How to Avoid Paying Taxes as an Independent Contractor

Photo by ArtisticOperations on Pixabay Have you ever asked yourself on how to avoid paying taxes as an independent contractor? That usually comes with strict consequences and possible shutdown of your business. You must understand your tax obligations if you want to get ahead and pay less taxes. Since your clients are paying you as an independent contractor, […]

How to Know: Is That Business Expense Tax Deductible?

Hey there, hardworking tradesmen! We know you’re busy fixing pipes and keeping HVAC systems running smoothly. But amidst your daily grind, you must understand which business expense you can deduct from your taxes. Let’s unravel the mystery of tax deductions and help you maximize your hard-earned money! Make sure your expenses are ordinary and necessary for your […]

Take advantage of the S-Corp transformation

Welcome, fellow entrepreneurs and visionary adventurers, to a journey where we unravel the hidden gems of the business world! Today, we dive into the captivating realm of LLCs and their enchanting transformation into S-Corps. Prepare to be inspired as we embark on a quest to unlock the advantages of electing to be an S-Corp as an […]

When is the Most Effective Time to Hire a Bookkeeper?

You might be asking yourself, when should I hire a bookkeeper? That’s a great question! The best answer is when you feel ready. But here are some other instances that might force you to hire a professional: These are all good ideas of when it’s best to hire someone to do your bookkeeping, such as […]

What You Should Know About Getting Audited

Although only 2.5% of small businesses get audited, it can be something most of us worry about. For the most part, there are specific reasons the IRS audits a business. Let’s take a look at what those triggers are, what happens if you do get audited, and ways to avoid audits. The largest thing that the […]

What You Should Know About Tax Deductible Expenses

Do you know what types of expenses are deductible from your business taxes? A lot of factors can play into this, including what industry your business is in and whether you are a startup or not. The most common expenses that are deductible are any that are “ordinary and necessary.” Let’s dive into the different […]

Not sure how to file a 1099? Use this checklist to speed up the process

Contractors are very common in construction and trades businesses. This means it’s important to file 1099-NEC forms for any work you paid for over $600 with check, cash, or ACH. This is not hard to do if you have a Quickbooks Online account. Remember the deadline to file them is January 31st. Let’s go through […]

Hobby vs Business: What You Need to Know

You wouldn’t call your business a hobby, right? The IRS has specific parameters for whether an operation is considered a business or a hobby. This is especially if your industry is mainly a hobby, such as equestrianism. What helps you to distinguish yourself as a business? For starters, you have to treat your operation like […]

A Succinct List of the Most Common Business Taxes

Taxes…they’re basically a guaranteed part of life, whether you like it or not. But taxes as a business owner is something else. You have your sales tax, both retail and wholesale, your wage withholding, oh and don’t forget your quarterly! What do all of these mean and how do you calculate them? [Just a disclaimer: […]