5 Things You Should Include Your Articles of Organization

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 entity, but you should take some things into consideration before you get started.  […]

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How to Calculate Profit Margin and Improve Profitability

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 quickly gauge their company’s financial health. Profits are the ultimate goal for every business, so every […]

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How to Apply for Paycheck Protection Program Loan Forgiveness

The coronavirus pandemic forced many businesses to close their doors. Unfortunately, the lockdown has a disproportionate impact on smaller firms. Congress recently passed the Coronavirus Aid, Relief, and Economic Security or CARES Act to help the country survive the economic downturn that resulted from the nationwide lockdown. The CARES Act established several relief programs, including […]

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How to Avoid Airbnb Backup Withholding

Airbnb doesn’t typically hold back any funds for taxes. You still have to pay taxes on your earnings, but Airbnb doesn’t pay them for you. You’re considered self employed, so you have to calculate and pay your taxes on your own.  However, you have to provide your taxpayer information so Airbnb can identify you. Airbnb […]

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How Do I Set Up a Payment Plan with the IRS?

The tax deadline is just a few short weeks away. Your tax return and tax payment are both due on the tax deadline. In instances where your tax bill is more than you can afford to pay, you have the ability to set up a payment plan with the IRS. Here we will walk you […]

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Countdown to Tax Day 2020: The July 15 Deadline

Tax day 2020 is right around the corner, so it’s time to start thinking about taxes. If you haven’t prepared your 2019 taxes yet, now is a good time to get started. The IRS extended the 2019 tax deadline to July 15 as a result of the COVID-19 pandemic, so taxpayers had three extra months […]

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Cash In on 2018 Tax Breaks with an Amended Return

Recent changes in tax regulations have created significant savings opportunities from some taxpayers. Now, taxpayers can claim new discounts on their 2018 tax returns. These extended federal tax breaks can save certain people big money in taxes, but you have to file an amended return to claim them if you paid taxes in 2018 Amended […]

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How to Calculate Amortization Expense for Tax Deductions

Amortization is a term you’ve probably heard a few times, but it’s a little tricky to define. To complicate things more, it has more than one meaning in the financial sense. However, it’s important that you understand how amortization impacts your business taxes so you can take advantage of amortization expense deductions. Learning about amortization […]

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What is a W9 Form and How to Get One

If you work as an employee, your employer automatically withholds money to cover your taxes. However, freelancers and independent contractors need to handle their own taxes. If you’ve been freelancing for a while, you’ve probably had a client that asked for a W9 form. You probably know that these forms list your tax data for […]

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How to Pay Your Cryptocurrency Taxes and Stay Out of IRS Trouble

Cryptocurrencies like Bitcoin and Ether have gained a lot of traction over the last several years. However, crypto regulations are notoriously vague, particularly in regard to cryptocurrency taxes. Some crypto traders even found themselves in trouble with the IRS for unintentionally violating tax laws. Last year, the IRS began a highly-public crackdown on Crypto tax […]

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