Estimated taxes are a crucial part of the tax system for self-employed individuals, freelancers, business owners, and those with significant investment income. Understanding who needs to pay estimated taxes, when these payments are due, and how to calculate them is...
Determining whether your business is ready to hire an employee requires careful analysis and consideration. You need to assess your company's financial position and calculate return on investment before ultimately deciding if hiring is the best path forward for your...
The IRS (Internal Revenue Service) imposes various tax penalties on businesses for non-compliance with tax laws and regulations. It's important for businesses to be aware of these penalties to avoid costly consequences. We've compiled a list of the eight most common...
Managing payroll is a fundamental aspect of running a business, and many companies opt to outsource this task to professional payroll service providers. While outsourcing payroll can save time and reduce the risk of errors, one of the critical questions business...
Choosing the right entity for your business is a crucial decision that can have significant outcomes for your financial, tax, and operational aspects. Among the various options available, the S-Corporation, or S-Corp for short, is a popular choice for many small...
An esteemed attorney began his legal practice in 2018 with the goal of using his law degree and prior experience to continue to serve his existing and new clients while also providing for his family. As his practice rapidly expanded, the demands of running a growing...
As your business grows and evolves, the need to hire key employees becomes imperative. However, the decision to bring in new talent involves not only questions of affordability but also the critical task of determining appropriate compensation. Crafting an effective...
As another year has quickly passed, it’s time for our business clients (and landlords) to prepare for issuing 1099’s. The 1099 reporting window from year end to due date is short, with reporting due no later than January 31, 2024. Here is what we think you need to be...
Running a business demands precision and discipline, especially when it comes to financial matters. One common pitfall that entrepreneurs should steer clear of is the commingling of business and personal funds. This practice occurs when business finances and personal...
Many businesses have some sort of accounting software such as QuickBooks to help manage finances and then provide financial statements such as a balance sheet and income statement to help you gauge the financial performance of your business. Do you find...
Health Savings Accounts (HSAs) are tax-advantaged savings accounts designed to help individuals and families with high-deductible health insurance plans cover their medical expenses. Here's how HSAs work. Eligibility To open and contribute to an HSA, you must...
Am I Retaining Enough Income In My Business? At the end of the month, quarter, and year, business owners and executives review the profit and loss statement to determine the net income the business earned during the specified timeframe. The net income is the income...