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.
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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...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...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...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.
Continue reading...How to File Articles of Organization in Wyoming
Filing an LLC in Wyoming will take around 15 minutes and cost $100
Besides having a business-friendly environment, Wyoming is a favorite among small-business owners for incorporation because they do not require an annual state income tax filing.
This may be a particularly good option for multi-owner LLCs who will need to file 1065 forms, considering TaxACT charges $35 for the state return each year. If your home state charges significantly for the initial filing and the annual reports, Wyoming might be the next-best option. You can see the cost of each state’s initial fees and annual fees here.
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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