Are you classifying your workers correctly as W-2 employees or 1099 independent contractors? This distinction carries costly legal implications and tax consequences that impact both your business and your workers. Here’s a breakdown of the differences and why they matter to your bottom line. The basics: W-2 vs. 1099 A W-2 employee works directly for […]
Small Business
Financial Reporting 101 for Small Business Owners
New to running a business? While passion and hard work are crucial, financial reporting is integral to your company’s success. Financial reports are detailed documents that provide a thorough overview of your company’s financial performance and position. They can help you: Make strategic decisions Ensure compliance with tax and legal requirements Attract and secure potential […]
The Business Owner’s Accounting Glossary
Understanding accounting terminology isn’t just for accountants — it’s a critical skill for every entrepreneur. By becoming more familiar with key financial terms, you can more clearly communicate with financial professionals (think lenders and bankers as well as your CPA) as you strategically manage your financials. Here’s a list of 12 accounting terms you should […]
Keeping Main Street Strong: Protecting Small Business Tax Relief
Small businesses face a critical tax challenge as a significant tax deduction is set to expire at the end of 2025. But the Main Street Tax Certainty Act aims to provide a lasting solution. Initially introduced in the 2017 Tax Cuts and Jobs Act, the Main Street Tax Certainty Act is proposed legislation to make […]
Small Businesses Get Big Benefits from SECURE 2.0 Retirement Provisions
The federal SECURE 2.0 legislation was designed and enacted to improve retirement readiness for more American workers. This legislation aims to make it more affordable and attractive for small employers to provide valuable retirement benefits to their employees by offering enhanced tax credits that can significantly offset the costs of starting and maintaining a plan. […]
Active Income vs. Passive Income: Breaking Down the Tax Consequences
Working hard for the money or letting the money work hard for you? That’s the main difference between active and passive income. Active income typically comes in the form of your wages earned from working a job or running a business. Passive income includes sources you don’t actively work for, like rental income, investments, shareholder […]