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Choosing a business structure is a big deal. The way you structure your business affects how much you pay in taxes, your personal liability for business losses, how you pay yourself from your business, and more. Sole proprietorships, partnerships, corporations (S Corp and C Corp), and LLCs (single-member and multi-member LLCs) are business structure types.
Read More What Is the Difference Between S Corp and C Corp?
Business assets are items of value that significantly contribute to your small business net worth. You need to properly calculate, take care of, and record your business’s tangible assets. Learn about tangible assets below.
Read More Your Go-to Guide to Understanding Tangible Assets
For some business owners, spending money on travel and entertainment is inevitable. You might need to take a business trip or decide to take a client out for lunch. Whatever your situation, you might be able to claim travel, meals, and entertainment tax deductions.
Read More Travel and Entertainment Expenses: Learn How to Deduct
When you manage your accounting books by hand, you are responsible for a lot of nitty-gritty details. One of your responsibilities is creating closing entries at the end of each accounting period.
Read More Wrap up Your Accounting Period With Closing Entries
To turn a profit in your business, you need to make sure your products or services bring in more money than what you put into them. But if your business expenses are greater than your revenues, you won’t stay afloat. Learn about indirect cost and how to calculate and reduce it.
Read More What Is an Indirect Cost?
Audit. Do you panic when you hear that five-letter word? You might think an audit is the last thing your business needs, but they aren’t always bad. Regular audits can be more like a routine maintenance check than an invitation for IRS penalties. Learn what an audit is, what types of audits there are, how […]
Read More What Is an Audit?
Are you struggling to pay your business or employment tax liabilities? If you fail to pay, you might face a tax lien. For a small business owner, a tax lien can have devastating effects. That’s why you must understand tax liens to prevent them.
Read More What Is a Business Tax Lien?
When you create a simple chart of accounts, you might assign a group of numbers to each account category. Assets might use the 100s, liabilities might use the 200s, and so on. There are specific accounts within each category. You will assign each account a more specific number within its category. For example, cash is […]
Read More What Is a SIC Code?
When you own a small business, you make decisions to protect your company. Throughout the life of your business, you might need to seek advice or help from professionals. In some cases, you might entrust a fiduciary to manage assets or provide business advice.
Read More What Is a Fiduciary?
Structuring your business as a limited liability company (LLC) can have great benefits, but filing small business tax returns can get confusing. Because LLCs take aspects of both corporations and partnerships, there is not a standard LLC form you will use. Learn about the different tax forms for an LLC.
Read More What Are the Federal Tax Forms for an LLC?