Getting an Employer ID Number (EIN)

After legally forming a new business, the next thing you need to do is get an employer identification number (EIN).  Think of this as the SSN for your business – it will be used to open bank accounts, show up on tax forms, and generally be the way the government keeps...

Qualified Business Income Deduction

What is the Qualified Business Income (QBI) deduction? The QBI deduction is one of the most important deductions for business owners to be aware of.  It was created as part of the 2017 Tax Cut and Jobs Act, and essentially provides a 20% deduction on all business...

Home Office Deduction

One of the tax deductions that causes the most confusion (and worry) is the home office deduction.  Are you eligible for it? Who Can Claim It To claim the home-office deduction, you must be self-employed. If you work for an employer and currently working from home,...

Business Expenses

Which Expenses Are Deductible? If you’re a small business owner, you’ve likely asked yourself at one point “can I deduct this on my taxes?”  Here’s a quick rundown on what you can – and can’t – claim as a business deduction. The Rules The IRS says you can only claim...

S-Corp Conversions

Using an S-Corp to Lower Your Taxes If you’re a small business owner, you’re well aware of the pain of self-employment taxes and how much they can take out of your pocket.  (And if you’re not yet aware, you’re in for a rude awakening next April.)  Converting an S-Corp...