Sometimes, you need to hire workers who aren’t employees to complete certain tasks at your business. When you hire contractors or vendors, you must prepare Forms 1099-NEC or 1099-MISC so they can accurately file their personal tax returns. You also need to submit Form 1096 with the Forms 1099 you send to the IRS. Learn […]
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Business Taxes - Tips, Training, and News
If You Make 1099 Payments, You Need to Know Your Responsibilities
As a small business owner, you regularly make payments to the vendors you work with and pay wages to your employees. But if you deal with a 1099 vendor or contractor, the amounts of money you give them are considered 1099 payments. To keep your business legal, you need to understand what 1099 vendors and […]
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The 411 on Tax Shelters for Small Business
Whether you’re a business or individual, you can’t escape taxes. As a small business owner, your taxes depend on the type of business structure you have, such as sole proprietorships or partnerships. Regardless of your business entity, there are legal tax shelters for small business that can reduce your taxable income.
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What Does Self-employed Mean?
You run your own business, but are you considered self-employed? The definition of self-employment can be confusing. What does self-employment mean? Find out below.
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Does Your Organization Qualify for Tax-exempt Status?
If you run a nonprofit organization, you work hard to give back to others. The government offers the opportunity for organizations like yours to gain tax exemption. However, applying for tax-exempt status can be a long and complicated process. Before starting the tax-exempt status application, find out what tax exemption means for your organization, determine […]
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Do Tax-Exempt Nonprofits File Tax Returns?
Most businesses must pay taxes to the IRS. And, companies report information about their income, tax deductions, and tax payments on small business tax returns, which vary based on business structure. When nonprofit organizations apply for and gain tax-exempt status, they do not have to pay federal income taxes. So, do nonprofits file tax returns? […]
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Business Tax Return Due Date by Company Structure
As a busy entrepreneur, you don’t always have the time to think about your business tax return due date. It can be easy to miss your business tax return deadline with so much on your plate. You may be asking yourself, When are business taxes due? Learn more about your business tax due date and […]
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What to Do If You Receive an IRS Notice (Besides Panic)
Receiving a tax notice from the IRS can be scary. But, there are basic steps that you can take when responding to IRS notice.
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Use Tax: What Small Business Owners Need to Know
You might be familiar with the process of collecting sales tax from consumers. But, how much do you know about use tax? Understand the difference between sales tax and use tax, as well as your use tax responsibilities.
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How Much Does Small Business Tax Preparation Cost?
No matter how small your company is, you have to file taxes. But, your small business tax preparation cost can be more expensive than you might think. How much does small business tax preparation cost?
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