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New Filing Requirement Currently on Hold!
There is a new filing obligation required effective January 01, 2024 that every business owner needs to know about! The new filing requirement applies to any entity created by filing a document with the Secretary of State such as an LLC, Corporation, or Limited Partnership.
Think Twice Before Using an LLC
New business owners should think twice before using an LLC. Most people think you need to have a legal entity set up in order to operate a business. That is simply not true! I have many clients who operate successful small businesses without using a legal entity. ...
Why You Need a Bookkeeper
Using a bookkeeper will pay off in the long run and I want you to understand why it’s a smart decision. As a business owner, you have many responsibilities and keeping track of your business's financial records can be overwhelming. While it may seem like a good...
The hobby you love could be taxable
Many people do not realize that the IRS has different rules for a hobby versus a business. In fact, the IRS has lengthy regulations they use to decide whether an activity is a hobby or a business. Why would the IRS care if you have a hobby or a business? Because the...
Don’t be surprised by self-employment tax
What is self-employment tax? Don’t get surprised by self-employment tax. When you are an employee of a company, you get three types of federal taxes withheld from your paycheck: income tax, social security tax and medicare tax. When you are self-employed, you no...