You may be able to elect a tax year that suits your business; how will you choose?
The IRS requires your business to determine your taxable income based on your tax year and file a return accordingly. Your tax year is the yearly accounting timeframe for reporting income, reporting expenses and maintaining records.
If you’re starting a new business, you may need an EIN (Employer Identification Number) from the IRS. Here’s how to determine whether or not you need one as well as how to get it.
If you’ve always been an employee and are just starting out on your own, you’ve probably started to hear more about this “quarterly taxes” thing. And with good reason and it’s something you need to take seriously for sure.
Here are a few reasons why you may need to make estimated quarterly tax payments:
A Limited Liability Corporation (LLC) is a hybrid between a sole proprietorship and a corporation. So, as the owner or partner in an LLC, you are considered self-employed as you would be as a sole proprietor. In an LLC, the business itself is not taxed but its owners are.
An annuity can seem like it’s some word thrown around with retirement and savings on financial ads during football season. Here’s a little help to understand annuities.
The several tactics listed below help you meet all your tax obligations while keeping as much of your income as possible. If you have any questions about any of these tactics, we’re more than happy to help. We understand each person’s tax and financial situation is unique to them.