Working as an independent contractor offers flexibility and autonomy, but it also brings unique tax responsibilities. Unlike traditional employees, independent contractors must handle their own tax obligations, which can be difficult without proper knowledge and preparation. This guide aims to provide a comprehensive overview of tax considerations and strategies for independent contractors. Understanding Your Tax […]
Small Businesses
What is the Bad Debt Deduction?
In the realm of business finance, debt is often seen as a double-edged sword. While it can provide necessary capital for growth and expansion, it also comes with the risk of non-payment, leading to bad debts. However, there is a silver lining for businesses facing bad debts in the form of the bad debt deduction. […]
Tax Deductions for Small Businesses
Small businesses are the backbone of any economy, and entrepreneurs often face numerous challenges in managing their finances. One area where small business owners can find relief is through strategic tax planning and taking advantage of available tax deductions. In this article, we will define tax deductions and explore various tax deductions that can help […]
Tax Guide for the Self-Employed
Being your own boss can feel freeing and powerful. However, with great power comes great responsibility, especially when it comes to taxes. Taking care of all business aspects on your own means you should be prepared to handle all the financial work that comes with the new adventure. Here’s a brief tax guide for the […]
How to Expense Business Repairs
Certain business owners, including sole proprietors, businesses and rental property owners, can deduct expenses related to maintenance and repairs. The deductions must apply to their property and equipment or vehicles. However, once the repair becomes classified as a betterment, restoration, or adaptation to the property or asset, other rules will apply. Here’s a quick overview of […]
Types of Loans for Small Businesses
Small business loans can be helpful and sometimes necessary in order to continue or expand a business. There are several types of loans available to small businesses, each with their own sets of pros and cons. Term Loans One of the most common types of loans for small businesses, a term loan is a lump […]