1. Part 4: Need to Know: Recordkeeping

    Record keeping is so important in any business---especially true when you are starting out. Getting in the habit early on in your business will help create good practice that you can carry throughout the years! Why should I keep records? There are so many reasons to keep good records! They help you …Read More

  2. Part 3 Need to Know: Business Formation

    When forming a new business you need to get an EIN number, also know as the Employer Identification Number. An EIN is a unique nine-digit number assigned by the IRS to business entities operating in the United States for the purposes of identification. You will need to form your business before appl…Read More

  3. Part 2 Need to Know: Selecting a Business Structure

    Forming a new business is such a fun adventure! It can be hard determining which kind of structure to select. We have broken down the most popular options to help you better understand what is available. As always, we are here to help answer any questions you may have! Why does it matter what your b…Read More

  4. Part 1 Need to know: Is it a business or a hobby?

    Is it a business or a hobby? There are many people who have skill sets that can become a source of income. This can be anything from glass blowing to wood working, baking cakes to catering and everything in between. No matter your passion, we have some tips for you on hobbies and paying taxes. You m…Read More

  5. How can you reduce or remove tax penalties?

    Tax penalty---something no business owner wants to hear. We know that paying taxes isn't at the top of everyone's favorite things list, but paying an unexpected IRS penalty can be the WORST--and can cost hundreds if not thousands of dollars. Did you know there are legal ways to get out of paying IRS…Read More

  6. Is it necessary to amend a tax return?

    Is it necessary to amend a tax return? We get this question a lot. Many people realize they messed up their federal tax return after they have already submitted it. It can make you panic and become a little scared that someone is going to come and report you to the "tax police". Don't panic! We've g…Read More

  7. 5 Tax Return Red Flags that can Lead to an Audit

    Getting audited by the IRS can feel extremely stressful and overwhelming. The IRS is meticulous when reviewing questionable tax returns. We want our clients to be honest and informed when reporting to the IRS. We know sometimes audits are unavoidable and we are here to help if that ever happens. In …Read More

  8. How do I extend the deadline for filing my taxes?

    We understand that filing an extension for your tax return can seem overwhelming. Do not worry we are here to help! The most important thing to remember is that you must request the extension by the regular due date of your return to avoid any penalty fees. We suggest filing the extension a few days…Read More

  9. When do you know your subcontractor is really an employee?

    It is so important to understand and correctly apply the rules for classifying a worker as an employee or as an independent contractor. The relationship between the worker and the employer determines if an employer must withhold income taxes and pay Social Security, Medicare taxes and unemployment t…Read More