An EIN (Employer Identification Number), also known as Federal Tax ID Number, is a 9-digit number issued by the IRS that the United States federal government uses to identify a business for tax purposes. Every business with employees or registered in the U.S. as a...
The S Corporation election deadline for LLCs and C Corporations is March 15, 2022. So, if you’re considering changing your limited liability company or C Corporation tax treatment from its default status to an S Corp, time is of the essence!! About the 2022 S Corp...
Small business certification comes in many forms and offers incredible opportunities for business owners to work with and compete with larger businesses for contracts. Federal government agencies and many state and local governments must set aside a percentage of...
Tax season is right around the corner. A lot has changed, tax-wise, in the past year due to new legislation. Here’s a quick look at what business owners need to know about filing their taxes in 2022. Sole Proprietorship Sole proprietors are unincorporated...
If you already have an employer identification number (EIN) for your business but have recently made some changes, you may be wondering, “Do I need a new EIN?” Depending on the type of business entity and the circumstances, the IRS may require you to apply for a...
One of the first decisions new entrepreneurs make is “What should I name my business?” A lot of brand equity gets built around a business name, so it’s essential to protect that valuable marketing asset. During a presentation to accounting professionals, I...
Extending your small business’s presence across state lines can help your company reach new markets, grow revenue, and boost profits. But how do you expand a small business into another state? And what’s involved in operating a business in multiple states? There...
If starting a new business is on your 2022 New Year’s resolution list, we’re here to help you begin on the right (and legal) path.Here are 10 must-have legal documents you need to start a new business.1. Business PlanTechnically, a business plan is not a “legal”...
Along with other annual business compliance responsibilities, corporations (and sometimes LLCs) must hold various meetings and record minutes from those meetings. With the new year ahead, new entrepreneurs and existing business owners need to make sure they...
If you’re considering starting a Limited Liability Company (LLC) or restructuring your business as an LLC, it’s important to know how often an LLC pays taxes and how to file business taxes for an LLC. As an LLC, your company benefits from receiving personal...
Should you incorporate year end or next year? It may depend on the state where a business is located and if the option of a delay effective date exists.
Many entrepreneurs wonder if an LLC is a corporation. An LLC is not the same thing as a corporation, but it's easy to get the two business entity types confused. In this article, I’ll explain the difference and highlight some of the advantages these structures have...
Deciding to close a business that you’ve put your blood, sweat, and tears into can be an emotional experience. That’s especially true of entrepreneurs who have operated as sole proprietorships or partnerships. Essentially, they become “one” with their companies,...
How many small business owners think about retirement when starting their businesses? Not many, which is understandable since all efforts are generally focused on growing the business, not leaving the company. However, at some point, all entrepreneurs want to know...
If you’re thinking of closing your LLC before the year ends, you may be feeling overwhelmed. And you are probably wondering what you must do to exit the business without leaving any loose ends behind. Indeed, there is more to shutting down a business than merely...
I love the holidays. Celebrating with family and friends is very important to me and my husband, Phil. And we strongly believe in sharing that holiday spirit with our employees and contractors. Unfortunately, last year, like many of you, we couldn’t celebrate in...
As a startup with more than one business owner, you have your choice on how you want to legally structure your company. The decision isn’t to be taken lightly since a business’s structure affects how you organize your company, registration requirements, compliance...
Tax considerations are a significant factor in how entrepreneurs structure their businesses. The qualified business income deduction (or QBI tax deduction) is an important tax deduction that allows eligible businesses to deduct up to 20% of their qualified business...
According to Global Workplace Analytics, 25-30% of the workforce will be working from home multiple days a week by the end of 2021. Already a trend before the pandemic, remote working became the “new normal” for businesses of all sizes struggling to stay afloat...
As difficult it may be to make the decision to close a business, things can become even more challenging if a business’s owners don’t tie up all the loose ends. If you’re thinking of closing your corporation by year-end, realize that there’s more to the process...
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