493 plain-English guides on small business & bookkeeping, each one ending in what to do next.
Page 17 of 21, newest first.
Renting property to your own S-corp or C-corp is common, but the self-rental rules under IRC 469 can recharacterize the income as non-passive.
Small Business & BookkeepingShort-term rentals (Airbnb, VRBO, and other vacation rental platforms) have tax rules that differ significantly from traditional long-term rentals.
Small Business & BookkeepingSchedule C filers are audited at 3-5x the rate of W-2 employees. Schedule C audit defense documentation system: Income documentation: - Separate business.
Small Business & BookkeepingConverting to S-Corp requires filing Form 2553 (due March 15 for calendar-year businesses). Conversion mechanics: Step 1: Ensure you have an LLC.
Small Business & BookkeepingAn LLC and a sole proprietorship are taxed identically for federal income tax purposes (both report on Schedule C). Compare LLC, S-Corp, and sole.
Small Business & BookkeepingHiring a spouse as a W-2 employee unlocks health insurance deductions, doubles retirement contributions, and creates legitimate business deductions.
Small Business & BookkeepingIRC 195 allows new businesses to deduct up to $5,000 of startup costs and $5,000 of organizational costs in the first year.
Small Business & BookkeepingThe first $5,000 in startup costs is deductible immediately under IRC 195 (phased out between $50,000 and $55,000 in total costs).
Small Business & BookkeepingUnder IRC 195, a new business can deduct up to $5,000 of startup costs immediately in the first year (phasing out dollar-for-dollar above $50,000 in total.
Small Business & BookkeepingSeveral states impose franchise taxes on LLCs, S-Corps, and C-Corps regardless of profitability. Major state franchise tax regimes: California: - $800.
Small Business & BookkeepingNine states have no individual income tax. Moving a business to a no-income-tax state eliminates state income tax but does not eliminate federal tax.
Small Business & BookkeepingIf your business has employees, property, or significant sales in another state, you may owe income tax there. Covers economic nexus thresholds,.
Small Business & BookkeepingState nexus determines whether a business has sufficient connection to a state to be subject to that state's income tax, franchise tax, or sales tax.
Small Business & BookkeepingA remote employee or independent contractor in another state can create income tax nexus for the business. Before 2020. Covers economic nexus thresholds,.
Small Business & BookkeepingYou owe sales tax in another state if you have physical presence there or pass its own threshold, such as $100,000 in Florida or Pennsylvania and $500,000 in California or Texas.
Small Business & BookkeepingThe pass-through entity tax (PTET) is a state-level election that allows S-Corps, partnerships. The pass-through entity tax is the most widely adopted.
Small Business & BookkeepingWhere a business is incorporated and where it operates can have a dramatic impact on its total state tax burden. State income tax rates (2025, selected.
Small Business & BookkeepingState income taxes can add 3-13% to a business owner's effective tax rate. State income tax rates (selected, 2025):. Covers economic nexus thresholds,.
Small Business & BookkeepingAn IRS audit is a review of your return and records. The statute of limitations is generally 3 years from filing (IRC 6501), with exceptions for omissions.
Small Business & BookkeepingBusiness owners can claim the clean vehicle credit (up to $7,500 for new EVs, $4,000 for used), plus Section 179 or bonus depreciation on the vehicle.
Small Business & BookkeepingAn HSA offers the only triple tax advantage in the tax code: contributions are tax-deductible, growth is tax-free. 2025 HSA contribution limits: |.
Small Business & BookkeepingHiring family members provides significant tax benefits. Children under 18 employed by a parent's sole proprietorship are exempt from FICA (IRC.
Small Business & BookkeepingA complete calendar of federal tax deadlines for small businesses: estimated tax payments, payroll deposits, Form 941, W-2/1099 filing, S-Corp returns.
Small Business & BookkeepingA complete calendar of federal tax filing deadlines for small businesses in 2025, including quarterly estimated taxes, payroll deposits, Form 941.