File Your Own Taxes or Hire Someone

Posted by on May 1, 2021 in Small Business | 0 comments

Most people think that doing taxes is just typing in numbers into a computer. I guess that’s like saying practicing law is just talking. Between the public perception of what is involved and the availability of technology it probably shouldn’t come as a surprise that more people are preparing their own tax returns than ever before.  The question of should I file my own taxes or hire someone eventually comes up though. If someone just...

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Corporation Advantages and Disadvantages

Posted by on Feb 21, 2021 in Small Business | 0 comments

Corporation Advantages and Disadvantages You might want to start a business and are wondering what are the advantages and disadvantages of a corporation. It’s very important to consider if a corporation is the right business structure for you. Questions like what is a corporation, why form a corporation, and do I need a corporation all come to mind and you might just be lost. As a national accounting firm, we’ve helped...

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How to Report 1099-K on Your Income Tax Return

Posted by on Feb 6, 2021 in Small Business | 0 comments

How to Report 1099-K on Income Tax Return It’s not uncommon for online sellers to receive a 1099-K, Payment Card and Third Party Network Transactions, for the prior year. It is one of several information returns that should be obtained before your tax return is prepared. The IRS requires that a marketplace facilitator, such as Amazon, eBay and Walmart send online sellers a 1099-K if they have enough reportable transactions. The current...

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How Much Does an EIN Cost?

Posted by on Jan 26, 2021 in Small Business | 0 comments

An EIN, also known as an employer identification number, is a 9-digit number used to file tax returns. If you incorporate your business, or form a partnership, you must obtain an EIN. In contrast, if you operate as a sole proprietor you can use your social security number (SSN) instead of an EIN. However, even if an EIN is not required applying for an EIN might be a smart idea if you want to prevent your social security number from being shown...

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How to Pay Yourself from an S-Corp

Posted by on Jan 17, 2021 in Small Business | 0 comments

How to Pay Yourself from an S-Corp Having a business allows you to provide a product or service on your terms with unlimited income potential. The benefits don’t stop there.  A business owner has the ability to take advantage of many tax deductions that are simply not available to regular employees. An employee works and receives a paycheck from his or her employer.  The employer deducts, among other things, Social Security and...

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Driving a Company Vehicle for Personal Use

Posted by on Jan 6, 2021 in Small Business | 0 comments

In many industries it is not uncommon for employees to have to travel to visit clients or drive miles away from the office in order to be on a job site. The need motivates companies to purchase cars and allow employees to drive those company vehicles for both business and personal use. Other companies will ask employees to use their own vehicles instead. Business owners and employees should be aware of the effects of personal vehicle miles from...

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