What_is_Involved_in_Forming_a_Non_Profit

If you’re looking to form a non-profit corporation, there are several important steps for you to follow. Incorporating a non-profit corporation is often similar to a for-profit corporation, but there are some differences to be aware of. Here are some general guidelines for incorporating a non-profit. Pre-Incorporation Matters Prior to incorporation, you should have a…

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The_Independent_Contractor_Checklist

Whether a worker is an Independent Contractor or must be put on payroll as an employee is a question of facts and circumstances. The primary issue is whether the employer has the right to “direct and control the exact duties and manner in which a worker carries out those duties.” There is no specific law…

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Is_This_Really_A_Business

Small home-based businesses have been touted as the last great opportunity for tax shelter. Maybe they are, but there are rules requiring that your business actually be a business and not merely a hobby for which you bring in a little cash to help cover costs. Hobby Loss Rules A Hobby Loss is a loss…

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Understanding_a_Financial_Statement

Your accounting will ultimately produce financial statements for your business. They are there to help you run the business, and effectively represent each decision you’ve made in the past to help you make decisions for the future. The financial statements accomplish this by translating everything into dollars and cents. But there are other benefits to…

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Could your business be eligible for a Research & Development tax credit, even a retroactive credit? As businesses look for ways to maximize every dollar in our current crisis, some companies have found that business activities qualified as research and development, potentially yielding substantial savings. Read our full article at https://bit.ly/2P4CUbG to learn more about…

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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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