//Tag: Taxes

Do I Need a Business License to Sell on Amazon?

Entrepreneurs who want to sell their products through Amazon’s marketplace face many of the same opportunities and challenges as brick-and-mortar stores. Naturally, they have a lot of questions about launching and running an online business. It’s exciting to think of the possibilities but often daunting to figure out where to start, what to do, and where to turn for help and direction.

One of the things these business owners want to know is, “Do I need a business license to sell on Amazon?”

Regardless of whether an Amazon seller has formed an LLC […]

2020-09-28T12:21:17-07:00July 26th, 2018|Categories: Ongoing Management and Protection|Tags: , |

Choosing the Best State to Start a Business

Choosing the best state to start a business is an important detail in your overall business plan. When it comes to launching a small business, “Location, location, location” is part of the formula for success. If you’re wondering if a specific location would give your startup an extra advantage over the competition, you should check out WalletHub’s latest report on 2018’s Best & Worst States to Start a Business.

With a bad location ranked as one of the top reasons for business failure, choosing where to launch your business […]

2019-12-30T06:05:17-08:00July 24th, 2018|Categories: Startup and Launch|Tags: |

How to Apply for an EIN

One of the essential steps new business owners must take when launching their companies is to apply for an EIN. 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.

EIN Eligibility Requirements

The […]

2019-12-27T09:45:32-08:00May 24th, 2018|Categories: Startup and Launch|Tags: , |

How Will 2018 Tax Reform Affect Your Small Business?

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 […]

2019-12-15T16:21:08-08:00March 8th, 2018|Categories: Ongoing Management and Protection|Tags: , |

3 Things to Consider When Choosing a Tax Preparer

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 […]

2019-12-15T16:24:05-08:00March 1st, 2018|Categories: Ongoing Management and Protection|Tags: , |

Small Business Tax Advice and Survival Guide

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 […]

2019-12-15T15:50:57-08:00February 26th, 2018|Categories: Ongoing Management and Protection|Tags: , |

Benefits of an S-Corporation

Incorporating is one of our favorite services, not only for the tax savings it provides those who are self-employed, but also for the asset protection it offers those with passive real estate investments or one-off productions in the entertainment industry.

Before we dive into the benefits of an S-Corporation, let’s first understand each type of business entity:

  • S-Corporation: Entity used to assist self-employed individuals transition from small to medium-sized business structures. The only entity that allows the self-employed to reduce social security and Medicare tax (SE tax). An S Corporation can also […]
2019-12-15T14:35:59-08:00January 18th, 2018|Categories: Startup and Launch|Tags: , , |

Top 9 Changes From the 2018 Tax Code Updates

As the 2017 year comes to an end, we enter into a new year with a new tax code for both individuals and corporations. In fact, the recently signed the tax reform bill represents the most significant tax changes for the United States in more than 30 years.

Many clients have reached out to us with questions and concerns as to how this new code would impact them at both the personal and business level. To make these changes easier to understand, we’d like to highlight the main points and changes we can […]

2019-09-03T05:41:35-07:00January 8th, 2018|Categories: Ongoing Management and Protection|Tags: |

Year-End Closing Checklist: Get Your Business Ready for 2018

With time of the essence, I won’t delay getting right to the point of this blog post:

Now is the time to get your company’s ducks in a row so your business will have a happy New Year. And by happy, I mean being prepared so you won’t suffer from the headaches and frustrations of falling behind on mission-critical responsibilities.

So, without further ado, here’s a helpful year-end closing checklist to guide you in closing your 2017 on a joyous note.

Your Year-End Closing Checklist to Make the New Year Merry and Bright

1. File to […]

2019-12-15T13:52:05-08:00December 19th, 2017|Categories: Ongoing Management and Protection|Tags: |

Small Business Tax Tips to Grab at Year End

Before you let the hustle and bustle of the holiday season take over your business (and your life), now’s a good time to review your financial situation and explore some money-saving small business tax tips. Below is a list of my top ten tax tips entrepreneurs can still benefit from at year-end.

My Top Ten Small Business Tax Tips

1. Deduct Startup Expenses

Did you start your business this year? You may be able to claim some of your startup expenses on your tax return in the year you actually opened the business.

To qualify as […]

2019-12-15T13:56:04-08:00December 18th, 2017|Categories: Ongoing Management and Protection|Tags: , |
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