Businesses are the cornerstone of the American economy. As a business executive, it is important to stay up to date on all the documentation necessary to keep your corporation, LLC, or other entity legal. In most states, filing an Annual Report is required whether you make changes to your business, or not. The state of…
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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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My Tax Refund Paid My Spouse’s Debt? If this sounds familiar, then you may want to look into this article on getting your refund back. First, take a minute to answer the following questions. If you answer yes to all the listed questions, you may just be eligible to file an injured spouse claim. Did…
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What should you do if you receive a letter or notice from the IRS? Don’t ignore it. Most IRS letters and notices are about federal tax returns or tax accounts. Each notice deals with a specific issue and must be address. Don’t panic. The IRS and its authorized private collection agencies do send letter by…
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Business as Usual Business owners are constantly juggling different responsibilities, from paying taxes to controlling costs, all while keeping an eye on the bottom line. However, the majority of businesses would be nowhere without their employees, making payroll a crucial aspect of business ownership. Along with being a legal obligation, the human component of business…
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Whether you run an S Corporation or choose to invest in one, it is essential to keep a few key considerations in mind. The tax benefits gained from an S Corporation versus a C Corporation are crucial, and two main reasons for electing S Status are: Avoid double taxation on distributions Allow corporate losses to…
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Why You Should Be Scheduling Meetings with Yourself in 2020 As a small business owner, a good portion of your day is probably taken up in meetings. Meetings are important time to connect with others to brainstorm, set goals and review progress. However, you might be missing out on the most important type of meeting—a…
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Don’t Let Taxes Sneak Up You They say that the only guarantees in life are death and taxes. If that’s the case, then why is it so many people wait until the last minute to start thinking about their taxes? Preparing for tax time throughout the year is the best way to make sure that…
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Tax tips that will save you money. Thinking about owning a second home for vacations or renting out? Taxes become a bit more complicated for second-home owners – but don’t be intimidated. The simple tips below will help you learn how to find and take advantage of the tax breaks and deductions available to you.…
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Get a handle on Bookkeeping. As a small business owner, your job is not easy. You’re already challenged enough by all the hats you wear without the added stress of record keeping and paperwork management. But since proper bookkeeping is absolutely vital to the success of any business, large or small, you may find yourself…
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