The latest in notary, Apostille, and business news from New York, NY.
The structure of your business will greatly determine a whole host of issues. And one of the most important ones is taxes. A new webinar from CorpNet in collaboration with Small Business Trends titled, Tax Advantages of LLCs, S-Corps and Corporations will address the advantages of choosing one of these structures.
Read MoreHigh Rock Accounting, the firm where I serve as CFO, regularly assists clients with cash flow planning, strategy and management. We give people advice all day long on how to maintain proper cash flow levels when faced with growth, unexpected business events and (of course) economic downturns. But what we don’t often stop to ponder is: Who does High Rock turn to when we are faced with these same challenges?
Read MoreDeductible business expenses help entrepreneurs with many of the costs of running a company. Business owners know that most expenditures can be written off, although there may be limits and timing. Check out the most common tax deductions for small business.
Last Spring the IRS released data showing the common deductions taken on sole proprietorship returns. Other entities claim the same types of deductions — C corporations, S corporations, partnerships, and limited liability companies (LLCs), although you may find slightly different rules for some deductions.
See which ones apply to your 2019 tax return and think about which may impact your 2020 tax year for purposes of estimating taxes and business planning.
See a roundup of the most common tax deductions claimed on Schedule C of Form 1040 or 1040-SR by sole proprietors (including independent contractors and one-member limited liability companies not reporting elsewhere) as determined by the dollar amounts. The first three categories produce by far the largest write-offs.
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