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The relationship a business has with its employees is quite different compared to its relationship with independent contractors.

An entrepreneur needs to examine many relevant factors to determine when and how much they should pay themselves to optimize their company and themselves for success.

Unless you plan to wholly bootstrap your business endeavor from start to finish and never need any outside capital like a line of credit from the bank, you are going to need a set of accurate books.

There are perfectly legitimate strategies in place to take some of the burden away from the self-employment tax, but avoiding this tax shouldn’t be the only reason you consider some of these changes.

There are options for businesses of virtually all sizes and stages, but there is a unique cost which comes with each type and variety.

The more confusing the tax laws are, the more difficult they are to comply with. This makes the task of an IRS examiner much easier as the likelihood of errors being present is much higher.

One powerful tax planning tool for many small businesses that is often overlooked is the use of an accountable plan for expense reimbursement.

Whether you decide to outsource your financial reporting to an accountant or CPA, it is still crucial for you to understand both of these methods.

The simplest method for calculating your vehicle-related deductions is to use the standard mileage deduction. This method is pretty simple to use and, from my experience, is the right choice for 80-90% of the people I have visited with.