Xero Accounting Software Review

Xero Accounting Software Review When starting a business, the bookkeeping part of it can often move to the back burner because you feel like your business doesn’t have enough transactions to justify an accounting software or tax time is months away. There’s simply no pressure to get something in place. If this is you, Xero […]

Setting up Bookkeeping for Your First Business

You had a great idea for a business, decided on a business structure, got a business license, and maybe you’ve even made a few sales. Congratulations! Now you’re probably thinking about what you’ve successfully managed to avoid thus far: bookkeeping. It might be very low on your growing list of what you want to learn […]

What Is Pass-Through Taxation

A pass-through deduction is a tax break given to business owners. This deduction lowers the owner’s tax base. Here we explore this topic in detail. Overview of Pass-Through Taxation Pass-through taxation is when the income taxes of a business are “passed through” to the owners of that business. The business as an entity is not […]

S Corp Vs C Corp – How Do You Choose?

What Does it Mean to Elect a Tax Status? When starting a business there are many questions from new small business owners is around how the business is taxed.  Starting a sole proprietorship or partnership provides no options on how the business entity is taxed, however forming a Limited Liability Company or corporation provides additional […]

How to Run Payroll Yourself

A business owner wears many hats, especially a small business owner who doesn’t have any employees. As your business grows, you may decide that there is too much work to handle yourself, or perhaps your business would benefit from having someone with a different skillset from your own. Of course, that means you have to […]

Home Business Taxes

There is a myriad of business taxes, including home business taxes, to be paid. However, you are not obligated to overpay your taxes, and there are a plethora of deductions that reduce your taxable income. As a new business owner, you need to know your federal tax responsibilities as well as your state tax responsibilities, […]

Accounting 101

On this page you will get an accounting 101 course for your new business without having to take an accounting class. You will also learn basic accounting principles and get help finding simple accounting software that is right for you and your new business. Accounting 101 for Your New Business Accounting is how we keep […]

How is an LLC Taxed?

An LLC, or a Limited Liability Company, is a popular business structure for small business owners for a few good reasons: separation of the member’s personal assets from the assets of the business, personal liability protection, and avoiding double-taxation (income being taxed at both the corporate and personal levels).[1] An LLC also comes with some tax […]

What is an S-Corp?

An S Corporation (also known as “S Corp” or “subchapter S”) is a closely held corporation or LLC that has made an election and to receive different tax treatment from the IRS. S Corp status (small business corporation) is a tax designation, not a business entity type. You can’t incorporate as an S Corp. To […]

How to Fill Out & File IRS Form 2553 | S-Corp Election Instructions

What is IRS Form 2553 When forming a new Limited Liability Company or corporation, the IRS (Internal Revenue Service) will, by default, select how the entity is taxed. However, IRS Form 2553 allows LLCs and Corporations to elect “S” corporation status. The S corporation election is a tax designation granted through the Internal Revenue Code […]