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 LLC and How Does it […]
Category: Legal
Best Invoicing Software for Freelancers and Independent Contractors
Businesses can’t survive unless they’re making money, and invoicing software can help you get paid quickly and efficiently. However, there are dozens of invoicing services on the market, and it’s hard to pick one if you don’t know what you’re looking for. Some companies choose to implement their own invoicing systems, but DIY invoicing can […]
Can a Holding Company Protect Your Airbnb Assets?
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 entity. This type of organization is often referred to as a holding […]
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. […]
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 […]
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 […]
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 […]
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 […]
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 […]
How to Get Your IRS Tax Transcript Online
If you’re an American taxpayer, the IRS has a file on you. The IRS tracks tax payments, income, deductions, and other important tax information. If you ever find yourself in need of this information, you can ask the IRS to send you a tax transcript that details all the information they have on file. If […]