If you want to buy a car or house, open a bank account, or get a job, you need a Social Security number. An Employer Identification Number (EIN) is like that—but for your business. Many businesses need an EIN to operate. And if your business is one of them, you must know how to apply […]Read More Your Step-by-step Guide on How to Apply for EIN—aka Employer Identification Number
When you have employees, you are responsible for paying them—but not before taking out some money for payroll taxes. The IRS, Social Security Administration (SSA), and state and locality (if applicable) all require payroll tax withholding.Read More The Basics of Payroll Tax Withholding
As an employer, you’re responsible for withholding certain taxes from employees’ wages. One of the taxes you may need to withhold is local income tax. Read on to get the scoop on this tax, and learn how to calculate local income tax.Read More How to Calculate Local Income Tax in 6 Simple Steps
Do you have questions about your tax situation that nobody can seem to answer? If so, you may need a private letter ruling from the IRS. What exactly is it, and how do you get it?Read More What Is a Private Letter Ruling from the IRS?
If your business is private, at some point or another you may consider going public. When you go public, you go through an IPO process. So, what is an IPO? Read on to learn the ins and outs of an IPO, what the process entails, and the pros and cons of going public.Read More What Is an IPO? The Process of Going Public
At some point or another, you may decide to incorporate your company. Like many things in business, incorporation has its advantages and disadvantages. Read on to learn the pros and cons of incorporating a business to determine if it’s a good fit for your company.Read More What are the Pros and Cons of Incorporating a Business?
If you have a low- or moderate-income worker, they may be eligible for the earned income tax credit (EITC). Read on to learn all about the earned income credit, including who is eligible for it and how workers can claim the credit.Read More What Is the Earned Income Tax Credit, and How Does it Work?
Expenses. We can’t escape them. But with careful attention, you can use them to reduce your tax liability. When you know what business expenses to deduct, you’ll be certain you’re paying no more than needed. So, without further ado, what are business expenses?Read More What Are Business Expenses?
As an employer, withholding taxes from employee wages is all part of the job. In addition to federal income tax withholding, you may also need to handle state income tax withholding. Unlike federal income tax, state income tax rules and rates vary by state. So, what is state income tax?Read More What Is State Income Tax?
When you own or work for a business, you receive earned income. But, not all income is earned income. Both business owners and employees should understand what is earned income to determine tax liability and tax credit eligibility.Read More What Is Earned Income?