If you own a small business or you’re otherwise self-employed, you have to take responsibility for yourself in many different ways. No one else is going to withhold taxes from your salary, so you have to make estimated tax payments for yourself. No company is going to put you on their group health insurance plan, so […]
Tax & Accounting
In the last 10 months, much of daily life has been turned upside down. Large events have been canceled, schools have switched to distance learning and many workplaces are still depending on remote setups for employees. One of the many other consequences of the pandemic is the temporary closure of in-person retailers. Between this and […]
With user-friendly software such as QuickBooks available, many business owners feel they should be able to keep their records on their own, even as they wrestle with finding the time and wonder if they’re doing things correctly.
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.
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.