LLC or S Corp, Which is Best for My Business?

Choosing a business entity can be confusing. If you’re debating between registering as a LLC or S Corp, we can help break down the pros and cons of each so that you can make an informed decision. Keep in mind as you choose between a LLC or S Corp, what is going to be best … Continued

What is a Joint Return?

What is a Joint Return? A joint return is a tax return filed on the behalf of a married couple. Filing a joint return means that both parities share the tax liability. A joint return is also referred to as married filing jointly. Only legally married couples can file a joint return. In order to file … Continued

What Business Records You Should Keep for Tax Purposes

Keeping business records for tax purposes can be completely overwhelming, but it’s critical in order to keep your business safe if you’re ever audited. The most overwhelming part of keeping business records is knowing what records are important. We’ll go through the Internal Revenue Service’s (IRS) recommendations on what to keep and how long to keep … Continued

How to Calculate Estimated Quarterly Taxes

When you have income that isn’t subject to withholdings then you must pay estimated quarterly taxes. This is the Internal Revenue Service’s (IRS) way of collecting taxes from people who don’t have them withheld from their paychecks. Our guide on estimated quarterly taxes will help you understand who needs to pay them, how to calculate … Continued

FAQ – Is Office Furniture Tax Deductible?

Furnishing an office is a necessary, but expensive endeavor. The Internal Revenue Service (IRS) understands that office furniture is a vital aspect of running a business, so they allow business owners to deduct those expenses on their taxes. Office Furniture There are rules when it comes to deducting office furniture. First, the IRS only allows … Continued

What are My Mileage Deduction Options? Plus a Free Mileage Log

If you’re a small business owner who drives a lot for work, then claiming a mileage deduction on your taxes is a great way to save money. There are two options when you’re claiming a deduction for mileage. You can choose to claim a standard mileage deduction or you can calculate the actual costs of … Continued

Do I Need to File My Self Employment Taxes on My Gross or Net Income?

  When you are self employed, you are responsible to pay taxes towards social security, income and Medicare. Usually, these taxes are covered in part by an employer; however, if you are self-employed you are responsible to pay them yourself. You should set aside 30% of your income for self employment taxes. What is the difference … Continued