Accounting and Tax Tips Blog

LLC Advantages for Freelancers and Small Businesses

Sep 21, 2020 | Legal, Tax Tips

Choosing an entity structure for your business is not an easy call. You have a lot of options to choose, but LLCs are one of the most popular. We’ll cover LLC advantages so you can decide whether an LLC structure is the best option for your business.. What is an...

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Form 1040EZ: How to File a Simplified Tax Return

Sep 18, 2020 | Tax Tips

For 1040 is the form you use to file your taxes. Currently, Form 1040 is also available as Form 1040A and 1040EZ. The form you’ll need to use depends on various factors, including your filing status, overall income, and how many dependents you’re claiming. However,...

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Everything You Need to Know About Coronavirus IRA Withdrawals

Sep 16, 2020 | Tax Tips

The coronavirus has been devastating in more than one way. After many states implemented shelter in place orders, many Americans were left in a very vulnerable financial situation. Without the ability to go to work and earn an income, many people have struggled to...

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How to Use an ACH Transfer to Save on Invoicing

Sep 2, 2020 | Tax Tips

Payment processing fees can add up. A few percentage points might not seem like much, but these fees can add up to thousands of dollars in extra costs by the end of the year. Requesting payments via ACH can result in significant savings over third-party invoicing...

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Uber Tax Forms: What You Need to File

Sep 1, 2020 | Rideshare Taxes

Taxes are an inevitable part of working. Regardless of how you earn your income, taxes must be paid on the income you earn. The tax filing deadline is quickly approaching. If you haven’t filed your taxes yet, now is a good time to start gathering the necessary...

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Can a Holding Company Protect Your Airbnb Assets?

Aug 31, 2020 | Legal

Owning a business is very rewarding. However, you could lose everything if you run into legal troubles. For example, creditors could come after your Airbnb properties to cover an old debt. Luckily, you protect your assets by organizing them into a separate legal...

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5 Things You Should Include Your Articles of Organization

Aug 14, 2020 | Legal

Articles of organization play an important role in how you formally set up your business. This document outlines your business’s fundamental information and registers it with the state. You must file one of these documents anytime you set up a new business...

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How to File Your Airbnb Estimated Taxes

Aug 13, 2020 | Airbnb Taxes

The IRS classifies your Airbnb earnings as income, and you have to pay taxes on those earnings. If you expect to owe more than $1,000 in 1099 taxes, you must pay quarterly taxes for your earnings. Some new hosts might feel overwhelmed with these new tax hurdles, but...

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Quickbooks vs Xero: Which Is The Best Accounting Software?

Aug 10, 2020 | Tax Tips

One of the most important decisions you can make for your accounting process is which accounting software to go with. There are several different options available, but the two that reign supreme are Quickbooks and Xero. Both are very powerful and boast impressive...

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How to Calculate Profit Margin and Improve Profitability

Aug 7, 2020 | Legal

Business owners need to understand their revenues and earnings to make effective business decisions. However, it’s not easy to keep track of this information manually because unanticipated expenses often come into play. The profit margin formula helps business owners...

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