The tax code is a confusing place for an entrepreneur, and it uses a whole different language. One of the common forms business owners receive is a schedule K-1. So What is a Schedule K-1? Glad you asked! Let's discuss...
In today’s economy, most Americans are looking into gigs that can support their lifestyles, their finances and overall income. You could be working for Uber or DoorDash, posting product reviews on YouTube or being an Airbnb host.
Everybody's favorite part of business ownership, paying taxes! Yeah right! Sometimes, the deadline just sneaks up on us, so much that over 12 million people filed for extensions this year!
What's in a name? Well Business ID Number means different things to different people. Let's discuss the possibilities.
If you're like most Americans, the day that you send off your tax returns is a major relief. But dropping off your tax return isn't the end of the story, because an audit is always possible. If that's the case, you'll need good documentation to prove your return's accuracy.
.jpg?height=70&name=_AM10007%20(1).jpg)
Many people think of retirement plans as something that is only offered through a large employer. However, as a small business owner, retirement plans can be a very good tax AND retirement strategy. I’m pretty sure you didn’t go in business for yourself thinking you would have to work for the entire rest of your life because you didn’t have a retirement plan in place. Let’s discuss this.
Should your business use Turbotax or a CPA to prepare your taxes? You might expect us to say absolutely NOT, but let's dig a little deeper on that.
The filing status determines the rate at which income is taxed. There are five filing statuses:
In today's bustling job market, you might need to hire an employee or two. Do you know what kind of employee you want to employ? A 1099 contractor or W-2 employee?
As a business owner, being well versed in IRS tax forms and the best ways to record payroll and submit taxes is a crucial skill. IRS forms and adhering to proper FICA (Federal Insurance Contributions Act) standards can be confusing. The IRS does little to illuminate this process, and there is not a lot of simple, concise advice for dealing with taxes.