This month we’re talking about every small business owner’s favorite topic: taxes and tax obligations! We know, we know…it’s actually not your favorite topic, nonetheless, it’s a very important topic so it’s something we’ve got to address.
If you missed our first two posts this month, make sure you check out our posts on How To Choose The Right Business Entity and Surprising Tax Deductions—both are full of insights you need to know.
This week we’ll be continuing our series by talking about your tax obligations as a business owner. Now, these obligations vary quite a bit depending on the structure of your business and which state you live and work in, but let’s take a good look at what … Read more →
This month we’re giving you important info on how to be as tax ready as possible. Last week we started by giving you the information you need to decide how which entity is best for you. Regardless of whether you are a sole proprietor or the owner of a corporation, you must file taxes. If you’re on the ball and you’ve already filed your 2016 taxes, we want to make sure you’re even more prepared for next year. And if you haven’t filed for 2016 yet, we’re going to make sure you’re not missing anything!
Most people have the typical deductions down. Business owners can deduct their mileage and other auto expenses, office rental, employee wages and contract labor. But … Read more →
What entity is best for your business? There are four types of entities and the one you choose can either work for you or against you. Let’s take a good look at some of the more important pros and cons associated with each entity type.
1) Sole Proprietorship
A sole proprietorship is the most common business structure. It’s easy to form and it offers owners complete control. The downside? The owner is personally responsible and liable for all financial obligations of the business. If you get sued and lose, they can come after your house, your personal bank account and any other assets you have.
A partnership is formed when two or more people agree to share the … Read more →