If you are selling goods or products online, you need to be aware of Internet sales tax rules. If your business has a physical presence in a state, such as a store, office or warehouse, you must collect applicable state and local sales tax from your customers. If you do not have a presence […]
Here is a quick reminder of the items you need to keep in mind when filing your taxes: Who must file: All domestic corporations must file an income tax return whether or not they have taxable income (including corporations in bankruptcy). The majority of small business owners operate as an S-Corporation or an LLC that […]
Business owners must comply with ongoing government rules and regulations after incorporating or forming an LLC. You should always understand and be aware of the potential consequences of noncompliance to your business. For instance, when a corporation or LLC fails to meet government obligations, the state may revoke the company’s good standing, levy penalties […]
Most small businesses make charitable donations. In fact, surveys have shown that about 75 percent of small business owners donate some portion of their profits to charitable organizations each year. In order for your donation to be deductible, it must go to a nonprofit group that is approved by the IRS. To write off any […]
There are some urgent end-of-year tasks all entrepreneurs should take care of. Make sure you don’t drop the ball so you can go into every new year on the right track. Here are 4 tasks to check off your list: 1. Make any last-minute business purchases Every entrepreneur should check with their CPA and see if you are close […]
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