Here is a quick overview of a Single-Member Limited Liability Company (SMLLC): For businesses with one owner Must keep business and personal funds separate Protection of personal assets if business is sued Income taxes filed with a Schedule C attached…
I LOVE paying taxes! Ok, I may have embellished this statement a little bit. But, the bottom line is – if you’re paying taxes, you’re making money! As a small business owner, I can’t say I’m the happiest about the…
A Sole Proprietorship is the easiest business structure to form because it’s just you, and it begins when you make your first sale. On the federal level, you don’t need to do anything to create a sole proprietorship, but your…
This year is going to be different. This is the year I finally take my business financials seriously, and get a handle on all of my income and expenses. Can you relate to these business goals? You’re not alone. Create…
The IRS will not call you if you owe taxes without first sending you a notice in the mail.
Do you know if your child qualifies for the Child Tax Credit? The Child Tax Credit is an important tax credit that may be worth as much as $1,000 per qualifying child depending upon your income. I’ve created an infographic…
I created this spreadsheet for you, the busy photographer, who prefers a spreadsheet over tricky bookkeeping software. The tabs help you organize the information you or your accountant will need for tax time – all in one place! INCOME –…
A 529 plan is a saving plan which provides tax advantages to encourage saving for college. 529 plans are sponsored by states, state agencies, or educational institutions. There are two types of 529 plans: Prepaid Plans and College Savings Plans….
If you use your car in your job or business and you use it ONLY for that purpose, you may deduct its entire cost of operation. However, if you use the car for both business and personal purposes, you may deduct only the cost of its business use.
There is a lot of confusion and misinformation on the internet about S-Corporations, so today I’m taking a few minutes to clear up this confusion and discuss the advantages, disadvantages, and eligibility requirements of an S-Corp election. What Is an…
