As a new business owner, one of the most critical decisions you'll make is choosing the right business structure. Your choice will not only affect your company's legal standing but also its tax responsibilities, liability, and overall financial well-being. In this blog post, we'll delve into the tax implications of different business structures, including sole proprietorship, limited liability company (LLC), and corporation, so you can make an informed decision that aligns with your business goals and don't miss anything when it comes time to pay taxes.
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Tax Implications for Different Business Structures
Why is My Tax Refund Smaller This Year?
Tax refunds have been 10% smaller than last year’s. The average refund dropped 9.8% from 2022 to $2,910. Why? Why has this happened?
Read More >How to Negotiate a Payment Plan With the IRS
It is now past Tax Day, and if you're taking stock of their tax liabilities and saying, “Yikes!” - you're not along. Many people are watching as their tax debt keeps growing with interest and penalties and wonder where it all stops.
Read More >Save Money by Taking Advantage of Education Tax Credits
Do you have a kid going to college? Are you or your spouse taking higher education or continuing education classes? Then you need to take advantage of educational tax credits offered by the federal government.
Read More >Last Minute Filing Tips for 2023
This year, Tax Day is Tuesday, April 18, 2023. Are you scrambling to get your federal taxes done before the deadline hits? Don't panic!
What is Tax Withholding?
Every year you go through the same thing — filing your taxes. Why? Because you need to know if your employer (or you) paid enough of your wages to the IRS and whether you get a refund.
Read More >Don’t Know How Much You Owe the IRS? Here’s How to Find Out
You know you haven’t filed or paid taxes for one or more years, but do you know exactly how much you owe? Unfortunately, ignoring it doesn’t make it go away. Might as well bite the bullet now and get things figured out!
Read More >What is a Tax Lien?
A tax lien isn’t a joke. The IRS isn't pulling a prank on you, and telling you that your property is about to be seized isn’t their idea of a good time.
Read More >Payroll Taxes for Small Business Owners: A Guide
As a small business owner, you have your hands full with keeping the doors open and the business running. Payroll taxes can take a big bite of your time because they are as comprehensible as any other government regulation.
Read More >Can I Claim the Employee Retention Tax Credit?
The Employee Retention Tax Credit program has ended, but you can still claim retroactive credits if you qualify. It's not too late! You have until 2024, or in some cases, 2025, to do a look-back on your payroll and retroactively claim the credit by filing an amended tax return.
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