Something that every business owner has to do is decide what legal structure they want to incorporate their business with. Incorporating your business is an extremely important first step that ensures that your assets are protected, you receive tax breaks, and your business garners the legitimacy it deserves.
Ahh, springtime. With the longer days and warmer weather, it's the perfect time to clear out the cobwebs and get organized for the upcoming busy months. Spring cleaning isn't just for your home -- it can mean a refresher for your finances too.
Before starting a new business, it is important to understand exactly what type of business entity you are going to establish. Each type of business entity has specific methods of reporting business activity to the IRS, so it's important that you know which methods apply to you. So here is a quick breakdown of Sole Proprietorships, C Corporations and S Corporations, Partnerships, and LLCs.
Congress enacted the 529 savings tax exemptions back in 1996. The plans are named after section 529 of the IRS Code.Our November 2017 blog talked about the tax advantages of a college 529 savings plan. Originally designed as an incentive to save for college expenses, the plan provides both federal and state tax incentives.
"Can I deduct this on my taxes?" is a common question this time of year. Itemizing your deductions can be tricky and time-consuming, especially when you have a lot of business-related expenses, but it can save you money in the long run if you do it correctly.