Why Estimated Tax Payments Matter – For Small Business Owners, Freelancers, Consultants, and Even W-2 Employees
Taxes are not meant to be paid all at once at the end of the year.The core principle of the
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Tip Income and the New 2025–2028 Federal Tip Deduction
For 2025 tax returns, tip income rules largely remain the same — tips are still taxable and must be reported.
Continue readingDoes Your Business Need to Issue a Form 1099-MISC for Rent Payments?
Businesses that pay rent must be aware of IRS reporting requirements, particularly when it comes to issuing Form 1099-MISC for
Continue readingThe Importance of Reasonable Compensation for S Corporation Owners
As more small business owners opt to elect S Corporation (S Corp) status to take advantage of tax benefits, one
Continue readingWhat Is Form 1099-NEC for Nonemployee Compensation?
When businesses hire freelancers, independent contractors, or other non-employees, they use a specific tax form to report how much they’ve
Continue readingWhat is a SEP IRA? Understanding a Special Retirement Account for Small Businesses
A SEP IRA, or Simplified Employee Pension Individual Retirement Account, is a special type of retirement account designed for small
Continue readingDoes a single-member LLC Need to Change Its Name After Electing S Corporation Status?
When a single-member LLC elects to be taxed as an S Corporation by submitting IRS Form 2553, it’s common for
Continue readingUnderstanding the Insolvency Exclusion for Debt Cancellation
What is Insolvency? In simple terms, insolvency means that a business owes more money than it has in assets. Think
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