(Based on IRS Publication 583: Starting a Business and Keeping Records) Starting a business can be exciting, stressful, and—let’s be honest—expensive. Between forming an LLC, building a website, buying equipment, and paying professionals to help you get things off the ground, your wallet takes a real hit before your business even opens its doors. The [...]
Let’s be honest. The phrase "keep your business records" probably conjures up an image of a frantic search through a shoebox full of crumpled receipts on the night before your tax appointment. We’ve all been there, but it’s a stressful, risky way to run a business. The IRS doesn't just suggest you keep good records; [...]
Starting a business comes with a long checklist, but one of the first—and most important—items is obtaining an Employer Identification Number (EIN) from the IRS. Think of an EIN as the Social Security number for your business. It identifies your entity for tax purposes, allows you to hire employees, open business bank accounts, file returns, [...]
(Publication 560) When it comes to saving for retirement, “qualified plans” are the gold standard. They come with powerful tax advantages, but also specific rules set by the IRS. Understanding what makes a plan “qualified” — and how your business or self-employment activity can take advantage of one — can make a real difference in [...]
When it comes to retirement plans for small businesses, the SIMPLE IRA (Savings Incentive Match Plan for Employees) seems like it should be straightforward—after all, it’s in the name. But as the IRS explains in Publication 560, “simple” doesn’t always mean easy. Let’s break down what a SIMPLE plan really is, who it’s for, and [...]
Let’s be honest — calling the IRS isn’t anyone’s idea of a good time. Long hold times, confusing menus, and the dreaded possibility of being transferred only to wait again can make even the most patient taxpayer want to give up. But sometimes, picking up the phone is the only way to get your issue [...]
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