What SBA Loan Types are available, and what are the Tax Ramifications that go along with these loans? The U.S. government has launched many programs to support local businesses. To add some more clarity, we want to share information on the two SBA COVID-19 loan options. Here’s a chart that shows a comparison between the…
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Avoid possible penalties for not taking a salary as an S Corporation, by following IRS guidelines. Many small business owners choose the S Corporation tax classification to enjoy the advantages that it provides. S Corporations have many benefits: pass-through taxation, shareholder liability limited to the amount of the initial investment, a simple and straightforward cash…
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Stocking Up & Bonding out For those looking to start passively growing their income, bonds and stocks are the first things that come to mind. It can be confusing for those unfamiliar with these financial vehicles. Stocks are essentially shares in the ownership of a company. A company goes from private to public with an…
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I want to pay my taxes Millions of people now inhabit the United States. They come from varied and diverse backgrounds, and many people living here have been born in other countries and come here for a better life. We need to put politics aside and consider the real circumstances people find themselves in throughout…
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What is Wage Garnishment? Wage garnishment describes the situation where a portion of an employee’s pay is withheld to repay a debt. It’s commonly seen in issues like unpaid child support or taxes. The amount garnished is dependent on what the court deems to be the individual’s disposable income, meaning the money left over after…
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Why Budgeting is Important Setting up a budget for your small business is quite possibly the greatest determining factor in how viable your business will become. A budget lets you clearly identify if your company is making money or losing money before it’s too late. Budgets are a very important tool for business planning. Before…
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Getting Started Branding is one of the most important aspects of running any business. Brands help customers recognize and know your products and services. A good branding and marketing strategy will bring people in and, paired with excellent service, will keep them coming back as they recognize your name, logo and marketing materials. A big…
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The first step. If you’ve ever been unsatisfied working for someone else, or resentful of your position with a company that doesn’t treat you the way they should, you’ve probably considered other options. Maybe you’ve dreamed of having flexible hours, being your own boss, and getting paid what you’re worth. Starting your own business may…
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Welcome to Part 3 of our series on Business Payroll. This week we will discuss payroll taxes, from calculating to remittance, this article will help you understand your responsibilities as an employer. If you missed Part 1 or Part 2 you can find them here. Calculating Payroll Taxes You are required to withhold payroll taxes…
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Welcome to Part 2 of our series on Business Payroll. This week we will discuss setting up payroll, from conception to record keeping, we cover it all in this article. If you missed Part 1 you can find it here. Stay tuned for Part 3 coming next week! Setting Up Payroll Before you set up…
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