The Schedule C EZ form was the simplest way to file taxes for the smallest business owners. Unfortunately, it is not an option anymore, but the IRS did make some changes to simplify reporting on Schedule C.

The line between whether we are working to live, or living to work gets blurred. Clarity comes in the form of passive income. By diverting earnings to profitable channels that don’t require much effort, you can sleep easy knowing your money is working for you.

All members of rapidly expanding businesses need to read this. Compensation packages for early stage startups come with perks including stock. When you receive equity in exchange for work, you must act quickly and file an 83(b) election, to shelter you from high taxes on your vested shares.

Tax season is upon us and as every good accountant should, we are here to remind you about investment taxes. It is a wonderful day when your investment delivers a high reward, but remember any profit you make is subject to tax. Here is a review of a variety of investment tax treatments for individuals and businesses.

At the start of the year, business owners are issued Schedule K-1 income earned from a partnership or S Corporation. In this guide, we will navigate you through how to figure out your K-1 basis for tax reporting.

Home sharing is a lucrative sport in real-estate, but it could bring sticker shock on tax day. Whether you are passively earning home share income or are a property slinger on sites like Airbnb or VRBO, this is everything to know about filing home sharing taxes.

As a busy entrepreneur leading your company, your hard work is rewarded with a nice paycheck. Since your income is self-made it isn’t subjected to withholdings. So when your income meets certain conditions you need to be paying estimated taxes.

The IRS is cracking down on cryptocurrency tax reporting. If you are an individual or business you need to be aware of the tax implications of your investments. Here is your guide to filing Form 8949 for cryptocurrency gains tax, crypto payroll tax, and ordinary income tax.

For this article, we will be focusing on owner investment drawings. An owners draw can be used for a number of reasons—the main benefit is they are tax-free at distribution. Here is what you should know about paying, reporting, and filing this event.

Sales tax isn’t on the receipt—that doesn’t mean you won’t owe tax! Use tax is a sneaky transaction tax that many business owners don’t see coming. This is your guide to understanding use tax vs sales tax. 

Being self-employed means you carry the business on your back. The self-employment tax rate sucks the fun right out of being your own boss. But it isn’t so bleak when you know how to treat SE earnings so you save on taxes.

The very nature of C Corp and S Corp business entities is to gross high profits. Placing their finances under the watchful eye of Federal and local tax agencies. Especially executive officer salaries which must follow reasonable compensation rules with care.

Many small businesses hear of S Corp Election but not many put pen to paper and take action. Why? Registration can seem complex, especially for LLC’s with a variety of members. Restructuring is a lofty goal amidst the daily grind. So we are here to make the process painless with this S election guide. 

A company just starting out, needs to legally define itself. It is one of the first major decisions to make. This decision will affect company taxes, liability, ownership structuring and payments.

In 2018, a landmark tax decision was reached. South Dakota vs Wayfair set the tone for state sales tax law in the United States. Word got out to the states, there was a slice of ecommerce pie to be had.