“Can’t I just rely on my bank statements for accurate financial information?” This question is common among business owners. If you own a business, you know that financial clarity and complete control over your balance sheet are paramount. Otherwise, how would you know if your business is leaking money? But relying solely on bank statements […]
Category: Blog
Navigating Murky Waters: Tax Challenges for Home-Based Businesses | Part Eight
Published July 28, 2023 Table of Contents Recap In the last post, we provided a comprehensive overview of the processes involved in collecting and reporting sales tax for home-based businesses. We discussed the importance of determining the applicable tax rates, incorporating sales tax into pricing, updating invoicing systems, and providing clear sales receipts. We also […]
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Navigating Murky Waters: Tax Challenges for Home-Based Businesses | Part Eight
IRS Commissioner’s Warning: ERC Fraud on the Rise, Threatening Legitimate Businesses
Published July 27, 2023 – The Employee Retention Credit (ERC) is a valuable tax incentive introduced by the Internal Revenue Service (IRS) to provide financial relief to businesses during challenging economic conditions. The ERC was initially established as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act in March 2020 and has been […]
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IRS Commissioner’s Warning: ERC Fraud on the Rise, Threatening Legitimate Businesses
Navigating Murky Waters: Tax Challenges for Home-Based Businesses | Part Seven
Published July 27, 2023 Table of Contents Recap In the last post, we looked at the basics of managing sales and use taxes for home-based businesses. Today, we will recap the key points covered. Firstly, it’s important to determine nexus, which establishes the connection between your business and a taxing jurisdiction. This determines whether you […]
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Navigating Murky Waters: Tax Challenges for Home-Based Businesses | Part Seven
Navigating Murky Waters: Tax Challenges for Home-Based Businesses | Part Six
Published July 26, 2023 Table of Contents Recap In the last post, we discussed the complexities and challenges of self-employment taxes. The article provided an overview of the key obligations involved in self-employment taxes, including the calculation and payment process, as well as strategies to manage tax liabilities effectively. It emphasized that self-employed individuals are […]
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Navigating Murky Waters: Tax Challenges for Home-Based Businesses | Part Six
When Should You Invest in a Physical Presence?
Published July 25, 2023 – In today’s business landscape, companies have various options for conducting their operations. With the rise of remote work and virtual offices, many entrepreneurs wonder if investing in a physical office is still relevant. While modern technology has made it easier to run a business without a physical location, there are […]