Day: November 17, 2023

    Choosing the right business structure is a pivotal decision for entrepreneurs, and one option that frequently stands out is the S Corporation (S Corp). This structure blends the liability protection of a corporation with the pass-through taxation of a partnership.   In this comprehensive guide, we will delve into the nuances of how… Continue reading How Are S Corps Taxed? | An Ultimate Guide

      How far back can IRS audit my business? How long should I keep my records? What are things I can do to minimize the possibility of an audit?    This post, we will go through those questions and give you a better understanding around the IRS auditing process and how to handle… Continue reading How Far Back Can the IRS Audit You and Your Business?

    You need to know your LLC tax rate so that you can figure out what your dues are when tax season rolls around. A mistake can mean either overpaying or underpaying on your taxes. Both are not good for your business.   Without a solid tax plan, you can even end up owing… Continue reading What Is the LLC Tax Rate? A Guide to Small Business Tax Rates

    Are you preparing to meet the LLC tax filing deadline 2024? We’ve got you covered!   In this post, you’ll get a rundown of what you need to know for correct tax filing. We’ll also give you some information on the penalties for being late and the amounts you can expect to pay.… Continue reading LLC Tax Filing Deadline 2024: A Complete Guide

    The U.S. tax code is notoriously complex, with myriad forms, schedules, and deductions to navigate. For small business owners, one of the critical elements to understand is the Qualified Business Income (QBI) deduction, which can significantly impact your tax liability. Form 8995 is a key document related to this deduction, and in this… Continue reading What Is Form 8995? A Guide to Small Business Tax Rates

    Depreciation is a fundamental concept in accounting, representing the allocation of an asset’s cost over its useful life. Various depreciation methods are available to businesses, each with its own advantages and drawbacks. One such method is the Double Declining Balance Method, an accelerated depreciation technique that allows for a more significant portion of… Continue reading Double Declining Balance Method for Depreciation (With Examples)

  Proper record-keeping and documentation are crucial when it comes to managing your business’s tax affairs. The Internal Revenue Service (IRS) has specific requirements for maintaining receipts and other financial records to support your tax deductions and claims.   In this comprehensive guide, we will explore the IRS receipt requirements, what a Business Tax Receipt… Continue reading What are the IRS Receipt Requirements?

  Incorporating your business is a significant step that can have far-reaching implications for your company’s future. The state you choose for incorporation plays a crucial role in determining the legal and financial aspects of your business.   In this guide, we will explore the best states to incorporate your business in 2023, the process… Continue reading 3 Best States to Incorporate Your Business in 2023