Tax Loopholes for Small Business: LLCs, S-Corps, and More
Understanding taxes is a must for any small business owner. Taxes offer both challenges and opportunities. Regarding tax loopholes, balancing optimizing savings and maintaining ethical standards is essential. Tax loopholes, often misunderstood, can be a lifeline for...- All
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How Outsourced CFO Services Help You Save Big
Not every small business requires a full-time Chief Financial Officer (CFO), but often they need more than occasional advice from an accountant. For those businesses that fall into this space, there’s another option – a partial outsourced CFO. A partial,...5 Best Business Tax Planning Strategies for Startups
In the excitement of starting a new business, it’s easy to focus on your business ideas and ramp up your operation. But taking a step back and considering business tax planning from the outset is important. This means considering which business structure you...Must-See Shopify Accounting Tips for New Sellers
Launching a business on Shopify can be done quickly, but it’s best to take a little time to think about your Shopify accounting, bookkeeping and inventory systems even before you make any sales. Overview of Shopify Accounting When starting up a Shopify...Can I Claim Qualified Business Income?
If you own a business, the qualified business income (QBI) deduction can be one of the most impactful deductions on your tax return. Hence, it’s important that you understand what QBI is, how to calculate the deduction, who qualifies, and how it can impact your...Book your session now!
Everything You Need to Know About Section 174 Deductions
Section 174 of the Internal Revenue Service code deals with deductions and tax treatment of research & development expenses. This section of the tax code recent underwent several major changes that resulted in less favorable treatment of R&D expenses. Today,...Digital Services Tax Guide for US Businesses [DST]
As digital transformation reshapes the global economy, governments worldwide are rethinking their tax laws to better align with these changes. Among the most significant shifts is the implementation of digital services taxes (DST) that primarily affect U.S.-based...How to Add Tax on Square
There are many benefits to using Square to process your business transactions – fast payments, integrated apps, and inventory management. But one of the best features of Square is the ability to calculate and include sales tax on your transactions. ...Will I Get an Amazon 1099-K Form?
Before 2023, sellers listing items on Amazon would only receive a 1099-K once their sales reached $20,000 or 200 transactions. Because of the size of this figure, very few small sellers received 1099-Ks from the platform. Starting in 2023, the IRS lowered the...Is the Rule of 40 Still Relevant for Software Firms?
The software sector has many exciting prospects for investors. However, what’s the best way to determine if a company is a good investment? The Rule of 40 is one of the most widely used metrics for evaluating software companies. However, the Rule’s...Officer Compensation for S-Corps: IRS Compliance Guide
S-corporations are a popular business structure for small businesses. They provided many benefits to their owners, including pass-through taxation and liability protection. Though S-corp owners have benefited from the low rate of audits in recent years, the IRS is...Blog Archives
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