Sometimes, you need to hire workers who aren’t employees to complete certain tasks at your business. When you hire contractors or vendors, you must prepare Forms 1099-NEC or 1099-MISC so they can accurately file their personal tax returns. You also need to submit Form 1096 with the Forms 1099 you send to the IRS.
Read More Form 1096: What it Is, Filing Instructions, and More
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?
Do you have business assets? If you’re running a small business, you likely have many tangible and intangible assets. And when you sell those assets or buy new ones, you should know their fair market value.
Read More Fair Market Value for Small Businesses
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 a small business owner, you have a lot of government documents and tax forms for small business to keep up with. You might be responsible for filing and paying excise tax if you sell certain products or services at your company. What is excise tax?
Read More What Is Excise Tax?
Employers bear the burden of calculating, withholding, and remitting taxes from employee wages. They must also report them to the correct government agencies. But, what must self-employed individuals do? And what about individuals whose income isn’t taxed? What should those individuals do to pay and report their taxes?
Read More What Is Estimated Tax, and Why Is It Important?
Transactions between two parties can be tricky business. As a small business owner, you need to make sure that things like selling tangible and intangible assets goes smoothly. You might consider using an escrow agent to help. So, what is escrow?
Read More What Is Escrow, and Why Should a Small Business Owner Know About It?
As a business owner, you might offer a variety of benefits to your employees, including health insurance and retirement plans. One option you can offer employees is an employee stock ownership plan (ESOP). Along with other benefits, ESOPs are growing in popularity for small businesses. According to the National Center for Employee Ownership (NCEO), as […]
Read More Employee Stock Ownership Plan: How Can It Benefit Your Business?
Owning a business means understanding your company’s value. To calculate the value of your company, you can use a formula called EBITDA. But, what is EBITDA? What taxes are included in EBITDA? Are payroll taxes included in EBITDA? Grab your pen and paper while we answer these questions and look at what all goes into […]
Read More What Is EBITDA? The Answer You Need to Know
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?