IRS Form 1120-S "U.S. Income Tax Return for an S Corporation" Explained
IRS Form 1120-S, U.S. Income Tax Return for an S Corporation, is the annual federal return for corporations and LLCs that have elected S corporation status. An S corporation generally doesn't pay…
IRS Tax Benefits of Employing Children in an S-Corporation Explained
Hiring your children can be a legitimate way to shift income to family members in lower tax brackets. The rules are different when the business is an S corporation, though, and many articles get this…
IRS Form 1099-MISC "Miscellaneous Income" Explained
IRS Form 1099-MISC, Miscellaneous Information, reports certain payments a business makes in the course of its trade or business that aren't wages and aren't payments for services by a non-employee.…
IRS Form 8829 "Business Use of Home" Explained
IRS Form 8829, Expenses for Business Use of Your Home, is how self-employed people figure the home office deduction using the actual-expense method. The result carries to Schedule C. Employees…
Small Business Tax Preparation: 6 Essential Tips for Success
If you own or operate a small business, you know how critical tax preparation can be. Proper small business tax preparation can make the difference between smooth operations and unexpected financial…
7 Tax Relief Strategies for Freelancers
As the gig economy continues to thrive, more individuals are embracing freelance work as their primary source of income. While freelancing offers flexibility and independence, it comes with unique…
Tax Benefits of Hiring Your Children, Explained
If you own a business, hiring your children can be a legitimate way to shift income into a lower tax bracket, cover your kids' expenses with deductible wages, and help them start saving for…
IRS Form 1099-NEC "Nonemployee Compensation" Explained
IRS Form 1099-NEC, Nonemployee Compensation, reports payments a business makes to independent contractors and other non-employees for services. If you run a business and pay a freelancer, consultant…
IRS Form 1065 "U.S. Return of Partnership Income" Explained
IRS Form 1065, U.S. Return of Partnership Income, is the annual information return filed by partnerships and by LLCs with two or more members that are taxed as partnerships. The partnership itself…
5 Benefits to Hiring a CPA for your Small Business
In the ever-evolving business landscape, one of the critical decisions that must be made is hiring a CPA for your small business. The role of a Certified Public Accountant (CPA) in this context is…