One of the essential steps new business owners must take when launching their companies is to apply for an EIN Number. An Employee Identification Number (also known as a “Federal Tax ID Number” or “Tax ID Number”) is a nine-digit number assigned to a business for filing taxes, submitting reports to the state, applying for business licenses and permits, and completing other documentation. Similar to how a social security number serves as identification for an individual, an EIN serves to identify a business. The IRS issues EINs at no charge.
It seems like you just got your business taxes handled for 2017, and now you must start worrying about 2018 taxes. That’s because the tax reforms signed into law last December under the Tax Cuts and Jobs Act will most definitely affect your business taxes—and possibly your company’s legal structure as well.
And you might be wondering how to avoid a hit like that in the future. Maybe it’s time to change your business legal structure.
If you’re self-employed and operating as a sole proprietor, I suggest exploring if a change in legal structure […]
It seems like you just got your business taxes handled for 2017, and now you have to start worrying about 2018 taxes. That’s because the tax reforms signed into law last December under the Tax Cuts and Jobs Act will most definitely affect your business taxes—and possibly your company’s legal structure as well.
Sole proprietorships are the most common form of business organization in the United States because they are easy to form and offer the owner complete control of the business. Profits are passed through to the owner, and business income and […]
Since Donald Trump took office just over a year ago, there have been few major legislation that have passed. One that did squeak through was the GOP tax reform, and with mixed reporting on who the tax cuts will benefit, when, and how long for, individuals and businesses may feel swamped by the conflicting information they have been reading and hearing about in the last few months. With dire consequences for incorrect filings, the biggest shake-up to taxes in thirty years has left many feeling anxious about what these changes mean for […]
Tax season comes to all businesses big and small, and can be a headache no matter how well you think you’ve prepared. For a small business owner wearing many (or all) hats in the business, it’s an unwelcome extra task sure to cause late hours and frayed nerves. To handle the additional workload during tax season, CorpNet offers some small business tax advice and presents our Tax Season Survival Kit for business owners.
Step 1. Gather All Necessary Documentation
The first step in preparing for taxes is gathering any necessary documentation. Ask your tax […]
Creating a budget as a freelancer shouldn’t be any harder than it is for any other small business. And yet, the rollercoaster ride of finding and keeping clients, collecting invoices, marketing your business and juggling all of this yourself can create major budgeting headaches. Income predictability is a challenge unique to freelancers, according to a recent survey by Upwork and Freelancers Union. Fortunately, there are many simple steps you can take better learn how to budget as a freelancer.
Step 1: Keep Business and Personal Finances Separate
Even if you used personal assets to […]
Thinking of starting a business in Wyoming? Or maybe you already have one there, but want to change your business structure to an LLC. Either way, you need the scoop on how to form an LLC in Wyoming, as well as what it’ll cost you.
Why Form an LLC in Wyoming
The LLC — or Limited Liability Company — is a smart choice for your business structure. It protects your personal finances, home, vehicles, and other assets from being […]
For a variety of reasons, entrepreneurs may decide to close the business they worked so hard to start and grow. Situations change and the need to dissolve an LLC or corporation may need to be addressed.
An entrepreneur can grow tired of small business ownership or may simply want to retire. Possibly the business has been losing money or it isn’t as profitable as it needs to be. Regardless of the reasons, an LLC needs to be dissolved in a formal and methodical manner.
This task doesn’t have to feel daunting. Our six easy steps […]
The multi-member LLC is a Limited Liability Company with more than one owner. It is a separate legal entity from its owners, but not a separate tax entity. A business with multiple owners operates as a general partnership, by default, unless registered with the state as an LLC or corporation.
Would it make sense for you to form your business as a multiple member LLC?
To arrive at that answer, you need to consider how choosing that business entity type will impact you legally, administratively, operationally, and from a tax perspective. I encourage you […]
At some point, growing businesses need more hands on-deck. But that doesn’t necessarily mean you have to invest the money to hire full-time employees—yet. Before you hire full-time employees, there are other staffing options you can explore.
Bring on Extra Help With Our Six Flexible Staffing Options
1. Family and Friends
Starting a business requires long hours and time away from family and friends. You can avoid the separation issue (and create new bonds) by hiring family and friends to help run your business. Family businesses account for 64 percent of […]