xendoo

JANUARY 31, 2022

In the past, although all business owners were required to report their earnings on their Federal Tax Returns , only those who received payments of $20,000 or more through payment apps also reported their earnings using Form 1099-K. Recently, that rule was changed and will affect a larger pool of business owners going forward.

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xendoo

DECEMBER 3, 2021

Once January arrives, your accountant will request certain forms in order to close your books and file your small business taxes. Form W-2 is used by business owners to report salary information for their employees, as well as the taxes that are withheld from their paychecks. CPAs provide the Schedule K-1.

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xendoo

NOVEMBER 22, 2021

Every partnership owner faces the unique challenges of self-payment, tax filing, and maximizing their tax savings. Although they would rather focus on growing their business, taxes and payroll often take up too much of their valuable time. . Even with a significant tax advantage, taxes can still be stressful.

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xendoo

AUGUST 24, 2021

Sole proprietorships are considered pass-through entities , meaning the IRS views your business, personal assets, and liabilities as one in the same. Because of this, you are only required to file a personal tax return. Income and expenses related to your business are accounted for on your individual Form 1040, Schedule C.

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xendoo

DECEMBER 15, 2021

Breathe a sigh of relief – catch up bookkeeping takes the headache out of tax season! By getting (and keeping) your books caught up, you can identify the deductions you qualify for, maximize your tax return, and stay compliant all year long! . 25% of business owners are behind on their books. You are not alone!

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