One of the most important accounting decisions a small business must make is how to handle its financials. Specifically, as a small business owner, you must choose your method of accounting for purposes of filing taxes. An accounting method is the basic guidelines and rules used to keep financial records and prepare financial reports. Generally speaking, you have a choice of being a cash basis or ...
How To Form a Marketing Company With a Different Fiscal Year End and Have Flexibility To Move Your Tax Liabilities Into the Next Year
The pandemic is nowhere near over, and as new strains of COVID-19 threaten from the United Kingdom and South Africa, small businesses are naturally worried about their future. Thankfully, Congress has approved a $900 ...
Limited liability companies (LLCs) operate as sole proprietorships or partnerships. Thus, their owners are liable to pay self-employment taxes. However, becoming an S corporation can enable the owners to reduce their ...
If you got a paycheck protection program (PPP) loan from the Small Business Administration (SBA), then you managed to retain your employees. You can also get forgiveness for the same SBA loan, but it depends on several ...
Finally - the IRS announced that it will officially begin accepting amending income tax returns for individuals (Form 1040-X) electronically this summer. This is a major relief for tax professionals who previously could ...