So, you started a business, then let it sit for a little bit, hmm? If you didn’t earn income for an entire year, you might be wondering if you have to file your tax return. So, how does filing taxes for small business with no income work?
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Business Taxes - Tips, Training, and News
Need an In-depth Understanding of Single Taxation vs. Double Taxation? Start Here
Taxes, taxes, taxes. As a business owner or aspiring entrepreneur, you probably dread hearing the word “taxes.” But the truth is, you’re going to hear it a lot when you’re in business. And depending on your type of business structure, you may have single taxation or double taxation.
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What’re the Differences Between Form 1099-MISC vs. 1099-NEC?
Before 2020, business owners used one universal form, Form 1099-MISC, to report nonemployee compensation and other types of payments (e.g., rent). But after a 38-year absence, Form 1099-NEC made a return in 2020. So, how do these forms differ? Read on to learn all about Form 1099-MISC vs. 1099-NEC and which form you need to […]
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Can a Small Business Get a Tax Refund? Yes, No, Maybe So?
As an individual, you’ve probably received (or have at least dreamed about receiving) a tax refund before. If you have, you’ve probably wondered at some point, Can a small business get a tax refund? Well, wonder no more. That’s where we come in to help.
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Stop! In the Name of Your Business … Don’t Make These 7 Common Tax Return Errors
There’s a lot that goes into filing your small business tax return. You can’t just take a shot in the dark and hope for the best, you need to prepare, follow best practices, and keep good records year-round. And if you don’t, you could wind up making tax return errors.
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What Is Accumulated Depreciation, and How Does it Impact Your Assets’ Value?
As a business owner, you can look to your balance sheet for answers to questions about your business’s financial health. One thing you may keep track of on your balance sheet is accumulated depreciation. But, what is accumulated depreciation?
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Shake up Your Business’s Tax Classification With IRS Form 8832
Many business owners dream about finding ways to reduce their tax liabilities. With IRS Form 8832, you may be able to do just that by changing your tax classification. Read on to learn what is Form 8832 and whether you can use it to switch up your business’s tax classification. What is IRS Form 8832? […]
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Make a Mistake on Your Corporate Income Tax Return? Cue Form 1120 Amended Return
Mistakes are part of being a business owner. At one point or another, you may make a mistake on a form, such as your business income tax return. If your business is structured as a C Corp or taxed as a corporation, you can use Form 1120X to amend your original return. Read on to […]
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Do You Have to Pay Business Personal Property Taxes?
If you’re a business owner who owns a building, land, or property, you are probably familiar with business property taxes. But, you may be responsible for paying business personal property taxes in addition to your other taxes. Read on to learn all about business personal property tax and whether you’re responsible for paying it.
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What Is a Private Letter Ruling from the IRS?
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?
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