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The answer to this question essentially boils down to whether someone who does work for you is self-employed or an employee. Here’s the difference: Self-employed independent contractors are paid in full for their services and are responsible for settling up with federal and state governments at tax time. The payor reports payments on IRS Form …
Continue reading What’s the difference between a 1099 and W-2?
Congress recently passed the “Tax Cuts and Jobs Act” which impacts both individuals and businesses. There are two important tax changes in 2018 that will impact every business owner in the United States. Corporate tax rates are now a flat 21% (permanent change) Pass through entities such as LLC’s get a 20% deduction (temporary change …
Continue reading 2 Important Tax Changes for Small Businesses in 2018
If you use your home for your business -- whether to greet clients, work on bookkeeping or store roofing supplies -- you may be entitled to deduct home office expenses from your business income. That includes whatever share of property taxes that you can assign to your workspace. If you own a home, you can …
Continue reading How to Deduct Property Taxes on a Home-Based Business
Many small businesses owners don't realize that a staggering 80 percent of U.S. businesses fail within the first 18 months. Typically, one of the main causes is poor financial management. Despite these dire consequences, many business owners go it alone when it comes to managing their money. A recent report found that 53 percent of …
Continue reading 5 Reasons Why Your Business Needs an Accountant
Freelancers and independent contractors will see changes to tax rates and deductions next year, with some mandates still in effect now. The Tax Cuts and Jobs Act was signed into law by President Trump in December, bringing significant changes to U.S. tax law. However, these changes will be rolled out at different times: While some, …
Continue reading 3 Ways the New Tax Law Will Impact Your Taxes … and When They Take Effect
Freelancers and independent contractors face unique challenges during tax season. Here are some quick tips to better manage the process and maximize your deductions. Tax season: Two words that can strike fear into the self-employed. Whether you did a few extra freelance gigs on the side or manage your own business, self-employment adds additional layers …
Business owners and employees who drive for business purposes can deduct expenses for the use of personal cars or company cars for business purposes. In both cases, the expenses must be documented (more on this below) and specifically business-related. Personal expenses and other expenses that are described below are not allowable business driving expenses. Before …
Continue reading Business Driving Expenses You Can – and Can't – Deduct
Small businesses are not immune to employee theft and fraud, and in some ways, may be more vulnerable than larger companies. The trusting, familial characteristics that make a small business a pleasant place to work, sometimes contribute to an environment conducive to fraud. According to the California Society of CPAs, the best way to prevent …
Continue reading Fraud Prevention Steps for Small Businesses
Maybe you’ve decided to start your own business (congrats), or maybe you’re already running one (also congrats). In either case, you need to make a budget. But where to start? A budget is the financial plan for your business. It’s the blueprint for how you achieve your goals and ultimately make your business thrive. It’s …
Struggling to find funding for your great idea? These tips will help you get started when looking for money to launch your business.Business ideas come easy to some, but what happens when you have a good idea but no money to get started? Countless entrepreneurs have run into funding challenges when looking to build a …
Continue reading 10 Ways to Get Money to Start a Small Business
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