Our friends at Fresh Books, the leader in cloud-based accounting, shared their infographic on 8 Often Forgotten Small Business Tax Write-Offs. Whether you prepare your own taxes or hire an accountant, maximizing your tax deductions (aka. write-offs) will ultimately reduce your tax bill. Also included are my top 3…
If you are one of the many people who have a traditional brick and mortar business, but have yet to completely embrace the power of the Internet, then you shouldn’t wait any longer to grow your business online. There has been a seismic shift onto the virtual world that can no longer be ignored. Don’t let a lack of understanding the technology stop you. Build your online presence before it’s too late.
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.