491 plain-English guides on small business & bookkeeping, each one ending in what to do next.
Page 8 of 21, newest first.
Hiring your spouse, children, or parents in your business creates legitimate tax savings. Family employee tax rules: Children under 18 (working for a sole.
Small Business & BookkeepingA sole proprietor can hire their child under 18 and the wages are exempt from FICA and FUTA. The tax math: - The business deducts the wages on Schedule C.
Small Business & BookkeepingEvery federal tax deadline for small businesses in 2025, organized by month. 2025 tax calendar (federal deadlines, calendar-year businesses): January: |.
Small Business & BookkeepingFirst-year business owners with no prior-year tax liability have no safe harbor and must estimate current-year taxes accurately.
Small Business & BookkeepingA 15-item checklist for new business owners: EIN, entity selection, accounting method, estimated taxes, record-keeping, and first-year deductions.
Small Business & BookkeepingWhen a foreign person or entity owns a US business or invests in US real property, the US tax rules are significantly more complex than domestic taxation.
Small Business & BookkeepingBusinesses must file 1099-NEC for contractors paid $2,000+ in 2026 ($600+ for 2025 payments), 1099-MISC for rent and royalties, and 1099-INT for interest paid.
Small Business & BookkeepingBusinesses must file 1099-NEC for payments of $2,000+ to independent contractors in 2026 ($600+ for 2025 payments). 1099-MISC for rent, royalties, and other payments.
Small Business & BookkeepingForm 3115 changes your accounting method. A negative Section 481(a) adjustment is deducted in full in the year of change; a positive one spreads over 4 years.
Small Business & BookkeepingChanging an accounting method (such as switching from cash to accrual, adopting a new depreciation method. Common accounting method changes filed on Form.
Small Business & BookkeepingFranchise fees paid to a franchisor are treated differently for tax purposes depending on whether they are initial fees or ongoing royalties.
Small Business & BookkeepingCertain fringe benefits are deductible by the business and tax-free to the recipient. Fringe benefits are compensation paid in a form other than cash.
Small Business & BookkeepingThe tax code provides a list of fringe benefits that employers can provide to employees tax-free (excluded from the employee's gross income) under IRC 132.
Small Business & BookkeepingA working condition fringe is anything your employee could deduct if they paid for it. A de minimis fringe is too small to track. Examples of each, and what doesn't count.
Small Business & BookkeepingBusiness gifts are deductible up to $25 per recipient per year under IRC 274(b). This limit has not been adjusted for inflation since 1962.
Small Business & BookkeepingFreelancers and gig workers face self-employment tax, quarterly estimated payments, and deduction tracking that W-2 employees never deal.
Small Business & BookkeepingUnder IRC 280G, when a corporation undergoes a change in ownership or control and makes 'excess parachute payments' to certain officers, shareholders.
Small Business & BookkeepingHiring children to work in a family business is one of the few strategies that creates a deduction for the parent while generating tax-free income.
Small Business & BookkeepingHiring your child (under 18) in a sole proprietorship or partnership saves FICA (15.3%) and shifts income to the child's 0% bracket.
Small Business & BookkeepingHiring the first W-2 employee triggers new tax obligations: payroll taxes, withholding, workers' comp, unemployment insurance.
Small Business & BookkeepingHiring your first employee triggers employer tax obligations: Form 941 quarterly, FUTA (Form 940), state unemployment, workers' comp, and W-2 filing.
Small Business & BookkeepingHiring a spouse as an employee creates access to employer-sponsored health insurance, doubles retirement plan contributions.
Small Business & BookkeepingThe Work Opportunity Tax Credit (IRC 51) provides employers a credit of up to $9,600 per qualified veteran hired and $2,400-$9,000 per hire.
Small Business & BookkeepingWhen the IRS says your side business is a hobby, records win the case: a separate account, a written plan, time logs and proof you changed course when you lost money.