You face plenty of challenges as a small business owner. Finding ways to protect yourself against lawsuits is a major one. You may be able to add protection by structuring your business as a corporation or limited liability company (LLC). Both these entities may shield the owners’ or members’ personal assets from the company’s debts […]
Top Tax Benefits of Real Estate Investing
Real estate investing comes with significant tax benefits. Find out how to identify the top tax strategies for maximum benefit and how to use them to your advantage come tax time. As with all deductions, consult your tax accountant for the most up-to-date on what is/is not allowed regarding tax deductions related to real estate […]
Small Business Taxes: Who Pays What?
There are various federal taxes that may apply to your small business. The type and form of business you operate determines what taxes you must pay and how you pay them. At the federal level, several different taxes may apply. Excise Taxes The IRS defines an excise tax as a tax imposed on the sale […]
4 Tips on How Small Businesses Can Reduce Taxes
As a small business owner, tax liability is the money you owe the government when your business generates income. With changing laws and gray areas regarding deductions, exemptions, and credits, it’s no wonder small business owners rank taxes at the top of the list of the most stress-inducing aspect of business ownership. To reduce that […]
How to Maintain Customer Records in QuickBooks Online
Your customers are your company’s lifeblood. Make sure their records are thorough and up-to-date. When companies buy other companies, what’s often considered the most critical asset? The customer list. When a business is damaged and data possibly lost, which set of records do they most hope to recover? The customer list. You probably spend most […]
Starting a Side Gig in 2022? Your New Tax Obligations
It’s not just self-employed individuals who must pay estimated taxes. Here’s what you need to know. W-2 income tax withholding isn’t perfect. You’ve probably had years when you owed more than you expected to on April 15. Or you were pleasantly surprised to receive a sizable refund. The idea, of course, is to try to […]