It’s common knowledge that self employed people must pay income tax like everyone else, but sometimes it can be tricky to know what exactly qualifies as self-employment. The taxpaying community also seems well aware of self employment tax, as well, but again the specifics get a little hazy. Today we’re going to clear the air … Read more
If you’re thinking about embracing entrepreneurship and striking out on your own, don’t let the prospect of business taxes make you reconsider. So long as you structure your business as a sole proprietorship or single-member LLC, dealing with the tax consequences is actually quite easy. The hardest part is keeping detailed records of your business … Read more
A side hustle like DoorDash can be a terrific way to make some extra cash. If self-employment is for you, you can also plunge headfirst into the gig economy and become a full-time delivery driver. Either way, it’s important to understand that although working as an independent contractor for DoorDash and other companies offers some … Read more
Whether your business itself is new or you’re taking a stab at doing your own business taxes for the first time, you’ve likely already encountered a form that asks for your principal business activity code (PBC) or North American Industry Classification System code (NAICS). Fortunately, once you know what you’re looking for, these codes are … Read more
People who own small businesses often juggle many different jobs, but the role of accountant is rarely a favorite. We won’t lie: business taxes can be daunting and get a bit complicated. Things do get a lot easier, however, once you understand a few basics. Here’s a plain English breakdown of the business tax basics … Read more
If it seems like the IRS has enough forms and tax return schedules to wallpaper your house, it’s because they probably do. Wading through them can feel overwhelming, but they are all important and serve unique purposes. Forgetting to file a certain form or schedule could delay your refund, so it’s important that you know … Read more
