Taxes are the bane of many businesses. Often, they're difficult to do and take up time and money. For those in Illinois, MyTax Illinois makes it easier to do your tax paperwork. If you are a business owner in Illinois, MyTax Illinois is a tool to help you. A basic definition is a place for [...]
When it comes to running a small business, taxes are one more complication. While you can do it yourself, why should you? Using someone you know may work, but what if they make a mistake? Hiring a professional has a wealth of benefits. Here are the reasons you need tax services for a small business. [...]
Understanding your accounting and reporting requirements can be daunting for any startup owner. Compliance is time consuming, and mistakes can lead to hefty fines. This new business checklist will give you the framework necessary to educate yourself on accounting processes for startups and small businesses. Following these steps can help you launch your business [...]
Accountants have often recommended that entrepreneurs convert their growing businesses into an S-corporation. This is due to a combination of legal and tax benefits. However, after tax reform and the new Section 199A pass-through deduction, S-corporations may not have the same tax benefits. Here's what happened. The Traditional Tax Advantage of S-Corporations The main [...]
If your business isn't claiming R&D tax credit, you could be throwing money away. You don't have to be a huge company to take advantage: In fact, many small businesses can even use the credit to cover Social Security employer taxes. The definition of research and development is also wider than you might realize. Here's [...]
Depending on your business, you will probably need to file your federal income tax return by April or May. That's ages away, right? No need to panic yet. Sure, you could leave things until the last minute. A lot of people do. Twenty to 25 percent of Americans file their return in the last fortnight. These [...]
Cryptocurrency Taxes: A Brief History Upon my introduction to the idea of cryptocurrency, I promptly put on my CPA hat and realized the importance of educating clients on the short-term tax and compliance ramifications of cryptocurrencies in the broader marketplace. More specifically, it is imperative to understand that the tax implications of cryptocurrency can [...]
You only have a a few days left to prepare and distribute your 1099-MISC forms to your contractors from 2016. The forms are due to your contractors by January 31st, 2017. The 1099-MISC form reports the total amount of payments you or your company paid to a single person or entity during the previous calendar year. Contractors use [...]
Out of the many benefits of an S Corporation, there are two that stand out most. First is the fact that owners and shareholders are not personally liable for corporate losses or debts. Second, there is no self-employment tax on your share of the corporation's income in excess of your salary. This benefit has been [...]
As an Adjunct Instructor at Northwestern University teaching startup accounting, I'm tasked with helping students understand accounting as it relates to startups. Although the foundational mechanics of accounting are the same across all different business types, there are some special considerations for startups. Specifically, startups have to develop and implement accounting policies and procedures [...]
