Most businesses start out as a simple sole proprietorship. However, if your business is successful, you will probably start looking rethinking your business structure relatively soon. Sole props are fine in the beginning but, as you grow, you run a greater risk of tax complications and liability concerns. Most importantly, organizing your small business into […]
You have to pay taxes when you run a business, even if you’re a Turo host. Fortunately, you can deduct your operating expenses to reduce your tax bill. Track and report every dollar you spend so you get credit a tax time. These write-offs are very helpful when it comes time to pay the IRS. […]
Book income measures your business’s financial performance, but it doesn’t always line up with your business’s taxable totals. Sometimes, you need to adjust your book income to accurately report your taxable income. However, the process requires some effort. These changes are called “book to tax adjustments” and they’re complicated. However, you can learn how […]
One of the most lucrative ways to earn an income in the Sharing Economy is through home-sharing platforms like Airbnb. Airbnb allows homeowners to rent out their vacant properties and spare bedrooms. If you’re an Airbnb host, the IRS classifies you as self-employed and applies certain tax rules to your business. As a result, you […]
One of the most significant financial reports for your business is going to be your profit and loss statement. The overall financial health of your business can be displayed in your profit and loss, it’s what banks will use in determining your eligibility for a loan, and it also plays a factor in determining […]
Bitcoin and other convertible virtual currencies have gained a lot of traction over the last several years. In its infancy, there was a lot of grey area in terms of how the IRS viewed cryptocurrency. This lack of guidance led to tax discrepancies for some crypto traders, and now the IRS is beginning to ratchet […]
Taxes are an inevitable part of being a small business owner. If you own your own business or work as an independent contractor, you know that your tax bill can quickly add up. The more successful you are, the more money you owe. You have probably heard of the saying “it takes money to make […]
With everything that has been going on for the last several weeks, most if not all people are feeling the economic pressure brought on by the coronavirus. With so many people out of work, and so many businesses forced to close, unemployment offices are seeing an influx of applicants. As a means to counteract some […]
Many lenders offer credit card rewards as an incentive to attract customers. These bonus goodies come in the form of cash, account credits, airline “miles”, and much more. Previously, only the most exclusive credit cards offered rewards, but now almost every major card offers some form of bonus program. Getting rewarded for spending is a […]
The coronavirus outbreak brought the U.S. economy to a grinding halt, and the resultant economic fallout devastated the small business community. However, the government recently approved billions in funding to support small businesses, so there are tons of resources available for qualified businesses. The government wants to give you this money, but you need to […]