How to file business taxes for LLC: Are you considering starting a business but want to avoid the complexities of forming a corporation? Additionally, do you desire tax benefits and legal protection, which are typically lacking in a sole proprietorship? A limited liability company (LLC) is designed to help entrepreneurs deal with this problem. Research…
Self-employment can be a fulfilling and financially rewarding way to earn a living. However, with the freedom and independence of being your boss comes the responsibility of handling your own taxes. Filing your taxes means knowing the right IRS tax forms to use at all times. Research by Bureau of Labour Statistics revealed that as…
Charity organizations need that old car you parked in your garage and haven’t driven for the past three years. That’s not all. The good news is that you can get a tax write-off when you donate the car. The current increase in the prices of new cars in the market has increased the demand for…
Today, we will discuss about a topic that could put some serious cash back into your pockets and supercharge your business growth – it’s all about “Tax Credits for Small Businesses in the US”! Now picture this – you’ve been working hard to build your dream business, serving your customers with passion and dedication. But…
It seems you have triggered an IRS audit through any the red flags that could trigger an IRS tax audit. We understand that facing an IRS audit can be a daunting experience for any individual or business owner. The prospect of the Internal Revenue Service (IRS) scrutinizing your financial records and tax returns might instill…
Today we’re going to talk about those pesky red flags that might trigger an IRS tax audit. Believe me, this is crucial information to keep your finances in check and avoid any unwanted surprises from the taxman. According to the Transactional Records Access Clearinghouse (TRAC), the IRS audited 659,003 out of over 160 million individual…
As an online business owner, you should understand your tax obligations. Tax rules depend on your location and the type of business you do. Therefore, this article explains the steps to file your online business taxes. What Is An Online Business? An online business is a business model that operates on the internet through an…
It can be helpful to consult with a tax attorney and a CPA when starting and running a business, as they each bring different skills and expertise to the table. Who do you need between a tax attorney vs. CPA? This article explains the difference between a tax attorney and a CPA, and everything you…
As a small business owner, do you think you can do your tax preparation by yourself? Is it a wise thing to do? Well, the answer to this question is “YES”, you are permitted to file your tax returns. The IRS doesn’t mandate business owners to hire a tax expert to prepare their tax returns….