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IRS Form 941: What Employers Need to Know in 2023
17Mar
IRS Form 941: What Employers Need to Know in 2023
Any business that has employees needs to file a form 941. It’s due to the IRS on a quarterly basis and is part of your responsibility to withhold and remit payroll taxes. You can file for free through the mail, online for a fee through an IRS approved software provider, or have it done for...
How to Convert LLC to S Corp or C Corp
13Mar
How to Convert LLC to S Corp or C Corp
This can make a lot of sense if you are the single owner of a company or if you only have a few partners. Operating as an LLC gives business owners flexibility.
What Happens if You Don’t Report Cryptocurrency on Taxes?
3Mar
What Happens if You Don’t Report Cryptocurrency on Taxes?
Are you using cryptocurrency in your business? The tax experts at inDinero have broken down the basics of crypto taxation so you can avoid huge tax bills.
What Is ASC 606, and How Will It Impact My Company?
22Feb
What Is ASC 606, and How Will It Impact My Company?
ASC 606, a new accounting standard, changes the way businesses recognize revenue in contracts with customers, particularly customer payments.
83b Election Can Save Some Serious Cash
14Feb
83b Election Can Save Some Serious Cash
Issuing restricted stock is a common way to compensate a company’s founders. If you are a founder of a new business, an 83b election is a vital tax form that can save you serious money when it comes time to file taxes. An 83b filing could work out great for you, but the ins and...
What Partnerships Should Know About Schedule K-1 Before Filing Taxes
10Feb
What Partnerships Should Know About Schedule K-1 Before Filing Taxes
If you’re starting a business partnership for the first time, you may be asking, What is a Schedule K-1 form for taxes? Also known informally as a K1 form, a Schedule K-1 is a federal tax document that the IRS requires of partnerships. Two or more partners use a Schedule K-1 to report their share...
All about the Employee Retention Tax Credit and Who Can Apply for It?
3Jan
All about the Employee Retention Tax Credit and Who Can Apply for It?
The purpose of the employee retention tax credit (ERC) was to encourage employers to keep employees on the payroll due to the effects of the coronavirus outbreak. Even if your business qualified for the Paycheck Protection Program (PPP) first or second draw loans, your business may still qualify for the employee retention tax credit. When...
R&D Tax Credit Questionnaire
13Dec
R&D Tax Credit Questionnaire
The R&D tax credit, formally known as the Credit for Increasing Research Activities, represents a significant opportunity for innovative businesses to reduce their federal tax liability. According to the Organization for Economic Co-operation and Development, more than 25,000 businesses across the country receive some tax relief from this program every year. Could your business be...
QuickBooks 2022 New Features: All You Need to Know
13Jun
QuickBooks 2022 New Features: All You Need to Know
QuickBooks is the 800-pound gorilla of accounting software with regular annual updates.  QuickBooks 2022 new features are out, and many of the new features have a big impact on businesses of all sizes. This guide lays out not just QuickBooks Enterprise 2022 new features but also QuickBooks Desktop 2022 new features.   Features Waiting for...
Difference Between a C-Corp and S-Corp
13Jun
Difference Between a C-Corp and S-Corp
Credit: Sean Pollock   When it comes down to it, looking at the difference between a C-Corp and S-Corp is a matter of structuring the business properly for tax purposes. Both business tax structures provide reduced personal liability, an important part of running a successful company. While there are other differences, the main difference between...
What Is a Virtual CFO (and Why Are Businesses Hiring Them)?
30May
What Is a Virtual CFO (and Why Are Businesses Hiring Them)?
Credit: Morgan Housel   More entrepanuers and business owners, amid an inflated economy and tight labor market, are searching for things like what are virtual CFO services, why hire a virtual CFO, and a timeless favorite, why you need a virtual CFO, so clear and concise answers to those questions become even more important. As...
Financial Decision Making Checklist
22Mar
Financial Decision Making Checklist
Credit: Adeolu Eletu   Making financial decisions can be difficult. There are so many things to consider, and it’s easy to get overwhelmed. That’s why it’s important to have a financial decision making checklist. This will help you organize your thoughts and make the best decisions for your finances. In this blog post, we will...
Classifying Employees vs. Independent Contractors
28Feb
Classifying Employees vs. Independent Contractors
Credit: Kelly Sikkema   Classifying employees correctly is important to optimizing your tax position while staying on the correct side of the law. Misclassifying employees could cost your company thousands in fines and unexpected back taxes. This article reviews why you might want to classify employees in certain ways and how to know if you...
2021 Tax Changes to Watch Out For
13Dec
2021 Tax Changes to Watch Out For
Credit: Kelly Sikkema   The year is wrapping up, and like a good business owner, you’re already preparing your books for tax season. This can be especially nerve wracking as business taxes constantly change from year to year. Here are 2021 tax changes to look out for.   Federal Tax Changes for 2021 The IRS...
What is Solar Tax Equity?
16Nov
What is Solar Tax Equity?
Solar panels are a great, environmentally friendly way to reduce your energy costs. There are many tax benefits to installing solar panels, some of which will be well in excess of your tax liability. However, a small business cash flow doesn’t have to be an obstacle to going green. For small businesses looking to go...