In the early days of starting a business, it’s not unusual for owners to try and handle every aspect of running the company. For many, they mistakenly believe this will save them money, while for others, it may be that they simply haven’t gotten around to asking for professional help. Whatever your reason may be for taking care of your new businesses bookkeeping singlehandedly, it could be that in choosing… Read More
How Your Small Business Can Avoid Double Taxation
If you’re a U.S. based small business owner, you might already have heard about double taxation: when the same income is taxed once at corporate level, and then again at an individual level when the distribution of profits as dividends takes place. A significant concern for owners of C-Corporations in particular, this situation can quickly become a financial burden and impact a company’s ability to grow and reinvest profits. However,… Read More
Factors To Consider When Determining How Much To Pay New Hires
If you’re looking for a new hire that will help your small business grow and develop, you’ll likely need to offer them a position – and a salary – that meets their own needs for growth and development. Salary is a significant factor for the majority of job seekers, but aside from knowing that you must pay new hires in accordance with the latest wage and hour laws – which… Read More
What Will a Tax Preparer Cost & How Long Will It Take Them to Complete Your Return?
If you’re a business owner who has never used the professional services of a tax preparer, you might well wonder how much they charge, how long the work typically takes them, and ultimately, whether they are worth the investment. While the short answer is: yes, they are definitely worth the investment, it can be helpful to know a little more about what you can expect from them. More than simply… Read More
What to Do When You Don’t Pay Enough Estimated Taxes
Paying estimated taxes is an essential responsibility for freelancers, business owners, gig workers, and others with untaxed income. But what happens if you didn’t pay enough throughout the year? Whether it was an honest mistake or unexpected income changes, here’s what you need to know—and do—if you underpaid your estimated taxes. 1. Understand Why It Matters The U.S. tax system is pay-as-you-go. This means you’re expected to pay taxes as you… Read More
An Overview of Fundamental Small Business Tax Requirements
To keep your small business compliant with government regulations, as well as financially stable, getting to grips with your tax obligations is essential. While dealing with these is best left to the professionals, if you’re currently in a position where taxes are your domain, understanding your tax obligations and streamlining the way in which you handle them, can help you make the very best decisions for the future of your… Read More