Self-employment tax is Social Security and Medicare paid by self-employed individuals. When you are a sole proprietor (which includes the sole member of a single-member LLC), you get paid the complete amount you earn. No deductibles or taxes are taken out of your payments made to you by your clients.
April 15 might be one of the dates people think of the most as they rush to file their taxes. One form that is often forgotten is the gift tax returns form, also known as Form 709, which covers taxable gifts that were bestowed the previous year. What does this
This year is coming to an end and many business owners are taking a closer look at their finances. As a business owner, your goal for the new year may be to cut back unnecessary or extravagant costs. Implementing small, preemptive steps while your company is financially secure is an
Have you ever looked over your payroll statement or tax form and scratched your head in confusion? Your next step might be to scour the Internet for answers to your financial questions. This can be a frustrating and fruitless process, filled with conflicting answers. You may avoid asking an accountant
Balancing between your personal and professional lives is not an easy feat, but we know how to help simplify this dilemma: don’t co-mingle your business and personal finances! Combining these accounts causes confusion, unnecessary hassle during tax season, and could potentially lead to an IRS audit. Also, most importantly, the
During tax season, many clients who moved to another state or have income coming from different states ask if they need to file taxes in more than one state. You may be thinking that this is not something you need to worry about since it isn’t tax season; but it
As a small business owner, you most likely have had conversations with a professional to discuss which business entity is right for your growing company. Whether you choose to incorporate your small business as a limited liability company (LLC) or an S corporation, you should consider the various benefits of
Now that tax season is complete, you may be wondering how to better prepare and organize your business’ finances. If you are managing a growing business’ finances yourself, you have most likely noticed the importance of organization and updated reports – especially when you are trying to provide an accountant
You have filed your small business taxes, and now you are waiting for your tax refund. Many business owners may use their refund money to spruce up the office, travel for business or hire services. Here is a list that outlines some tips on when to save and when to
A question I get a lot is, “In which state(s) do I have to file a tax return?” That’s a great question, with a sometimes confusing answer. Basically, the answer is: Your home state Wherever you have a “physical presence.” Simply put: Where did you physically earn money during the
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