Estimating your taxes properly and remitting it to the IRS is a fundamental requirement if you are self-employed or earn income that is not subject to withholding. Failure to do so will result in penalties and interest. The general rule is that you should pay your taxes quarterly as they are owed.
An EIN or Employer Identification Number, is a nine-digit number assigned to sole proprietors, corporations, partnerships and LLC’s for tax filing and reporting purposes. This is a permanent number issued by the Internal Revenue Service and is how they identify your company. An EIN is also commonly referred to as an FEIN (Federal Employer Identification Number) and FTIN (Federal Taxpayer Identification Number).
As new entrepreneurs, we are often on a tight budget and are inclined to bootstrap everything by doing it ourselves. However, mistakes are inevitable and can be VERY costly. It is unrealistic to be a pro at every aspect of business. It is impossible to be an expert in everything and your job as the entrepreneur…
If you have elected to set up your business as an LLC (Limited Liability Company), the next question you may have is, How to File Your LLC Tax Return. When an LLC is formed, you can choose the way you are taxed by the federal government. This flexibility is also what makes the LLC structure desirable to small business owners.
Whether you’re launching out to start a new practice on your own, or perhaps you’re a seasoned partner in a multi-lawyer firm; ensuring your bookkeeping is properly managed is fundamental to your practice. However, after spending countless hours studying law, most lawyers would rather not be burdened with the meticulous numbers driven aspects of recordkeeping – for some, this can bring about the feeling of a return to post-secondary studies, with accounting as their new major.
If you are a sole proprietor, partnership or starting a new business, you should consider the advantages of forming an LLC. A properly structured LLC protects the owners (members) from the debts, liabilities and legal judgements against the business. Since the LLC owners do not have personal liability, their personal assets are protected in the event there is business liability.
I wanted to share how I created an authority website in 21 days, and if I did it, so can you. What is an authority site? An authority site or authority blog is a website that provides useful, quality specialized information along with a positive user experience. Because of this, website visitors are happy to sign up for emails, engage with the site, share content, and ultimately come back.
Cloud based accounting systems are becoming popular with the entrepreneur and small business owner, but are there potential security problems? In light of the recent hacking events from major companies, do you really think your financial information stored in the “cloud” is safe? There is a saying in the website security industry, “It’s not about if your company will ever get hacked, but when.”