Taxes

//Tag: Taxes

What is the Best Time of Year to Form an LLC?

Have you been thinking of launching a new business or changing your existing sole proprietorship to a formal business entity type? Are you concerned that you might not be selecting the best time of year to form an LLC?

So When Really is the Best Time of Year to Form an LLC?

There’s never a bad time to register your business as a legal entity—doing so helps protect your personal assets and might offer some tax advantages, as well.

But filing your paperwork to make it effective before the New Year has its […]

2019-12-15T14:04:35-08:00December 13th, 2017|Categories: Startup and Launch|Tags: |

Is a Farm LLC Really Necessary?

Starting and running a farming business provides opportunity and the freedom to forge your own professional path. There’s hard work involved, of course—farming is a 24/7 commitment. And an agricultural business comes with many of the same risks that other types of companies do—and some that other types of businesses do not. A farming business faces many uncontrollable threats such as economic downturns, droughts, floods, accidents related to the use of large equipment, unseasonable freezing weather, and even food trends that may put certain ingredients on the outs. Farming, while it can […]

2019-12-15T14:24:54-08:00December 6th, 2017|Categories: Startup and Launch|Tags: |

How to Sell a Product Online: A Checklist for Success

If you’re wondering how to sell a product online, you will soon see that the world is your marketplace. Online shopping is now the preferred way to go for many consumers. For instance, 67% of millennials and 56% of GenXers prefer online shopping to in-store shopping, and even a significant number of older individuals buy online.

Whether you want to combine online selling with a bricks-and-mortar operation or sell exclusively online, be sure you address all the important issues for success. The following is a checklist of the issues […]

2020-03-03T21:29:47-08:00November 25th, 2017|Categories: Growth and Expansion|Tags: , , |

7 Small Business Expenses to Account for in Your Monthly Budget

Budgets are essential to manage your costs and keep your small business expenses limited and your company profitable throughout the year. Due to the dynamic nature of any small business, you can’t just set a budget in January and let it sit unchanged until the end of the year. Every month, take stock of your business’ performance and expenses and use that data from the prior month to update your budget.

Your monthly budget needs to provide you with enough detail so that you can identify potential cash crunches in the near future […]

2019-12-11T13:55:13-08:00April 5th, 2017|Categories: Ongoing Management and Protection|Tags: , , |

What Every Small Business Should Know About 1099s

Every year when tax time rolls around, I field questions from business owners about whether or not they need to send 1099s to their vendors. As common as 1099 forms are, they remain one of the most misunderstood Internal Revenue Service (IRS) requirements.

To make sure you understand the circumstances under which the IRS requires issuing 1099-MISC forms to vendors, I’m going to provide some basic “must-know” information here.

What Is A Form 1099-MISC?

You must issue an IRS Form 1099-MISC to each person you’ve paid $600 or more in services (including parts and materials), […]

2019-12-11T13:15:15-08:00January 31st, 2017|Categories: Ongoing Management and Protection|Tags: , |

Back to Basics: LLC or Corporation?

Both an LLC and corporation safeguard you by protecting your personal assets if legal action is taken against your business. They also give your business a boost of credibility by having either “LLC” or “Inc.” behind your company name. But there are differences that could make one or the other the better choice for you.

I can’t emphasize enough the importance of knowing the pros and cons of the legal structures available to you before you decide which will serve your business most effectively.

The Low-down On LLCs

Many owner-managed businesses opt to

2019-12-10T14:45:35-08:00October 11th, 2016|Categories: Startup and Launch|Tags: , , |

Ready For Estimated Tax Payments?

When starting a business, you need to do quite a bit of heavy lifting. Of course, a big part of this is handling the complexities of the US tax system. In fact, one particular area that often trips up entrepreneurs is something called estimated tax payments.

The main reason is that this is quite different from when you have a job. You see, a self-employed person needs to essentially do what an employer does – that is, make ongoing payments to the IRS.

This often comes as a complete surprise to first-time entrepreneurs. After […]

2019-12-10T14:25:39-08:00September 20th, 2016|Categories: Ongoing Management and Protection|Tags: , , , |

Running Your Business: Do You Know What You Don’t Know?

With school back in session, students of all ages are learning new things—and discovering how much they don’t know in the process. Whether you’re an aspiring entrepreneur or long-time business owner, one thing is certain: like the kids who are back to school, you always have room to learn and grow.

As I’ve learned and grown as a business owner, one of my favorite phrases has become, “You don’t know what you don’t know.” How true, right? It’s far too easy to fool ourselves into thinking we really know all there is to […]

2019-12-10T14:28:22-08:00September 15th, 2016|Categories: Ongoing Management and Protection|Tags: , , , |

Paying Small Business Taxes: Three Options to Consider

If you’re like most small business owners, you groan when April rolls around. You know you have a hefty tax bill waiting for you, and it’s one you despise paying. What’s your plan for paying that tax bill? Did you know you had options? Let’s look at three smart ways you can get your taxes paid with minimum stress or fees.

2019-12-09T07:50:54-08:00April 15th, 2015|Categories: Ongoing Management and Protection|Tags: , |

Starting a Business? You Can’t Deduct All Your Startup Costs Up Front

When first-time entrepreneurs begin the process of starting a business, they sometimes throw caution to the wind when it comes to investing in that business, because they assume they can write off all of their business expenses. Those entrepreneurs are in for a serious shakeup, because that’s not explicitly true. There are some rules about what and when you can deduct as it relates to startup costs. Take notes, folks. This is important.

2019-12-09T07:56:53-08:00April 8th, 2015|Categories: Startup and Launch|Tags: |
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