget is one of the most important components of your startup's business plan. An in-depth knowledge of your cash flow and expenses will allow you to make more informed decisions and manage your business more effectively. But, the only way your budget can help you is if it’s realistic. A good budget will include...