How Are Sole Proprietorships Taxed?
This article will discuss how sole proprietorships are taxed, what tax returns you must file, and when you must file them. We will focus on federal income and payroll taxes since they are the most common. What Is A Sole Proprietorship? Sole proprietorships are...
What Happens if You Pay Your Quarterly Taxes Late?
You just received a notice in the mail from the Internal Revenue Service (IRS) saying your taxes are late or you didn’t file. To make matters worse, the notice says you not only owe the taxes, but they include penalties and interest as well. (Keep in mind, too,...
Small Business Write-offs and Tax Deductions You Need to Know
An important strategy for small business owners is identifying and using any suitable tax write-offs. The main advantage to write-offs is legally reducing your company’s and, if you are self-employed, your personal tax liability. What Tax Write-offs Do Smart Small...
How Do Tax Refunds Work for Small Businesses?
Everyone’s excited to get a tax refund after filing their returns during the April tax season. But what about small businesses? Do refunds apply to them? We will discuss how tax refunds work for small businesses, how the IRS generates refunds, and why a refund for any...
How to Amend a Personal Tax Return
You can change a personal tax return if there is a benefit to do so. Many taxpayers believe this could raise unintentional red flags with the Internal Revenue Service (IRS). However, here we will discuss how to amend a tax return and avoid penalties. Reasons to Amend...
How Much Does Bookkeeping Cost?
With numerous desktop and online solutions available, many think it would be best to do the bookkeeping themselves. However, online solutions often still cost money and are only sometimes accurate. Some of the worst things a business owner can do is try bookkeeping...
7 Tips for Filing Small Business Taxes for the First Time
If you own a new small business, you probably have a lot on your mind. Questions like: Is there enough money in the bank? Will there be plenty of customers? And so on. One of the most critical items for a small business owner to address, especially a new one, is...
The Importance of Bookkeeping for a Small Business
Few things are more important for a small business than bookkeeping. You want your business to be profitable and will likely want to expand eventually. When that time comes, you want to know that your business has a solid financial foundation and sound bookkeeping...