If you run a nonprofit organization, you work hard to give back to others. The government offers the opportunity for organizations like yours to gain tax exemption. However, applying for tax-exempt status can be a long and complicated process. Before starting the tax-exempt status application, find out what tax exemption means for your organization, determine […]
Read More Does Your Organization Qualify for Tax-exempt Status?
Most businesses must pay taxes to the IRS. And, companies report information about their income, tax deductions, and tax payments on small business tax returns, which vary based on business structure. When nonprofit organizations apply for and gain tax-exempt status, they do not have to pay federal income taxes. So, do nonprofits file tax returns? […]
Read More Do Tax-Exempt Nonprofits File Tax Returns?
As a busy entrepreneur, you don’t always have the time to think about your business tax return due date. It can be easy to miss your business tax return deadline with so much on your plate. You may be asking yourself, When are business taxes due? Learn more about your business tax due date and […]
Read More Business Tax Return Due Date by Company Structure
You might be familiar with the process of collecting sales tax from consumers. But, how much do you know about use tax? Understand the difference between sales tax and use tax, as well as your use tax responsibilities.
Read More Use Tax: What Small Business Owners Need to Know
No matter how small your company is, you have to file taxes. But, your small business tax preparation cost can be more expensive than you might think. How much does small business tax preparation cost?
Read More How Much Does Small Business Tax Preparation Cost?
If your business operates in a location that imposes sales tax, you are likely familiar with the concept of sales tax. But, have you heard of sales tax nexus? Mastering sales tax nexus boils down to one question: What is nexus? Read on to learn the basics of sales tax nexus, including state guidelines and […]
Read More Your Beginner’s Guide to Sales Tax Nexus
Running your small business isn’t cheap. And securing financing to run your business isn’t cheap, either. Taking out business loans can weigh you down with high interest rates. To help offset this expense, you might be able to claim a business loan interest tax deduction. Not all interest expenses are tax deductible. To claim this […]
Read More Claim the Business Loan Interest Tax Deduction to Decrease Your Tax Liability
If you are an individual earning or receiving income, you likely file an annual income tax return, like Form 1040. What is Form 1040?
Read More What Is Form 1040?
In this digital era, it may seem surprising that there is an option to file a paper tax return. But before you kick the idea of paper filing to the curb, consider the advantages and disadvantages of e-File vs. paper file below.
Read More E-File vs. Paper File: The Advantages and Disadvantages to Consider
If you find yourself tossing receipts left and right, you may want to think again. As a small business owner, keeping receipts is essential for your financial records. And not being able to locate a receipt can be problematic for your business. You need to know how long to keep business receipts to avoid complications […]
Read More How Long to Keep Business Receipts