Most of my clients are taxpayers who own small businesses themselves or file jointly with a spouse who owns a small business. Some of these small businesses are organized as C or S Corporations, and the owners pay federal and state taxes throughout the year through their W-2 wages (based on their set salaries and… [Read More].
All small business owners should have a set of books that record the business’s financial position, operating results, and cash inflows/outflows. For very small and extremely simple businesses, a spreadsheet might work. However, for the overwhelming majority of my small business clients (especially those organized as LLC’s and corporations) a spreadsheet will not cut it…. [Read More].
I hope that everyone reading this article has had a Merry Christmas (or other enjoyable holiday) and a Happy New Year! As we embark upon another tax season as small business owners (as well as a new year of recordkeeping), I just wanted to provide all of my readers with an update on the IRS… [Read More].
One of the greatest advantages of small business ownership is the opportunity to do what you love and in large part the ability to do it your way. But one of the caveats that small business owners must be aware of is that only businesses engaged in for profit may deduct expenses. If your endeavor… [Read More].
One of the most tedious and cumbersome tasks that many small business owners undergo in the new year is filing Forms 1099-MISC and Forms 1099-NEC. These forms are commonly required to report rent paid to landlords and compensation paid to independent contractors for the previous year. As a general rule, payments of $600 or more… [Read More].
It’s that time of year again! Time to get your documents to your CPA for tax preparation. Here are a few helpful tips to ensure things go smoothly with your tax preparation engagement this season. Start as Early in the Season as Possible There is no better tip than to start early! Starting early in… [Read More].