Updating your business address is an important step in maintaining compliance with tax laws and regulations. If your business has recently moved or is planning to move, it’s important to update your address with the IRS as well as other relevant institutions as soon as possible to avoid any confusion or penalties.
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When Are Tax Extensions Due?
First thing’s first. An extension to file is NOT an extension to pay (unfortunately). This myth is one that I find surfacing for a number of clients who come to me after filing extensions on their own.
Continue reading...How to File Hawaii GE Tax
There are a few steps to make sure you’ve completed before you can file your periodic GE reports. First, you need a GE Tax License Number. You can apply for this (alongside your articles of organization with Hawaii) via the state website. This article gives steps on applying for and filing Hawaii GE Tax.
Continue reading...Comparing Invoicing Services: QuickBooks Online, Xero, Freshbooks, and Wave Accounting
We’re seven years beyond the date we were ‘promised’ flying cars, hoverboards, and strange extra-long-sleeve shirts from Marty McFly’s trip in Back to the Future. While the whole flying-car idea might be reserved only for Sci-Fi films, we at least have stumbled into a world where invoicing for small-businesses is quick, easy, and user-friendly.
Continue reading...Understanding Your Credit Score: A Comprehensive Guide for Credit Karma
Some years ago, Marvel and Star Wars weren’t owned by Disney, Intagram and WhatsApp weren’t owned by Facebook (now Meta), and Credit Karma wasn’t owned by Intuit.
Alas, times have changed. Luckily, Credit Karma as a product hasn’t changed much since its acquisition. It still offers reporting through two of the three agencies. It still floods you with offers for personal loans, new credit, and more. (They’ve gotta run a business somehow, right?)
Continue reading...How Do I Avoid an Audit?
Ah, the age-old question. Perhaps nearly as old as time itself, or at least, as old as the IRS. By the way, Abe Lincoln formed the IRS in the middle of the Civil War – 1862 to be exact.
What better way to knock your opponents into submission than instill a new method to track their profits and tax them accordingly? Okay, I’ll spare you the diatribe against “the man,” and hone in on why you’re here – to avoid an IRS audit!
Avoiding an audit isn’t an exact science – it involves managing risks
Continue reading...Quickbooks Review – Worth It?
Ah, Quickbooks – the crème de la crème, the final frontier, the seemingly only product out there for small-business owners, right?
Well, that’s at least what Intuit would like you to believe.
The truth is, there are a number of comparable products out there, with their own quirks, enhancements, and pitfalls when it comes to small-business bookkeeping.
Continue reading...Do I Pay Taxes on Crypto?
All is fine and dandy in the world of tax-prep so long as you are losing money on a business venture or investment. But the moment you start to earn those highly-sought profits, everything quickly changes (the epitome of first-world-problems).
That $5,000 worth of Dogecoin you bought back in 2013 would be worth $3,461,538 in today’s dollars, a hefty sum – but… is it taxable?
Continue reading...How to File Articles of Organization in Colorado
Colorado charges $50 to file and $10 for the annual report
This provides one of the lowest price-points for single-owner LLCs. To see the filing and annual fees for other states, see this page.
Continue reading...How to Register for an EIN
If you’re thinking about starting a new business (or legitimizing a current one), it’s important to start off on the right foot. That entails setting up an relationship between your business entity and the IRS. To do this, you’ll need an EIN, which is effectively the business equivalent of a social security number.
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