Giving business owners the financialFinancial and accounting knowledge to help improve operations, efficiency and cash flow to successfully grow and operate a small business.
EIN Lookup Guide: Everything you need to know about your EIN / Tax ID Number
"Help, I need to find my EIN number!" If this is you, no need to worry. In the guide below, we'll
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What is IRS Form 2553?
IRS Form 2553 is designed for businesses that want to elect to become an S corp (typically from a C corporation, the standard corporation type).
The main reason for this
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What is IRS Schedule C Form 1040?
Unlike an employee, when you’re self-employed, you need to track your own taxes.
That’s where Schedule C (Form 1040) comes in, which is used by any
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What is IRS Form Schedule K-1?
Schedule K-1 is a tax form issued by the IRS which is designed to report each partner’s share of: Earnings
Credits
And losses and deductions Schedule K-1 applies
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EIN Lookup Guide: Everything you need to know about your EIN / Tax ID Number
"Help, I need to find my EIN number!" If this is you, no need to worry. In the guide below, we'll
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What is net income?
Net income, or net profit, is one of the single most important business metrics.
Why? Positive net income is a sign of growth.
It means you have extra cash flow left
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What is the purpose of Form 4562?
If you’ve made a new equipment purchase for your business over the past year, you’re probably looking to report that purchase on your taxes to make
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What is the Section 179 deduction?
Recently made a vehicle or equipment purchase for your business? Heard about Section 179 or simply looking for possible deductions for your purchase?
Section 179 is one tax deduction
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What is profit margin?
As a business owner, it’s important to not only know how much revenue your company is generating, but how much profit you’re actually making from that revenue.
That’s
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What is the difference between an LLC and business partnership?
Deciding on the right structure is an important first step in setting up your business.
If you’re going into business together, whether it’s
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What is incorporation?
Thinking of incorporating your business? Or are you just starting out and want to know what exactly a corporation is?
Corporations enjoy several significant benefits, from tax advantages to liability protection. Not
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Need to extend your 2019 personal taxes? Form 4868 is what you need.
Daily life is both busy and hectic. But when tax season comes around, things get even more complicated, and sometimes, downright
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Need an extension on your business taxes? IRS Form 7004 can help.
Running a business is hard enough without having to worry about saving up to pay your taxes at the end of the
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As a business owner, there are several ways you can choose to classify those who work for you. The two primary ways are as a 1099 or W2 employee. A W2 employee is what most
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Chances are you've collected a W-2 before from a previous employer and know what it’s like being a traditional employee. As a new business owner, you might think you’re familiar with everything that
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Excited to get to the fun stuff but bogged down figuring which business structure– single member LLC or sole proprietorship– is best for you? We break down both below to help make the decision clear
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What is gross profit?
If you’re just starting to dig into the accounting metrics of your business, gross profit is easily one of the most important of those metrics to understand.
Put it simply,
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If you are searching for the depreciation definition you have come to the right place. We have funded thousands of businesses and know a thing or two about how depreciation works. As it seems like
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Similar to a power of attorney, but offering less authority in comparison, IRS Form 8821 authorizes a person or organization to both receive and receive a copy of filed tax returns and inspect a person’
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If you’ve recently reviewed your business credit report or have conducted a UCC filing search, you may have noticed a UCC filing on your report.
Why Do I have a UCC on My
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So I recently had to get health insurance for me and my family and did not realize that there are great loopholes to help bring down the cost of you are self-employed so I decided
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Knowing how to assess the financial health of your business is important. This starts at understanding assets liabilities & equity.
However, with so many different numbers, reports, and ways to look at those critical metrics
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As an entrepreneur, it’s important to get your hands on every advantage available to help you succeed.
If you are reading this you should know that any resource is an edge of the competition
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Most business owners don’t fully understand the effects of long-term interest or how an amortization schedule works. As a result, they get locked into a loan and end up paying more interest than they
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As a small business owner, it’s important to be able to gauge how much you’ll pay in taxes for the upcoming year.
The last thing you want is to go file
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As a business owner, you want to utilize every advantage available to maximize your success.
And one of the ways you can do that is by full understanding– and making a smart choice about– IRS
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As an entrepreneur, access to funds when you need it most is critical to the success of your business.
That’s why it’s important to understand everything you’ll need to improve your chances
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An accounts receivable aging report, also known simply as an A/R report or aging A/R report,is used by many business owners who invoice their clients to keep track of what payments are
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We know– deciding between being an S corp vs. C corp for a business entity is the last thing you have time for. Unfortunately, before your business can turn a profit (or file its taxes…)
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How to Prepare a Profit and Loss Statement: The basics
Imagine for a moment, that you went to a doctor to get a checkup.
Only they didn’t actually give you a checkup; they simply
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How Long Does a Hard Inquiry Stay on Your Credit Report - Everything You Need to Know!
Your credit is one of the most important assets you can have if you are from the US and
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As a business owner at one point in time or another, you have had to hear the word balance sheet when evaluating the strength of a business's financial health
A balance sheet is an important
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When running a business it's important to understand what legal documents are crucial to keep on file one of the most frequently used is the SS-4 Letter.
When starting a new business the IRS
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