Hiring family in your business can feel like a natural choice. Many entrepreneurs start small and lean on spouses, children, or parents to help keep things running. For some, it’s about trust and loyalty, knowing you can count on a family member to care about the business as much as you do. For others, it’s […]
Should I File as an S Corp? Pros, Cons, and Tax Considerations
Deciding whether to file as an S corporation (S corp) can be a major choice for small business owners, freelancers, and entrepreneurs. The decision often comes down to weighing potential tax savings against the added complexity of compliance. While S corp status can help reduce self-employment taxes and boost your credibility, it also comes with […]
How to Track and Deduct Business Use of a Personal Vehicle
When you use your personal vehicle for work-related purposes, you may be eligible to deduct certain expenses from your taxes. But understanding how to properly track and deduct business use of a personal vehicle can save you time, money, and frustration. In this guide, we break down everything you need to know about choosing the […]
Tax Guide for Independent Contractors
Working as an independent contractor offers flexibility and autonomy, but it also means taking full responsibility for your taxes. Unlike employees, contractors don’t have income or payroll taxes withheld. This guide aims to explain why that matters and how to stay compliant. Understanding Your Tax Status As an independent contractor, you are considered self-employed. This […]
What is the Qualified Business Income Deduction?
In recent years, the tax landscape for businesses has undergone significant changes. One notable provision is the Qualified Business Income (QBI) deduction, first enacted under the Tax Cuts and Jobs Act (TCJA) of 2017. This deduction provides a valuable tax break for eligible business owners and was originally set to expire in 2025. However, the […]
Tax Checklist for Closing a Business
Closing a business is a significant step that involves more than locking the doors or deactivating your website. Whether you’re a sole proprietor, LLC, or corporation, you’re still responsible for properly handling federal, state, and local tax matters. If done improperly, unresolved tax issues can follow you for years, even after your business ceases operations. […]