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Many business owners close out Q1 feeling strong about revenue growth, customer demand, and overall momentum inside the business. Then June arrives. A large estimated tax payment appears. Cash flow tightens. Business owners begin questioning where the money went despite strong sales earlier in the year. This happens more often than most people
Section 199A reduces taxable income for many business owners. It rewards how your business is structured, how your income is reported, and how your numbers are maintained. This deduction is not automatic. It depends on your income, your entity type, and the accuracy of your financial statements. Here is how it works. What
The 2026 tax season is here, and that means it’s time for businesses and self-employed individuals to make sure they understand their 1099 filing obligations. Whether you hire independent contractors, pay rent, or make miscellaneous business-related payments, certain 1099 forms must be filed both with the IRS and with the recipients. Meet those
As 2025 comes to a close, the window to reduce your tax bill is still open, but only if the right moves are made before filing season begins. The most impactful deductions are found and applied before year-end, not after returns are submitted. Identifying opportunities now gives business owners time to take action,
Summary To get your eCommerce books ready for tax season, make sure your numbers are accurate. Check your COGS, update your inventory, record all marketplace and processing fees, review shipping and fulfillment costs, and confirm every return and refund is in your books. Make sure your payroll, contractor payments, sales tax, and all
As tax season approaches, getting your financial documents and records in order is crucial to ensure a smooth and accurate filing process. Here’s a step-by-step guide to help you prepare effectively: Obtain Your W-3 Form: Your W-3 form consolidates all individual W-2 forms, reporting employee wages and tax withholdings into one comprehensive
Understanding and making the most out of LLC tax could be challenging for most small to medium business owners. Taxation is a key component of any business’s success, and understanding this subject could make a business more successful. Moreover, finding a reliable LLC tax accountant, how to go about filing LLC tax, how
As the April 15th tax deadline approaches, small business owners are on a tight schedule to get their financial books in order and finalize their tax filings. Timely tax preparation ensures compliance with the Internal Revenue Service (IRS) and can maximize potential tax savings. This becomes a critical period in business, and specific
In the fast-paced world of e-commerce, success hinges on the quality of products and services and adept financial management. With tax season approaching, maintaining accurate financial records becomes imperative. With potentially complicated regulations and potential deductions, e-commerce entrepreneurs face unique challenges in tax preparation. This comprehensive guide aims to demystify the process, offering
Planning ahead is always a good business strategy, especially when it comes to taxes. Adopting a proactive strategy can help you stay ahead of business tax filing deadlines, avoiding the rush and the headache during tax season! To help business owners prepare their tax, we’ve prepared a business tax filing guide to walk
One of the most important decisions for business owners is which type of business entity to form. Your business structure impacts your tax savings, accounting practices, and how you pay yourself. Examples of business structures include: Businesses often weigh the pros and cons of forming an LLC vs. S corp. xendoo does online
Generally, the chances of the Internal Revenue Service (IRS) auditing you are low. For most taxpayers, the audit rate is less than 1% to 2%. However, businesses tend to have more complex tax returns, so auditing is a concern. How far back can the IRS audit you? Typically, the IRS only goes back
There’s a lot to keep track of when you run a business. Many business owners look at their calendars halfway through April and realize that they missed their tax deadline. If this happened to you, it’s not too late to take action. You might be wondering: What happens if you miss the tax
Most small businesses are unlikely to go through an IRS audit, but it’s possible. What happens if you get audited and don’t have receipts to back your expenses? It’s a common question and concern for many business owners. The best way to avoid headaches during an IRS audit is to keep accurate business
Form 1065 is the end-of-year tax form for small businesses that operate as partnerships. So if you registered your business entity as a partnership, you must file the form at the end of your company’s tax year. With all the responsibilities that come with running a business, it can be difficult to stay
As a business owner, you can pay less in taxes by taking advantage of credits or deductions. Tax credits lower the amount you owe. For example, if your tax bill is $15,000 but you have $5,000 in tax credits, you’ll only owe $10,000. But, there are over 30 business tax credits. Which should
With the qualified business income deduction (QBI), small business owners and self-employed workers could deduct up to 20% of their taxable income. The QBI deduction is only available to pass-through entities between the tax years 2018-2025. A pass-through entity is a business that doesn’t need to file a separate business tax return. Instead,
If you’re wondering how to pay less in taxes, you’re not alone. Everyone—from individuals to business owners—wants to know how to lower their taxes. Tax laws are complicated and they can change each year. Our tax accountants know all the tax breaks for business owners and how to leverage them. With some guidance,
Minimizing your company’s tax burden can help maximize profits. One way of doing this is through business tax credits. Leveraging the right tax credits can save your business thousands of dollars in taxes each year. However, there are many types of business tax credits and the IRS has strict eligibility requirements. How do
As a business owner, you probably know that you should file taxes on time. However, if you’ve fallen behind on taxes, you’re not alone. Over 33% of Americans procrastinate doing taxes until the last minute. Reasons for procrastinating taxes vary. Some find it too time-consuming and stressful, while others worry if they are
Filing taxes as a small business owner can be complex, with numerous factors to consider. From tax law revisions to the overwhelming number of forms, understanding your small business tax rate and how to file can be difficult. Your business entity type and preferred filing status will also affect your tax rate. For
Tax season can be difficult for business owners, and it’s tough when you don’t know what tax forms to fill out or how. If you have a domestic corporation, then you’ll need to use the IRS Tax Form 1120. Corporations and LLCs that are taxed as corporations must use this form to report
For the most part, business travel expenses are tax deductible, meaning that you could lower the amount of taxes you need to pay. When it comes to tax-write offs for travel, the IRS provides specific guidelines around what you can claim. Mainly, your trip needs to be primarily for business purposes. However, there
Whether you are running your own freelancing business or are looking to hire an independent contractor for your company, you’ve probably heard of a 1099 form. There are many different types of 1099 forms. When it comes to independent contractors, you’ll typically deal with the 1099-NEC. In this article, we’ll go into the
Many small business owners miss out on tax savings simply because they aren’t aware of what tax deductions are available. As professional accountants, we know all the small business tax deductions that can save you money, and we’re sharing them in this tax deductions checklist. Before we get into the nitty-gritty of what
As tax season looms, you may be wondering whether you should have an accountant prepare your taxes. In addition to considering how much an accountant costs, you’ll also want to consider how long an accountant will take to do taxes compared to trying to do it yourself. How do you know when to
If you own a business or earn a significant income, you may be wondering how to manage your tax situation and how much a tax consultant costs. There is a lot to consider when weighing the costs and benefits of hiring a tax consultant. You might need help mitigating tax exposure and ensuring
Are you a small business owner? If so, you may be looking for advice on filing your Schedule C. The IRS Schedule C is used by sole proprietors and single-owner LLCs to report your small business taxes and is part of your personal tax return. We understand that business taxes can seem confusing,
We frequently discuss the impact of fintech companies on financial services, but taxation is frequently overlooked. Tax filing is an unavoidable requirement, and most people hire professionals to do their taxes for them to avoid any misunderstandings with the government. Taxes can cause stress not only for consumers but also for small businesses.
As a business owner, how do you go about filing personal and business taxes with the IRS? The answer to this question actually depends on the way your business is structured, so there’s not a one-size-fits-all approach to filing small business taxes. But that doesn’t mean that tax season needs to cause you
This year, make things easier on yourself by planning ahead. You’ll thank yourself for filing business taxes according to the prescribed deadlines. Not only will this save you from sweating over a shoebox full of receipts, but making on-time tax payments will save you from any late fees or interest payments. To help
When businesses are first created, every responsibility falls on the business owner. As they juggle increasing sales, customer service, marketing, and even bookkeeping and accounting, two questions come to mind – how do I pay myself? How do I pay my business’s taxes? Self-payment for small business owners is far from simple. There
Every partnership owner faces the unique challenges of self-payment, tax filing, and maximizing their tax savings. Although they would rather focus on growing their business, taxes and payroll often take up too much of their valuable time. If the self-payment struggle is all too familiar to you, xendoo is here to help. We
When making a major purchase for your business, you are expected to spread the tax deduction out over the lifespan of that purchase, which provides small tax savings over the years. But, why wait? Business owners can take advantage of Bonus Depreciation and Section 179 to invest in their businesses, resulting in an
When businesses are born, business owners are likely not daydreaming about taxes and payroll. Yet, they still face the unique challenge of figuring out how to pay themselves, file their taxes, and maximize their tax savings. As their business grows, many business owners opt for S-corporation Election due to the tax advantages it
Running your own business can be tough. Between handling staffing issues, overseeing the procurement of essential resources, and planning your next marketing campaign, you might be stretched thin — not to mention all of that dreaded accounting work that you have to do to keep your books up to date! Like many other
Falling a little behind in your books is no big deal. After all, you can always catch up tomorrow, right? But how many “tomorrows” in a row does it take before you lose control over your incoming and outgoing expenses? Before long, your overdue books are hanging over your head like that project
Bookkeeping is Holding You Back Business owners know their companies like the back of their hands. They are the head of every department and perform the work of multiple people. Of all the roles they play, our customers express that the bookkeeper role is their least favorite. DIY bookkeeping holds business owners back
If you’re a business owner looking for CPA services, pricing is one of the first factors you consider. Yet, finding the cost of CPA services online isn’t easy. Industry research is often inaccurate and misleading. It also doesn’t factor in your unique business tax and accounting needs, so the actual price ends up
Author’s Note: This post was updated on February 23, 2022, with new information, links, and resources. Bookkeeping is vital to the success of every business, but business owners rarely have the time (or desire) to manage it themselves. Many small businesses save time by partnering with an online bookkeeping and accounting team. However,
Editor’s Note: This post was originally published in November 2016 and has been revamped and updated for accuracy and comprehensiveness. As a self-employed realtor, you face some unique challenges when tax season comes knocking at your door. Since you don’t have taxes withheld from a regular paycheck, it’s up to you to lessen
Florida is among the most tax-friendly states in America and has seen huge growth, especially in their tech economy. If you have a small or midsize business in the state of Florida, you may be shielded from many typical forms of small business taxes. But how can you know which tax laws apply to
Between accounting for all of your potential deductions and reporting them all accurately, it’s important to have a professional who can help make sure you don’t miss anything. Here’s seven tips to help you get everything mise en place come tax time.
As a small business owner, you want to keep your head in the game. After all, you started your business because you’re passionate about the work you do, and you want to connect your products and services to customers. So why are you trying to juggle your own books? We understand the pressures
Keep this chart handy or copy the relevant parts of it into your calendar so you won’t miss a due date throughout the year. February 1, 2021: W-2 Filing: Wage and tax statement for full- and part-time employees. These are normally due on January 31st, but since this is a Sunday, the deadline
One of the best small business-friendly aspects of the Tax Cuts and Jobs Act (TCJA) is the 20% deduction you can take on your income tax if your business is a pass-through entity. Here’s what you need to know about it. What Is the Deduction The TCJA was passed in 2017 and first
Authors Note: This has been updated on Nov 10, 2021 with updated information, links, and resources. If you’re an independent contractor, sole proprietorship, partnership or S-corporation, you’re probably required to pay your income tax in four installments throughout the year. Why? Because you have no employer taking that tax out of every paycheck
When state legislatures in the United States implemented the first sales tax laws to boost revenues in the 1930s, the American economy depended on the manufacture and sale of physical goods. Typically, early sales tax laws allowed only the taxation of “tangible personal property” (TPP), rather than taxing services. As the United States
If you’re like most small business owners, you started out as a sole proprietor. And if you came from being employed by someone else, you were totally shocked the first time you saw on your income tax return what you owe in self-employment tax. “What is that huge amount?” you asked. You were answered,
What is Form 1065? The IRS name for this form is “U.S. Return of Partnership Income.” This is an information return for partnerships to report the income, gains, losses, deductions, credits, etc. of the business. The partnership itself does not pay tax on its income. Instead, the profits or losses are “passed through”
What is Form 1099-Misc? This is the form that a business fills out for any freelancers or independent contractors that it hired. Copies of the form are sent to both the IRS and the contractor. Who must file Form 1099-Misc? If you paid freelancers or independent contractors a total of $600 or more
Small business owners know that every penny counts when paying taxes. The difference between a high and low tax burden can significantly impact a small business’s likelihood of survival. That is why picking the right city to base a business operation is important for entrepreneurial success. From small cities to major ones, certain
Many business owners close out Q1 feeling strong about revenue growth, customer demand, and overall momentum inside the business. Then June arrives. A large estimated tax payment appears. Cash flow tightens. Business owners begin questioning where the money went despite strong sales earlier in the year. This happens more often than most people
Section 199A reduces taxable income for many business owners. It rewards how your business is structured, how your income is reported, and how your numbers are maintained. This deduction is not automatic. It depends on your income, your entity type, and the accuracy of your financial statements. Here is how it works. What
The 2026 tax season is here, and that means it’s time for businesses and self-employed individuals to make sure they understand their 1099 filing obligations. Whether you hire independent contractors, pay rent, or make miscellaneous business-related payments, certain 1099 forms must be filed both with the IRS and with the recipients. Meet those
As 2025 comes to a close, the window to reduce your tax bill is still open, but only if the right moves are made before filing season begins. The most impactful deductions are found and applied before year-end, not after returns are submitted. Identifying opportunities now gives business owners time to take action,
Summary To get your eCommerce books ready for tax season, make sure your numbers are accurate. Check your COGS, update your inventory, record all marketplace and processing fees, review shipping and fulfillment costs, and confirm every return and refund is in your books. Make sure your payroll, contractor payments, sales tax, and all
As tax season approaches, getting your financial documents and records in order is crucial to ensure a smooth and accurate filing process. Here’s a step-by-step guide to help you prepare effectively: Obtain Your W-3 Form: Your W-3 form consolidates all individual W-2 forms, reporting employee wages and tax withholdings into one comprehensive
Understanding and making the most out of LLC tax could be challenging for most small to medium business owners. Taxation is a key component of any business’s success, and understanding this subject could make a business more successful. Moreover, finding a reliable LLC tax accountant, how to go about filing LLC tax, how
As the April 15th tax deadline approaches, small business owners are on a tight schedule to get their financial books in order and finalize their tax filings. Timely tax preparation ensures compliance with the Internal Revenue Service (IRS) and can maximize potential tax savings. This becomes a critical period in business, and specific
In the fast-paced world of e-commerce, success hinges on the quality of products and services and adept financial management. With tax season approaching, maintaining accurate financial records becomes imperative. With potentially complicated regulations and potential deductions, e-commerce entrepreneurs face unique challenges in tax preparation. This comprehensive guide aims to demystify the process, offering
Planning ahead is always a good business strategy, especially when it comes to taxes. Adopting a proactive strategy can help you stay ahead of business tax filing deadlines, avoiding the rush and the headache during tax season! To help business owners prepare their tax, we’ve prepared a business tax filing guide to walk
One of the most important decisions for business owners is which type of business entity to form. Your business structure impacts your tax savings, accounting practices, and how you pay yourself. Examples of business structures include: Businesses often weigh the pros and cons of forming an LLC vs. S corp. xendoo does online
Generally, the chances of the Internal Revenue Service (IRS) auditing you are low. For most taxpayers, the audit rate is less than 1% to 2%. However, businesses tend to have more complex tax returns, so auditing is a concern. How far back can the IRS audit you? Typically, the IRS only goes back
There’s a lot to keep track of when you run a business. Many business owners look at their calendars halfway through April and realize that they missed their tax deadline. If this happened to you, it’s not too late to take action. You might be wondering: What happens if you miss the tax
Most small businesses are unlikely to go through an IRS audit, but it’s possible. What happens if you get audited and don’t have receipts to back your expenses? It’s a common question and concern for many business owners. The best way to avoid headaches during an IRS audit is to keep accurate business
Form 1065 is the end-of-year tax form for small businesses that operate as partnerships. So if you registered your business entity as a partnership, you must file the form at the end of your company’s tax year. With all the responsibilities that come with running a business, it can be difficult to stay
As a business owner, you can pay less in taxes by taking advantage of credits or deductions. Tax credits lower the amount you owe. For example, if your tax bill is $15,000 but you have $5,000 in tax credits, you’ll only owe $10,000. But, there are over 30 business tax credits. Which should
With the qualified business income deduction (QBI), small business owners and self-employed workers could deduct up to 20% of their taxable income. The QBI deduction is only available to pass-through entities between the tax years 2018-2025. A pass-through entity is a business that doesn’t need to file a separate business tax return. Instead,
If you’re wondering how to pay less in taxes, you’re not alone. Everyone—from individuals to business owners—wants to know how to lower their taxes. Tax laws are complicated and they can change each year. Our tax accountants know all the tax breaks for business owners and how to leverage them. With some guidance,
Minimizing your company’s tax burden can help maximize profits. One way of doing this is through business tax credits. Leveraging the right tax credits can save your business thousands of dollars in taxes each year. However, there are many types of business tax credits and the IRS has strict eligibility requirements. How do
As a business owner, you probably know that you should file taxes on time. However, if you’ve fallen behind on taxes, you’re not alone. Over 33% of Americans procrastinate doing taxes until the last minute. Reasons for procrastinating taxes vary. Some find it too time-consuming and stressful, while others worry if they are
Filing taxes as a small business owner can be complex, with numerous factors to consider. From tax law revisions to the overwhelming number of forms, understanding your small business tax rate and how to file can be difficult. Your business entity type and preferred filing status will also affect your tax rate. For
Tax season can be difficult for business owners, and it’s tough when you don’t know what tax forms to fill out or how. If you have a domestic corporation, then you’ll need to use the IRS Tax Form 1120. Corporations and LLCs that are taxed as corporations must use this form to report
For the most part, business travel expenses are tax deductible, meaning that you could lower the amount of taxes you need to pay. When it comes to tax-write offs for travel, the IRS provides specific guidelines around what you can claim. Mainly, your trip needs to be primarily for business purposes. However, there
Whether you are running your own freelancing business or are looking to hire an independent contractor for your company, you’ve probably heard of a 1099 form. There are many different types of 1099 forms. When it comes to independent contractors, you’ll typically deal with the 1099-NEC. In this article, we’ll go into the
Many small business owners miss out on tax savings simply because they aren’t aware of what tax deductions are available. As professional accountants, we know all the small business tax deductions that can save you money, and we’re sharing them in this tax deductions checklist. Before we get into the nitty-gritty of what
As tax season looms, you may be wondering whether you should have an accountant prepare your taxes. In addition to considering how much an accountant costs, you’ll also want to consider how long an accountant will take to do taxes compared to trying to do it yourself. How do you know when to
If you own a business or earn a significant income, you may be wondering how to manage your tax situation and how much a tax consultant costs. There is a lot to consider when weighing the costs and benefits of hiring a tax consultant. You might need help mitigating tax exposure and ensuring
Are you a small business owner? If so, you may be looking for advice on filing your Schedule C. The IRS Schedule C is used by sole proprietors and single-owner LLCs to report your small business taxes and is part of your personal tax return. We understand that business taxes can seem confusing,
We frequently discuss the impact of fintech companies on financial services, but taxation is frequently overlooked. Tax filing is an unavoidable requirement, and most people hire professionals to do their taxes for them to avoid any misunderstandings with the government. Taxes can cause stress not only for consumers but also for small businesses.
As a business owner, how do you go about filing personal and business taxes with the IRS? The answer to this question actually depends on the way your business is structured, so there’s not a one-size-fits-all approach to filing small business taxes. But that doesn’t mean that tax season needs to cause you
This year, make things easier on yourself by planning ahead. You’ll thank yourself for filing business taxes according to the prescribed deadlines. Not only will this save you from sweating over a shoebox full of receipts, but making on-time tax payments will save you from any late fees or interest payments. To help
When businesses are first created, every responsibility falls on the business owner. As they juggle increasing sales, customer service, marketing, and even bookkeeping and accounting, two questions come to mind – how do I pay myself? How do I pay my business’s taxes? Self-payment for small business owners is far from simple. There
Every partnership owner faces the unique challenges of self-payment, tax filing, and maximizing their tax savings. Although they would rather focus on growing their business, taxes and payroll often take up too much of their valuable time. If the self-payment struggle is all too familiar to you, xendoo is here to help. We
When making a major purchase for your business, you are expected to spread the tax deduction out over the lifespan of that purchase, which provides small tax savings over the years. But, why wait? Business owners can take advantage of Bonus Depreciation and Section 179 to invest in their businesses, resulting in an
When businesses are born, business owners are likely not daydreaming about taxes and payroll. Yet, they still face the unique challenge of figuring out how to pay themselves, file their taxes, and maximize their tax savings. As their business grows, many business owners opt for S-corporation Election due to the tax advantages it
Running your own business can be tough. Between handling staffing issues, overseeing the procurement of essential resources, and planning your next marketing campaign, you might be stretched thin — not to mention all of that dreaded accounting work that you have to do to keep your books up to date! Like many other
Falling a little behind in your books is no big deal. After all, you can always catch up tomorrow, right? But how many “tomorrows” in a row does it take before you lose control over your incoming and outgoing expenses? Before long, your overdue books are hanging over your head like that project
Bookkeeping is Holding You Back Business owners know their companies like the back of their hands. They are the head of every department and perform the work of multiple people. Of all the roles they play, our customers express that the bookkeeper role is their least favorite. DIY bookkeeping holds business owners back
If you’re a business owner looking for CPA services, pricing is one of the first factors you consider. Yet, finding the cost of CPA services online isn’t easy. Industry research is often inaccurate and misleading. It also doesn’t factor in your unique business tax and accounting needs, so the actual price ends up
Author’s Note: This post was updated on February 23, 2022, with new information, links, and resources. Bookkeeping is vital to the success of every business, but business owners rarely have the time (or desire) to manage it themselves. Many small businesses save time by partnering with an online bookkeeping and accounting team. However,
Editor’s Note: This post was originally published in November 2016 and has been revamped and updated for accuracy and comprehensiveness. As a self-employed realtor, you face some unique challenges when tax season comes knocking at your door. Since you don’t have taxes withheld from a regular paycheck, it’s up to you to lessen
Florida is among the most tax-friendly states in America and has seen huge growth, especially in their tech economy. If you have a small or midsize business in the state of Florida, you may be shielded from many typical forms of small business taxes. But how can you know which tax laws apply to
Between accounting for all of your potential deductions and reporting them all accurately, it’s important to have a professional who can help make sure you don’t miss anything. Here’s seven tips to help you get everything mise en place come tax time.
As a small business owner, you want to keep your head in the game. After all, you started your business because you’re passionate about the work you do, and you want to connect your products and services to customers. So why are you trying to juggle your own books? We understand the pressures
Keep this chart handy or copy the relevant parts of it into your calendar so you won’t miss a due date throughout the year. February 1, 2021: W-2 Filing: Wage and tax statement for full- and part-time employees. These are normally due on January 31st, but since this is a Sunday, the deadline
One of the best small business-friendly aspects of the Tax Cuts and Jobs Act (TCJA) is the 20% deduction you can take on your income tax if your business is a pass-through entity. Here’s what you need to know about it. What Is the Deduction The TCJA was passed in 2017 and first
Authors Note: This has been updated on Nov 10, 2021 with updated information, links, and resources. If you’re an independent contractor, sole proprietorship, partnership or S-corporation, you’re probably required to pay your income tax in four installments throughout the year. Why? Because you have no employer taking that tax out of every paycheck
When state legislatures in the United States implemented the first sales tax laws to boost revenues in the 1930s, the American economy depended on the manufacture and sale of physical goods. Typically, early sales tax laws allowed only the taxation of “tangible personal property” (TPP), rather than taxing services. As the United States
If you’re like most small business owners, you started out as a sole proprietor. And if you came from being employed by someone else, you were totally shocked the first time you saw on your income tax return what you owe in self-employment tax. “What is that huge amount?” you asked. You were answered,
What is Form 1065? The IRS name for this form is “U.S. Return of Partnership Income.” This is an information return for partnerships to report the income, gains, losses, deductions, credits, etc. of the business. The partnership itself does not pay tax on its income. Instead, the profits or losses are “passed through”
What is Form 1099-Misc? This is the form that a business fills out for any freelancers or independent contractors that it hired. Copies of the form are sent to both the IRS and the contractor. Who must file Form 1099-Misc? If you paid freelancers or independent contractors a total of $600 or more
Small business owners know that every penny counts when paying taxes. The difference between a high and low tax burden can significantly impact a small business’s likelihood of survival. That is why picking the right city to base a business operation is important for entrepreneurial success. From small cities to major ones, certain
