Have you heard about the new beneficial ownership reporting requirements for certain companies in the United States? If you run or own a startup or small business, changes are this impacts you. As of January 1, 2024, millions of limited liability companies (LLCs), corporations, and other similar entities must file a Beneficial Ownership Information (BOI) […]
Are you losing sleep over how to fill out the intricate Form 2553 to transform your company into an S corporation? Well, worry no more! This comprehensive guide breaks down everything you need to know about completing this crucial IRS form to unlock the multitude of advantages that S corps offer. We will explore all […]
Have you ever come across IRS Form W-3 and wondered what it is? As a business owner required to file W-2 forms for employees, you must also submit Form W-3. This transmittal document provides critical wage and tax statement information to the Social Security Administration (SSA). Although W-3 may seem complicated, understanding what it entails […]
In today’s digital age, online financial transactions have become increasingly common. One of the leading platforms for electronic payments is PayPal, which allows users to send and receive money securely. However, with the rise of cyber threats, it’s crucial to ensure the security of your PayPal account. This article will provide valuable insights into the […]
Do you run a freelance business, drive for Uber, sell crafts online, or have any other sole proprietorship? Then, you must file an IRS Schedule C form with your individual tax return to report your hard-earned income and crucial business deductions. Schedule C is a tax form essential for maximizing tax deductions, so you keep […]
With the global pandemic forcing millions of employees to work remotely, home offices have become an essential part of our lives. While many are aware of the convenience and comfort that comes with working from home, few realize the potential tax benefits that can be derived from setting up part of your home as an […]
Are you considering to start a business in Florida? You’ve come to the appropriate resource. Establishing a business in the dynamic and entrepreneurially favorable state of Florida can be an invigorating endeavor, but it is crucial to approach the process judiciously. This comprehensive guide will provide you with a systematic approach, ensuring you possess the […]
Are you seeking a flexible avenue to bolster your income on your own terms? Consider the enticing prospect of becoming a DoorDash driver. Within this extensive guide, we aim to escort you through each facet of this journey, encompassing prerequisites, strategies to optimize your earnings, and safety protocols for a smooth ride. Whether you’re a […]
Tax season can be very challenging for a considerable number of individuals. The forms, the numbers, the deadlines – it can all feel overwhelming. One form that often leaves people scratching their heads is the 1099 Form. What is this form and how important is it? In this comprehensive guide, we will break down the […]
As a professional truck driver, it is imperative to possess a clear comprehension of your tax obligations. This ensures strict compliance with legal obligations and minimizes the likelihood of incurring penalties. The following guide serves as an extensive resource on truck driver taxes, encompassing crucial terminologies, allowable deductions, and invaluable tips to effectively navigate the […]
Tax season, a period notorious for inducing stress among individuals and businesses alike, unfortunately presents scammers with a golden opportunity to prey upon unsuspecting taxpayers. In this article, we will explore the various tactics employed by these unscrupulous individuals offering you invaluable insights to maintain a competitive edge and proactively protect yourself. By arming yourself […]
Are you self-employed and tired of paying high taxes? Imagine the joy of retaining a more significant portion of your hard-earned income. Well-executed tax planning can help you reduce your tax liability. Mastering this crucial element of financial planning can make a world of difference at tax time. It offers practical and legal strategies to […]
Imagine stumbling upon a pot of gold, like missing money in Florida, that’s been waiting specifically for you all these years. As unbelievable as it sounds, according to Florida Department of Financial Services, the state of Florida unclaimed property is estimated to be over 2 billion in unclaimed. That’s right – Florida is currently holding […]
It’s that time of year again: annual report season. As a business owner, it’s crucial to stay organized and on top of your administrative tasks to keep your business running smoothly. But while you’re focused on making sure you don’t miss the deadline, don’t let sneaky scams catch you off guard. In this blog post, […]
Starting a new business involves various administrative tasks, and obtain an EIN is one of them. An EIN, also known as a Federal Tax Identification Number, is essential for tax purposes, hiring employees, opening a business bank account, and more. Yet, if you’re a sole proprietor juggling all the hats, there’s a silver lining – […]
Tax season can be stressful for business owners, and completing the necessary paperwork can be intimidating. Form 941 is the IRS’s quarterly employment tax return and is used to report wages, salaries, and taxes withheld from employees. Here, we’ll discuss all you need to know about Form 941, including the information to provide, when to […]
The Caribbean is known for its sun, sand, and sea. But it’s also a hot spot for those looking to keep their finances safe and secure. From the Bahamas to the Cayman Islands, the Caribbean is home to some of the world’s most desirable offshore tax havens. In this blog, we’ll explore the top 10 […]
Tax day may be quickly approaching, but there is no need to panic! With some preparation, you can take control of your tax situation and reduce stress come April 15th. Following these tax preparation tips can set you up for success come tax season. So take a deep breath and prepare to tackle those taxes […]
The Sunbiz name search on the Sunbiz website allows you to easily lookup certified business information in the state of Florida. The Sunshine State is one of the biggest economic powerhouses in the USA. With so many ports, airports, major tourism destinations, and serious exports, it only makes sense that so many people set up […]
The State of Florida is experiencing a surge in migration, with almost 330,000 new residents in 2021 alone. With this influx, the Florida Department of State launched Sunbiz – a centralized service to help entrepreneurs establish and manage businesses. Whether coming for retirement benefits, sandy beaches, or wildlife, these new residents include many seeking to […]
The local, state and federal governments require collecting taxes from the citizens and businesses operating within their borders yearly. In 2019, more than $3.5 trillion was collected at the Federal tax level. Imagine all that raw data that must be manipulated and moved to complete this process. To save money for the taxpayers, the government created the W-9 […]
Did your Small Business get the SBA COVID reliefs for which it is eligible? In an effort to help small businesses stay afloat as they navigate through the economic crisis resulting from the COVID-19 pandemic, the U.S. Small Business Administration (SBA) is providing a variety of relief options to small businesses. We’ve summarized them below […]
Whatever your legal problem, there is likely a lawyer who specializes in dealing specifically with your particular legal issue. If you are in a legal problem where you think you need a lawyer, you have concluded that there are many different types of lawyers. The legal field is vast and complex, therefore pushing lawyers to […]
Small businesses already have a lot on their hands, from executing market research, establishing themselves in their niche market, and tons of paperwork to sort, file, and process. However, one lingering problem also adds to their already rich catalog; having their clients pay when due. Accounting and invoicing are two crucial aspects of a company’s […]
Tax savings tips and strategies for small businesses As a small business owner, you know that every dollar counts. That is why looking into every opportunity to save money on your taxes is critical. While considering tax preparation on top of operating your business may feel overwhelming, there are some basic actions you can take […]
Balance sheet and income statements can reveal a lot about a company, particularly its assets, liabilities, stability, and solvency at a specific moment in time. It is a document for valuing a business worth and highly imperative for someone considering an investment opportunity. However, to make a solid conclusion, you must be able to read […]
You have learned the tax benefits of electing to be treated as an S Corporation and applied with the IRS. In the process, you are also aware of getting paid as a shareholder of the S corp. Let us discuss the whole process and the best way to do payroll for single shareholder S Corp. […]