You could have an entire panel of people talking about the pros and cons of owning a small business and get hundreds of different reasons. I’ll just share with you some of the first ones that come to mind. PRO – Set Your Own Schedule First pro I think, is that you get to set your own schedule. Now, at the same time,…
I was asked recently, “How can I be confident in making the best decision for my business?” They went on to explain how they tend to have hesitancy when making big decisions. This is something I’ve dealt with firsthand. It’s not easy making confident decisions for your business, especially with outside forces changing so rapidly. No need to panic, though. Hopefully these tips I’ll share…
When talking about business entities and the best tax structures for small businesses, the S Corporation comes up a lot. In general, it’s the best structure for small businesses. So, let’s get into all the important stuff about S Corp taxes and setup. Entities, or tax structures, are the S-Corp, LLC, Partnership, Corporation, Sole Proprietor, etc. When it comes to the best entity selection for…
There seems to be a stigma that it’s wrong to use tax strategies or even legal loopholes to make our tax obligation as low as possible. Somehow, they are more patriotic if they overpay on taxes. Is it our job to fill the treasury by paying as much as we can in taxes? I think it might come down to our understanding of taxes. So,…
You can now add the new 1099K rules to the top of the list of why the IRS sucks! The 1099K is an IRS form for those who conduct business transactions from P2P (Peer-to-Peer) payment apps such as PayPal, Venmo, and Stripe. In the past, these companies were required to provide information to the IRS for anyone who accepted more than 200 transactions and $20,000…
What? Are you saying taxes are stressful? You’re not alone. Why are taxes so stressful? Some people just don’t like doing the math, others may have a dislike of government authority, and WebMD says people who have been through an audit can actually suffer from posttraumatic stress syndrome during tax season. We know, the IRS sucks! But you shouldn’t have to let your tax stress…
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