Posts from November, 2014

  • What’s an EIN and do you need one? If you’re starting a new business, you may need an EIN (Employer Identification Number) from the IRS. Here’s how to determine whether or not you need one as well as how to get it. If you’re a sole proprietor or in some states, a single owner of an LLC, the good news is that ... Continue Reading
  • Strategic Tax Moves To Make Before The End of The Year With only one month left in the calendar tax year, now is the time to make some strategic moves to lower your taxable income for the year. Before there year ends, you’ll want to give yourself the gift of savings on taxes. Below is a list of common tactics to take before the ... Continue Reading
  • How To Establish Your New Business’ Tax Year You may be able to elect a tax year that suits your business; how will you choose? The IRS requires your business to determine your taxable income based on your tax year and file a return accordingly. Your tax year is the yearly accounting timeframe for reporting income, ... Continue Reading
  • Accounting Methods: Cash versus Accrual The IRS requires you to maintain consistent accounting throughout your fiscal year. You must use a method that clearly reflects your income. When you file your first tax return, you’ll decide on an accounting method. No one method is mandatory but your method must accurately ... Continue Reading