FDIC vs SIPC: What Do They Cover?
With so much uncertainty when it comes to financial planning, worrying that your bank or investment firm may go bankrupt can just be one more thing on your list. Luckily there are safeguards in place to prevent you in these situations. Enter FDIC and SIPC insurance...- All
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Payroll Taxes for Startups: What You Need to Know
Payroll taxes can be a significant challenge for up-and-coming businesses. Many startups opt to tackle this tricky issue themselves, but managing a growing workforce can quickly become overwhelming, even with the latest and greatest software. This article provides an...Answered by Tax Experts: When are K1s due?
If you have a business entity or a trust, you’ve probably encountered Schedule K-1 before. A K1 form declares income or losses from certain entities, including partnerships, S corporations, estates, and trusts. This document, while essential, can complicate the...How to Do Sales Trend Analysis the Right Way
When it comes to planning for future sales, guesswork won’t cut it. At Tax Hack, we emphasize the need for a systematic, data-driven strategy. Sales trend analysis helps you understand past performance to predict future results. Let’s dive deep into what...What is SDE in Business?
There are several ways to determine the value of a business, but one of the most commonly used metrics in business valuation is Seller’s Discretionary Earnings (SDE). This metric helps potential buyers determine how much money they will take home if they...Book your session now!
Form 3921 and Incentive Stock Options
Receiving stock options can be an exciting part of your career. You have a vested interest in the success of your business, and if things go well, you can potentially make a lot of money if the stock goes up. Incentive Stock Options (ISOs) can significantly impact...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...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...Blog Archives
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