Your choice of entity could make or break your tax strategy. Here’s a quick rundown of five entity types and their tax implications.
sole proprietors
Your Weekly Read
Payroll tax implications of new tax breaks on tips and overtime
The One Big Beautiful Bill Act creates new limited deductions for tips and overtime income through 2028. Find out if you qualify.
Understanding the tax consequences of gig workers
The gig economy offers many benefits. It also comes with tax responsibilities that gig workers need to manage proactively to avoid penalties.
Turn a summer job into tax savings: Hire your child and reap the rewards
Are you considering bringing your high-school- or college-age child into your business this summer? Their summer job may be a smart tax move.
So many KPIs, so much time: An overview for businesses
Having trouble picking the right key performance indicators (KPIs) for your small business? Here’s how to narrow the search.
How can you build a golden nest egg if you’re self-employed?
A solo 401(k) plan is a powerful retirement savings tool for a one-person small business. Here’s how you can help save for a golden future.
Self-employment tax: A refresher on how it works
Most small business owners are familiar with self-employment tax. Here’s a refresher on how it works and whether there’s a way to reduce it.
The nanny tax: What household employers need to know
In 2024, if you pay a household worker cash wages of $2,700 or more, you must withhold and pay nanny tax. What will the threshold be in 2025?
6 key elements of a business budget
A budget is essential for small businesses. But if you are stuck using the same budgeting process and format, maybe it’s time for an upgrade.
Hiring your child to work at your business this summer
Hiring your child at your business this summer? It can be a tax-smart idea. Here are the benefits.
Year-end tax tip to help your business qualify for the QBI deduction
If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or the Section 199A deduction. The QBI deduction: Is available to owners of sole...
Good records are the key to tax deductions under IRS audit
If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should carefully record your expenses in order to claim the full amount of the tax deductions to which you’re...
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144 W 2nd St
Washington, NC 27889
Washington, NC 27889
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