When considering a business restructuring, it is critical to understand the tax consequences of converting an LLC to a C corporation. Due to its flexibility, an LLC is an attractive option for first-time business owners. However, as a company expands, switching to a C Corporation can have several benefits. In this blog, we’ll go over…
“Death and taxes” are the two things Benjamin Franklin promised us would always be certain. However, when it comes to human nature, we can safely add “procrastination” to this short list, given how every tax season, small and medium sized business owners are rushing around at the last minute, trying to file their taxes, overwhelmed…
There are various tax deductions and incentives that businesses can take advantage of, that help them reduce their tax liabilities. Some of these tax incentives apply to team building activities that businesses and business managers employ with the main objective being an improvement of team’s morale that can lead to better productivity. On the face…
It’s common corporate courtesy to present your clients with gifts every now and then, such as on Christmas or New Years and so on. Buying gifts for your customers and business partners or associates comes with many benefits, such as maintaining goodwill and pleasant relationships, professional networking, or even just a plain thank you as…
It’s easier to set up a business and even run it to achieve business goals, but there’s a lot more to running a business than just producing and selling goods and/or services. One of the many overwhelming things that can bog a business’ operations down, is the several types of tax forms that are required…
Tax season can be a disorienting time for many, where you feel like you’re faced with an alphabet soup of forms and numbers. If you’ve heard whispers of K-2 and K-3 tax forms and are wondering what they’re all about, you’ve come to the right place. In this blog, we’ll explain these forms and clarify…
What is Salvage Value? Salvage value is the remaining book value of something valuable (like a machine or equipment) after it has gone through wear and tear, based on what a company thinks it can get when it sells or exchanges that thing at the end of its useful life. So, when a company figures…
During the tax filing season, you must consider various expenses related to your car and business meals. A recent survey by Capital One found that 56% of small business owners worry the most about taxes. Filing your taxes can be complex, but whether you do it yourself with IRS forms, use tax software, or hire…
Tax form 8832 is used by partnerships or Limited Liability Companies (LLCs) to pick or change their tax classification. In short, Form 8832 lets taxpayers elect to classify their entity structure from one type to another. Our easy guide will show you how to fill out this form so you can change how your business…
Have you hired any employees for your small business this year? Managing employment taxes, specifically federal unemployment (FUTA) taxes, is essential when you have a workforce. Each staff member on your payroll must allocate a portion of their earnings towards federal unemployment taxes. Submit these tax payments to the IRS and report your tax obligations…
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