Defining Your Business & Paying Business Taxes If you are a new business owner there are various taxes that you may need to pay, but the first step is defining your business. There are many different taxes to take into consideration,…
As An Owner Of An S Corporation What Should My Salary Be? When trying to determine your S corporation shareholder salary, there should be one word that comes to mind: reasonable. If you want to avoid issues with the IRS be…
Understanding Your CP2000 Notice You may have received an IRS CP2000 Notice Letter after filing your most recent tax return. Do not worry, this does not necessarily mean you owe more taxes to the government. This is not a bill….
13 Itemized Deductions You Can’t Afford to Overlook Many business owners choose to form S Corporations because of federal tax benefits. Under the S Corp regulations, company profits and losses pass through to each individual shareholder and are accounted for on…
Let’s get the “firehose of cold water in the face” statistic out of the way first. According to the research team at the Education Data Initiative, the average cost of college for first-time, full-time undergraduates is now $36,436 per year. It doesn’t…
As a small business owner, whenever you conduct a transaction, the receipt for that transaction become source documents. Those original documents, in turn, become an essential piece of the paper trail your accountant follows. They use these source documents to…
You’ve worked hard to create a budget for your small business. But if you’re worried that the day-to-day challenges of running a business will make it impossible to stick to the budget, take heart from a 2018 survey by B2B…