Legal February 20, 2024

Do I Need to File Form 720 For My LLC?

One of the most important tax forms businesses must complete is IRS Form 720, which is used for reporting and paying excise taxes. However, this form only applies to specific companies.  If you want to know if you’re one of them, you’ve come to the right place.  In this blog, we’ll discuss what Form 720 […]


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Business Funding Tips February 19, 2024

Filing Taxes for an LLC With No Income: A Startup Guide

What Is an LLC? An LLC combines elements of a corporation and a sole proprietorship or partnership. It provides limited liability for its owners (members) and allows for pass-through taxation, where profits and losses are reported on the members’ individual tax returns. Why Should You File Taxes Even Without Income? Maintain Legal Compliance Because LLCs […]


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Taxes February 16, 2024

What is the Difference Between IRS Form 1040 & 1040-SR?

The Form 1040 is the comprehensive form most taxpayers use to file annual income tax returns, claim tax deductions, and calculate their potential tax refund for the year.  In recent years, the Form 1040 has gone through significant changes. It now comes in several variations, including the Form 1040-SR. But what makes the original different […]


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Credit Tips February 15, 2024

9 Common Tax Mistakes by LLC Owners & How to Avoid Them

Here are some of the common ones you need to keep in mind and avoid at all costs:  Mistake #1: Neglecting Proper Record-Keeping Accurate and detailed records are the foundation of a smooth tax filing process. Many LLC owners, especially in the hustle of day-to-day operations, overlook the significance of maintaining meticulous records of income, […]


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Credit Tips February 14, 2024

Seven Common Tax Deductions for LLCs You Should Know

 Unlike corporations, LLCs don’t have to pay corporate taxes. Anything the company earns or loses goes to its owners, who must include them in their tax filings. But aside from this, LLCs can also make several tax deductions.  If you want to learn how to reduce your LLC’s tax liabilities further, you’ve come to the […]


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