As a business owner and consumer, you’re likely familiar with sales tax. After all, the majority of states have some type of sales tax. But, you may be less familiar with use tax and how it works compared to sales tax. Want to find out the difference between sales tax vs. use tax? Keep reading.
Read More Sales Tax vs. Use Tax: How They Compare and Contrast
Depending on your business’s location, you may need to pay or remit certain state-specific taxes. One type of state tax your business should be aware of is gross receipts tax (GRT). Read on to learn about gross receipts tax and whether or not you’re responsible for remitting it to your state.
Read More What Is Gross Receipts Tax, and Which States Impose It?
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?
Read More Filing Taxes for Small Business With No Income: To File, or Not to File
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.
Read More Need an In-depth Understanding of Single Taxation vs. Double Taxation? Start Here
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.
Read More Can a Small Business Get a Tax Refund? Yes, No, Maybe So?
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.
Read More Stop! In the Name of Your Business … Don’t Make These 7 Common Tax Return Errors
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?
Read More What Is Accumulated Depreciation, and How Does it Impact Your Assets’ Value?
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? […]
Read More Shake up Your Business’s Tax Classification With IRS Form 8832
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 […]
Read More Make a Mistake on Your Corporate Income Tax Return? Cue Form 1120 Amended Return
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.
Read More Do You Have to Pay Business Personal Property Taxes?