Whether you run a 7-figure business or a small weekend side hustle, financial forecasting helps you to predict how your business will perform financially in the future. It helps you to plan ahead, set expectations and goals, make smarter decisions, and is necessary to have if you ever decide to raise funding for your business. […]
As a business owner, you’re constantly seeking ways to reduce your tax burden and maximize profits. One often-overlooked strategy is to hire your kids and family members to work for your company, which not only provides valuable employment opportunities for your loved ones, but can also offer significant tax advantages for your business. By integrating […]
Qualified Small Business Stock Exemption (QSBS) is one of the powerful tax breaks for small business and startup founders, investors, and employees with equity. It can allow you to completely avoid taxes when selling appreciative assets (like your equity or business), if it’s QSBS eligible. QSBS allows you to avoid taxes on up to $10 […]
The Augusta Rule is one of the biggest tax loopholes for business owners. It’s so good that it almost feels illegal. Here’s how it works. Your business can pay you rent to use your own home for a work event for up to 14 days a year. It’s entirely tax-free income to you as the […]
A C-corporation, also known as a C-corp or Subchapter C, is the default corporation under IRS rules. It’s a business structure where owners (shareholders) are taxed separately from the business. Running a business as a C-corporation offers numerous advantages, including limited liability protection, access to capital, perpetual existence, and certain tax benefits. However, there are […]
An S-corporation, also known as an S-corp or S subchapter, is a type of business entity that provides the benefits of limited liability protection and the ability to pass its taxable income, deductions, and losses directly through to shareholders of the business. To qualify as an S-Corp, a business must meet several criteria, including being […]
An LLC, or Limited Liability Company, is a legal business entity that combines the benefits of a corporation and a partnership or sole proprietorship. It provides limited liability protection to its owners, known as members, while offering flexibility in terms of management and taxation. The main reason business owners choose to form an LLC is […]
A partnership is a type of business structure where two or more individuals come together to carry out a business venture. The partners pool their resources, skills, and expertise to establish and operate the business. They share the responsibilities, profits, losses, and liabilities of the business according to the terms outlined in a partnership agreement. […]
A sole proprietorship is the simplest form of business structure. You run the business as the sole owner and operator and you’re not required to formally incorporate with a state filing. As soon as you start doing business, you’re regarded as a sole proprietorship in the eyes of the IRS. Because there are no partners […]
