What Is Pass-Through Taxation?
Pass-through taxation is common for small business owners or freelancers. Learn what pass-through income means and how to report it!
Pass-through taxation is common for small business owners or freelancers. Learn what pass-through income means and how to report it!
Confused about IRS Form 8858, “Information Return of U.S. Persons With Respect to Foreign Disregarded Entities and Foreign Branches”? This guide from experienced international tax lawyers explains who needs to file and how to avoid penalties.
Whether you’re an entrepreneur looking to turn your passion into profit, or a hobbyist seeking to maximize your enjoyment while minimizing your tax burden, this blog has something for you. We’ll delve into the often-blurred line between hobby vs. business income, exploring the unique tax implications of each and offering practical tips for maximizing your […]
Self-employment can bring many advantages, and preparing for tax season is a crucial part of financial management when you’re your own boss. Self-employed individuals are required to pay self-employment tax in addition to income tax.
Tax Preparation Services in Chicago, IL Stress-Free Tax Return Filing and Personalized Tax Help Do you have complex taxes? Worried a mistake could cost you BIG in the long run? We’ve helped thousands of clients with tax preparation services, reducing their annual tax liability and maximizing tax deductions. We can do the same for you! […]
Tax penalties can lead to many sleepless nights for taxpayers who owe the Internal Revenue Service (IRS). Delinquent taxes are one thing, but IRS tax penalties can leave individuals and businesses owing far more than they were initially required to pay. There are nearly 150 penalties in the Internal Revenue Code, but a few common mistakes […]
Converting an LLC to an S-corp may seem like a daunting task, but it’s really not. Not when you have the whole process outlined in this article! If you’re wondering how to change an LLC to an S-corp, you’re probably already aware of the outstanding S-corp benefits. But how can you be sure it’s the […]
Choosing a business structure that fits your goals is as essential to entrepreneurial success as funds are. But as a newbie, it can be a bit tricky to decide which is best for you. Are you feeling stuck deciding between an LLC, S-corp, or C-corp? Then this guide is the perfect starting point for you! […]
Is it time for you to convert your LLC to a C-corp? Read on to learn when, why, and how to make the switch.