There are several corporate structures that exist to fit everyone’s needs. From C-Corporations to LLCs, every corporate structure gets taxed differently. This article will highlight some of the major aspects of how each business entity gets taxed and help you choose which one would best suit your style of business. Sole Proprietor: Filed on a…
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ARE YOU REALLY A SUB CONTRACTOR? Hardworking individuals and business owners try to find various ways to avoid the extra cost of employee/employer payroll taxes, (approximately .153 per cent of your gross wages) and other payroll expenses such as employee income tax withholding worker’s compensation and unemployment insurance premiums adding approximately another 8 to 10…
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Effective March 17, 2021, the Internal Revenue Service and the Treasury Department automatically extended the federal income tax filing due date for individuals from April 15, 2021 to May 17, 2021. Taxpayers do not need to file any forms or call the IRS to qualify for this automatic extension. With Tax Day now on May…
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On Thursday, March 11, 2021, President Joe Biden signed into law a coronavirus relief package, the third of its kind. The gargantuan $1.9 trillion relief package known as the American Rescue Plan Act of 2021 will aim to boost the US economy. Direct Deposits Individuals earning up to $75,000 and couples earning up to $150,000…
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An update on Minimum Wage Changes for 2021 The Fair Labor Standard Act (or FLSA) is a federal law, that sets minimum wage, overtime pay, recordkeeping, and young people’s work employment standards, that affect employees in the public and private sectors. FLSA has many exemptions from the minimum wage and overtime pay for construction industry,…
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The sense of belonging is one of the fundamental human emotional needs. We, as humans, have an inherent desire to feel secure, important, or accepted by a group. That group can be our family or our coworkers. Every company should strive to create an open, supportive, inclusive environment of mutual respect. This is not a…
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Being a Sole Proprietor As a sole proprietor, you must pay self-employment taxes on your net business earnings at a current rate of 15.3%: 12.4% is for social security and 2.9% for Medicare. In 2021 the first $142,800 of your earnings is subject to Social security taxation, and all your net earnings are subject to…
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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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Taking Ownership If you are a business owner, you wear many hats. After all the work you put in building your business, hiring employees, staying on top of inventory, and maintaining the books, it can often seem that you come last. However, making a living is critical to your health and financial security. The IRS…
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Local City & County Tax Receipts When you own a business, you wear many hats. One of the most important ones is to pay the taxes owed by your company. When people think of taxes, they often think of federal or state taxes. However, it is essential to remember that business tax receipts and any occupational licensing…
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