Starting and running a small business can be a challenging and rewarding experience, but one of the most important decisions a small business owner must make is how to structure the company for tax purposes. One option that many small business owners consider is becoming an S-Corporation, and, in becoming an S-Corp reaping the advantages, [...]
Tax credits and deductions help small businesses by providing a dollar-for-dollar reduction in the amount of taxes they owe. As such, knowing about them is crucial to making wise business decisions. It is also essential to hire a trusted advisor, such as TSAT, to help you understand available deductions and ensure your business' tax [...]
What is the difference between an accountant, a bookkeeper, and a tax preparer? (And which one is right for your small business?) Most business owners we work with are focused on the day-to-day operations and necessities of running their business. All entrepreneurs can agree they are passionate about their undertakings, however not every aspect of [...]
If you're wondering what is an S-Corporation, this article will help you answer that question. As the name suggests, it's a pass-through entity that offers pass-through taxation and limited liability protection. However, this entity type can only be created by businesses with fewer than one hundred shareholders. This article will also help you choose the [...]
A business owner, you can deduct expenses incurred for the ongoing operation of the company, such as advertising costs. Not taking advantage of these deductions could lead to you paying more in taxes than necessary. Here are 10 common deductions to consider: Auto Expenses Use your car for business purposes? Keep a travel log, [...]
We're nearly 3 weeks into the new year, and as we look forward it's time to mark some significant dates for your personal income or small business taxes. See table below for all important dates! Keep in mind that we are filing taxes for income earned in 2021, even though we file those forms in [...]
Last week we broke down the differences between employees and contractors, this week we'll dive a little deeper into worker classifications. By now, you’ve likely heard of the gig economy. You may even be part of that economy. One thing that is true, the gig economy is not a fad. It has staying power. [...]
For small business owners, it is critical to correctly determine whether the individuals’ providing services are classed as employees or independent contractors. Unfortunately, for busy small business owners such as you, the IRS definitions employee and contractors can be complex and confusion. Fortunately, for busy small business owners, TSAT is here to help! Let’s start [...]
Does Josh the builder get a 1099-MISC or 1099-NEC? Contract work has grown consistently over the last decade. A business guide to sending out 1099s for contractors is one of the most important tax implications for a small business we can think of. The tax laws for contractors can be very complicated for small businesses. [...]
