Starting a new business is an exciting, but busy time with so much to be done and so little time to do it in. And, if you expect to have employees, there are a variety of federal and state forms and applications that will need to be completed to get your business up and running
5 Year Anniversary of Healthcare Reform: 5 Things You Should Know About the ACA
It has been five years since the Patient Protection and Affordable Care Act (the ACA) was signed into law. Here are 5 things you should know about some of the key ACA requirements for businesses in 2015:
6 Tips for Taxpayers Starting a New Business
Anyone starting a new business should be aware of his or her federal tax responsibilities. Here are several things you should know if you plan on opening a new business this year.
I’m Crowdfunding: Is It Taxable?
Crowdfunding through Internet sites such as gofundme.com and kickstarter.com have become convenient and often successful vehicles for fundraising.
Writing Off Your Startup Expenses
Business owners—especially those operating small businesses—may be helped by a tax law allowing them to deduct up to $5,000 of the startup expenses in the first year of the business’s operation.
Nonprofit is Not the Same as Tax-Exempt
If an organization receives nonprofit status from the state upon its organization, it must take another step if it wishes to have the ability to accept tax-deductible contributions from potential donors.
The Shoulds and Should Nots of Deductions
Working for yourself means you are responsible for your taxes. There’s no employer deducting from your wages as you go. Thus, it’s up to you to keep track of your earnings, and very importantly, understand what you can and cannot write off as a deduction.
Unrelated Business Taxable Income
Non-profit organizations in the United States do not pay income tax on their “income.” However, when a non-profit ventures into certain business activities, it will owe income tax on this income, termed “unrelated business taxable income (UBTI).”
5 Payroll Tax Mistakes to Avoid
If you have at least one employee, you are responsible for payroll taxes. These include withholding federal (and, where appropriate, state) income taxes and FICA tax from employees’ wages as well as paying the employer share of FICA tax and federal and state unemployment taxes.
How Do I Set Up My New Business for Tax Purposes?
New business owners often ask, “How do I set up my business for tax purposes?” One of the choices you make when starting a business is the type of legal organization you select. This decision can affect how much you pay in taxes, the amount of bookkeeping and paperwork required, the personal liability you might be responsibility for, and your ability of borrow money.