With tax season rapidly approaching, it can be tempting to procrastinate when filing your taxes. However, there are many advantages to filing as early in the season as possible — namely that you have more time to prepare an accurate return.

Single-member LLCs and sole proprietorships are two common forms of business entities. Whether you’re a first-time entrepreneur or a seasoned veteran opening a new business, you must know the differences between these two forms to choose the most suitable option for your case.

Every small business owner knows that the Internal Revenue Service (IRS) has the power to audit your taxes. But do you understand why they might choose to audit your business?

Monitoring your business’s financial health is essential to know how well you’re doing. There are several advantages to keeping up with your company’s bookkeeping and accounting, from facilitating the filing of tax returns to providing an accurate picture of expected cash flow. Both functions help CEOs and entrepreneurs keep tabs on spending, gain insight into critical business decisions, and prevent possible fraud and theft.

Income is how we get compensated for work that we’ve provided or services we’ve rendered, but not all income is earned in the same way. There are two distinct varieties of income, earned and unearned.

Business expenses aren't always exorbitant. Sometimes, businesses must spend a few bucks to buy a treat for a client, replenish their paper supply, or purchase a parking pass. This is where petty cash comes into the picture. Businesses of all sizes use petty cash to fulfill minute and unexpected business expenses.

As a sole proprietor, you have the benefit of being your own boss and running your own business. However, when it comes to health insurance, it can be a challenge to find affordable coverage.

Many taxpayers have to wait anxiously, not knowing exactly when their tax return will be deposited. Fortunately, you can find your direct deposit date by looking up the IRS cycle code on your tax transcript.

A little procrastination is all right from time to time, but not when it comes to your taxes. April 18, 2023, the deadline to file your taxes, is fast approaching. Don't wait and incur late penalties.

The United States operates a progressive tax system. This means that a person’s tax is determined by their income level and ensures that an individual with a higher income gets taxed accordingly.

Are you considering seeking IRS debt forgiveness? While they certainly want you to pay your taxes, the Internal Revenue Service (IRS) understands that unexpected life events often affect a taxpayer's ability to pay taxes. Therefore, they offer relief to taxpayers who cannot afford their tax bills.