Although you can certainly apply for a loan as a small business, you should expect to invest some initial capital in the business yourself because the lender will not cover all your startup costs. In addition, many lenders want to…
Tax deductions are important when you’re self-employed because they can help lower your taxable income. Since you don’t have an employer paying some of your taxes (namely the self-employment tax), any tax breaks you qualify for can help reduce the…
A limited liability corporation (LLC) can help protect your personal assets and give you more flexibility than a corporation when running a business. If you own an LLC, you will pay yourself as a kind of “employee”, or member, of…
Taxes can seem complicated and overwhelming, especially for new small business owners. It’s possible that your concerns about how much taxes to pay will overshadow the search for any tax benefits you may be eligible for, and that’s something that…
The way your small business is structured determines how much you will owe in income tax. The location of your small business also affects how much income tax you’ll pay, and to whom. The majority of small businesses do not…
Not all small businesses are created equally. The way your business entity is structured makes a difference in the way it will be taxed, and the rate you will pay. Recognizing the major differences between these structures and tax classifications…
Especially following the work-from-home days of the pandemic, many workers are seeing perks of being self-employed. Owning your own business means making your own hours, setting your own standards and expectations, being your own boss, and having a limitless income. …
As the year comes to a close, it is time to start thinking about 2021 taxes. Every year, individuals as well as small businesses neglect to take full advantage of deductions and ways to save on taxes. However, following these…
Throughout your career, you’ve likely dreamed of what your retirement might look like. You imagine the vacations you will take, the place you will live, and the people you will spend your time with. Making that dream a reality, however,…
When running a small business, every dollar counts. Because of that, many small business owners simply use an accountant or try to navigate as much as possible out on their own. The problem with that idea? It often ends up…