Tag Archives: Small Business Taxes


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Bookkeeping vs. Accounting

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40% of small business owners say accounting and bookkeeping is the worst part of owning a business. I’d argue that this is because it’s so time-consuming and complex. That’s why so many business owners will seek the expertise of a professional accountant or bookkeeper. “But aren’t those the same thing?” No. While people often interchange […]

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Startup Write-offs

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Prior to COVID-19, people viewed their tax refunds as a sort of bonus—extra money to spend on wants instead of needs. But with many small businesses struggling to stay afloat, tax refunds will be a lifeline in 2021 That’s why you need to make sure you’re taking advantage of all the tax write-offs available to […]

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Business Tax Obligations

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When you’re running your own business, tax obligations are often on your mind. If you have not yet started your own business, taxes should be a factor you evaluate. Whether you take care of your own tax matters or have a tax professional handle them, you and your business are the ones liable in the […]

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LLC Tax Filing Rules

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Immediately after you create a Limited Liability Company, or LLC, the IRS automatically treats your business as a partnership, but only for income tax purposes. LLCs that are subject to the partnership tax rules are not responsible for actually paying the tax on business earnings, but are responsible for preparing annual partnership tax returns on […]

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Reducing Your Self-Employment Taxes

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If you’re self-employed, you’ll usually have to pay higher Social Security and Medicare taxes, collectively known as self-employment taxes, than if you were an employee of a company. One way to help avoid these higher taxes is to organize your business as an S-corporation. Whether you’re self-employed or an employee, you’ll have to pay Social […]

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