Generally, businesses need a Federal Tax ID number or an Employer Identification Number (EIN) to legally conduct business. Whether a sole proprietor or a corporation, an EIN is necessary. This number is used to identify a business entity for tax purposes and is fairly simple to obtain. The IRS supplies multiple ways to apply for…

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GoSmallBiz has partnered with AFM CPAs and Advisors to bring you a range of tax preparation and filing services. Learn more at www.gosmallbiz.com/afm! Tip #1: Qualified Business Income One of the most significant consequences and opportunities of The Tax Cuts and Jobs Act of 2017 (TCJA) is the new Internal Revenue Code section 199A, which…

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Mobile technology has affected so many aspects of business, from sales and marketing to human resources. Accounting is no exception. Mobile services are changing, and will continue to change, common accounting practices, especially for small accounting firms. Don’t get left behind by these innovations! Learn about how you can start thinking with a mobile mindset…

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Updated January 2020 Question: I’m growing and am thinking about hiring my first employee. What should I do? When growing a business, entrepreneurs typically reach a point in the process where they must consider the prospect of adding staff. There are several important things to consider when hiring employees, which include: labor laws, compensation structure,…

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State unemployment taxes are a little different from other taxes, in that businesses can take specific steps to limit their exposure. With proper research and preparation, a business can save substantial amounts of money. It’s important to understand your responsibilities, the obligations you have to government requests, and the actions you can take to put…

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Situation #1: You’re preparing your income tax return for the current year and notice that you forgot to claim a large charitable contribution. Situation #2: You prepared your tax return and filed it on time, then you receive a corrected Schedule K-1 from an LLC in which you are a member. What to do: In…

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2020 is almost here—what should you be looking for in the new year as a business owner? There are always new trends and innovations going on in every part of business, and accounting is no different. So what kinds of trends are likely to impact the accounting world in the next year? We’ve got a…

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Myth: All employers must provide final pay to employees on their last day on the job. Some business owners are required to provide a final paycheck on an employee’s last day with the company. Whether that is true depends on the state in which your employee is working. Under federal law, a final paycheck must…

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