While the 501(c)(3) designation is often denoted as an organization, it is actually a tax exemption status, rather than an organization itself. You will be required to form a business entity structure that qualifies for the 501(c)(3) IRS tax emeption status prior to filing for the exemption. We have provided information and resources below for you to review regarding how to form a nonprofit organization and how to achieve a 501(c)(3) tax emption status.
As a general rule, a 401(k) plan allows for much larger annual contributions overall and larger contributions at lower levels of income than a SIMPLE IRA plan which can make a 401(k) plan more appealing to both businesses and their employees.
State and local sales and use tax laws vary; however, for sales made to customers in the U.S., when a business has no physical presence in a state, it typically has no obligation to collect sales tax in that state.
State regulations may prohibit insurers from accepting payment for individual health insurance policies from parties other than the individual insured, or it may be an internal policy intended to direct eligible employers to group health policies. You would need to check with the companies for the reason(s) for their policies.
Intuit has several versions of TurboTax software that are geared toward the different tax preparation needs of its customers. For example, if you have a home-based business that is structured as a sole proprietorship, which is an unincorporated business owned by one person, then the Home & Business version would generally be the preferred choice.
Independent contractors pay their own payroll taxes and insurances, including workers’ compensation, and are not covered by many labor laws, so the financial and administrative benefits of having a workforce composed of independent contractors can be significant.
Self-employed business owners (i.e. sole proprietors, partners, shareholder-employees of S corps, and LLC members) generally cannot deduct the cost of their medical insurance or medical and dental expenses, including those paid for family members, as a business expense.
For software to handle your inventory, fixed assets and other accounting needs, we do not know the number of items and transactions you deal with; however, Sage 50 and QuickBooks are two of the most popular accounting software programs used by small businesses.
Checking with your current lender or lenders would be the first place to inquire about the availability of and requirements for a consolidation loan. Provided that your business is financially stable and generating sufficient cash flow to service any consolidated debt, has a satisfactory credit rating, and has remained current on its existing loans, your current lender or lenders will be the most likely sources for an affordable consolidation loan.
An LLC is unique in that it can be taxed as a disregarded entity, partnership, C Corp or an S Corp. A single member or owner LLC can be taxed as a disregarded entity, C Corp or S corp. A multi-member or owner LLC can be taxed as a partnership, C Corp or S corp.