Business expenses add up, fast. Fortunately, there are extensive tax deductions available for small business owners to offset the cost of running a business. Unfortunately, tax deductions can be complicated and confusing.
Read More Your Go-to Small Business Tax Deductions Checklist
Being a sole proprietor is a rewarding, but challenging, journey. Many sole proprietors view managing finances as one of the most challenging tasks. But thanks to accounting software for sole proprietors, financial management (and analysis) has gotten faster and easier.
Read More Your Guide to Accounting Software for Sole Proprietors
Machine learning (ML), a branch of artificial intelligence (AI), is everywhere. It has transformed online shopping (“users also bought…”) and TV streaming (“because you watched…”). Machine learning has also revolutionized the field of accounting.
Read More How Is Machine Learning Used in Accounting?
There might come a time when you need to hire a business tax attorney. An experienced business tax attorney can help you structure your company, dispute legal challenges involving taxes, and more.
Read More Do You Need a Business Tax Attorney? (When to Hire One)
Accountants, business owners, and individuals aren’t safe from tax-time stress. One in four Americans say tax season is so stressful and complicated that they procrastinate filing. So whether it’s your first or 31st time filing taxes as a business owner, there are ways to simplify the process. You need a cheatsheet of small business tax […]
Read More Tax Tips for NEW Small Business Owners (Must Read)
Paying a contractor to perform work for your business comes with a little disclaimer: reporting said payments on Form 1099-NEC. But what if you pay your contractor using a credit card? Do you have to prepare a 1099 for credit card payments?
Read More “SOS! Do I Need to Prepare a 1099 for Credit Card Payments I Make to Contractors?”
As a small business owner, one of the first decisions you make is deciding between the different types of business structures. But, choosing between business structures can be intimidating and confusing. Before you decide what business structure type to use for your small business, understand your options.
Read More Types of Business Structures
If you paid a person that is not an independent contractor during the tax year, you might need to file Form 1099-MISC. So, what is Form 1099-MISC?
Read More What Is Form 1099-MISC, and Are You Responsible for Distributing It?
Do you need to file Form 1099-NEC, Nonemployee Compensation, Form 1099-MISC, Miscellaneous Information, or another 1099 type? You can use the IRS’s Information Returns Intake System (IRIS) to e-file 1099s.
Read More IRIS 1099: What to Know About the Information Returns Intake System
When you own a business, you may need to hire an extra helping hand, like a vendor or contractor, to get a job done. And when you pay an independent contractor or vendor, you may be responsible (depending on how much you paid them during the year) for distributing and filing either Form 1099-NEC or […]
Read More The Ins and Outs of E-Filing 1099s With the IRS