What is a disregarded entity? A disregarded entity is a business entity which is considered to be an undivided part of the owner of the entity for federal tax purposes. That is, the entity is disregarded as an entity separate from the owner. A good example of disregarded entities is a single member LLC that […]
continue readingDisregarded Entity Definition – What is a Disregarded Entity?
What is a disregarded entity? A disregarded entity is a business entity which is considered to be an undivided part of the owner of the entity for federal tax purposes. That is, the entity is disregarded as an entity separate from the owner. A good example of disregarded entities is a single member LLC that […]
continue readingTypes of Taxes You Pay When Running a Small Business
It’s essential to understand what kinds of taxes you must pay for your small business. These are the types of taxes categorized by agencies that you pay while you run a business. Federal Taxes (The IRS collects the following taxes) – Income taxes – Self-employment taxes for the Social Security and Medicare – Employment taxes […]
continue readingSmall Business Top Tax Questions
Basic Tax Questions That Small Business Owners Should Ask How should I keep my records? What kind of records should I keep and how long? One of the most important things in small business accounting is to keep good records. Good financial records help you calculate income and expenses, monitor financial status, and file tax […]
continue readingWhat Are Employment Taxes? – Small Business
Employment Taxes are one of business owner’s tax-related responsibilities when they hire employees. If you’re a business owner and have employees, you are responsible for withholding employment taxes from your employees every pay period. Employment taxes, aka, payroll taxes, include income taxes, social security taxes, Medicare taxes, and federal unemployment tax. Some states and local […]
continue readingTypes of Taxes You Pay When Running a Small Business
It’s essential to understand what kinds of taxes you must pay for your small business. These are the types of taxes categorized by agencies that you pay while you run a business. Federal Taxes (The IRS collects the following taxes) – Income taxes – Self-employment taxes for the Social Security and Medicare – Employment taxes […]
continue readingSmall Business Top Tax Questions
Basic Tax Questions That Small Business Owners Should Ask How should I keep my records? What kind of records should I keep and how long? One of the most important things in small business accounting is to keep good records. Good financial records help you calculate income and expenses, monitor financial status, and file tax […]
continue readingWhat Are Employment Taxes? – Small Business
Employment Taxes are one of business owner’s tax-related responsibilities when they hire employees. If you’re a business owner and have employees, you are responsible for withholding employment taxes from your employees every pay period. Employment taxes, aka, payroll taxes, include income taxes, social security taxes, Medicare taxes, and federal unemployment tax. Some states and local […]
continue readingBusiness Expenses and Tax Deduction
Business Expenses – What Expenses are Tax-Deductible? The more business expenses you legitimately deduct, the lower your taxable income will be. Here is a summary of business expenses that you may deduct to lower taxable profit. Business ExpensesExpenses to Run BusinessAuto Expenses (Cars and Trucks)Legal and Professional ServicesCommissions and FeesTravel ExpensesMeals and EntertainmentEducation ExpensesTaxes and […]
continue readingBusiness Expenses and Tax Deduction
Business Expenses – What Expenses are Tax-Deductible? The more business expenses you legitimately deduct, the lower your taxable income will be. Here is a summary of business expenses that you may deduct to lower taxable profit. Business ExpensesExpenses to Run BusinessAuto Expenses (Cars and Trucks)Legal and Professional ServicesCommissions and FeesTravel ExpensesMeals and EntertainmentEducation ExpensesTaxes and […]
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