Delaware has long been considered a top destination for businesses looking to incorporate, particularly for C-Corporations. The state’s business-friendly laws and regulations, combined with its favorable legal climate, make it an attractive option for a wide range of companies, from small startups to large multinationals.
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7 Steps to Change Your Business Name with the IRS: A Guide for Compliance and Smooth Operations
Changing the name of your business can be a daunting task, especially when it comes to updating your information with the IRS. However, with a little bit of planning and attention to detail, the process can be a smooth one. In this blog post, we will go over the steps you need to take to change your business name with the IRS and ensure that your business remains in compliance with all tax laws.
Continue reading...Updating Your Business Address: A Comprehensive Guide for IRS and State Compliance
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.
Continue reading...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 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 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.
Continue reading...LLC vs. Sole Proprietorship
It’s finally that time to decide on how you want to setup your business. Maybe this is your first rodeo, or maybe you’re a seasoned “sole prop” veteran who’s wondering what the real benefits would be to starting (or transitioning to) a Limited Liability Company.
First off, let’s break down that name: What does it mean to be “Limited Liability” ?
LLC’s have one real, solid benefit: Their debt is NOT your debt
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