As a small business owner, you need goods to operate. Your inventory is an essential organ in the anatomy of your business. The tools you use and the merchandise you sell help you accomplish daily goals, and ultimately grow your company.
Read More What Is a Vendor? Overview for Small Business Owners
Receiving a tax notice from the IRS can be scary. But, there are basic steps that you can take when responding to IRS notice.
Read More What to Do If You Receive an IRS Notice (Besides Panic)
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?
Juggling different expenses comes with the job of being a small business owner. One cost you’re responsible for is your company’s taxes. There are several aspects of your business that the government enforces taxes on. To stay legally compliant, you must stay on top of your small business tax liability.
Read More What Is Your Small Business Tax Liability?
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
A sole proprietor is an individual who owns and operates their own business. The easiest and most common business to set up is a sole proprietorship. Sole proprietors fill out fewer tax forms and pay less to start their businesses.
Read More What Is a Sole Proprietor?
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?
If you are self-employed, you might be overwhelmed by the expenses you have, including your self-employment tax liabilities. However, you can claim self-employment tax deductions to reduce the amount you owe in taxes. See how you can take advantage of self-employed tax relief below.
Read More 9 Self-employment Tax Deductions You Should Be Taking
Before you can get your small company rolling, you need to decide on a business structure. Your business entity impacts everything from taxes to profits and losses, so it’s essential that you choose a structure that works for your company. One popular small business structure is an S corporation. According to the SBA, 52.1% of […]
Read More What Is an S Corporation?
When you invest in an asset for your small business, you want it to eventually turn a profit. But, how do you measure the profitability of your investments? You can use return on investment (ROI) calculations to see how much income your assets generate.
Read More ROI Meaning: What Is Return on Investment (ROI)?