Income Tax Q & A: IRS Form 1120 for Corporations

Income Tax Q & A: IRS Form 1120 for Corporations

What is Form 1120? This is the tax return form for U.S. corporations. It reports the company’s income, gains, losses, deductions and credits to the IRS. Certain organizations may be required to use a special return. They include:  Form 1120-S for S Corporations...
Before You Choose Accounting Software: 3 Essential Steps

Before You Choose Accounting Software: 3 Essential Steps

All too often, new start-up businesses go with the accounting software that seems to be cheapest, or most popular, or was recommended by their father-in-law (even though his business is totally different). A couple years down the road, it becomes clear that their...
2019 Tax Deadlines for Small Businesses

2019 Tax Deadlines for Small Businesses

Keep this chart handy or copy it into your calendar so you won’t miss a due date throughout the year.    W-2 Filing   (Wage and Tax Statement for Full- and Part-Time Employees) January 31    Form 1099-MISC Filing   (Statement of Payments Made to...
How To File Tax Forms as a First-Time Business Owner

How To File Tax Forms as a First-Time Business Owner

If you’re new to the world of entrepreneurship, taxes are one of the things you need to learn about, fast. Not to worry, help is at hand. Here’s our handy guide to the forms you’ll need, both for yourself and your employees.   Income Reporting...
How to Pay Yourself When You’re the SMB Owner

How to Pay Yourself When You’re the SMB Owner

It’s all too easy to dip into the company’s bank account as and when you need to. But there are many good reasons to put yourself on a fixed salary, including simplifying your tax return, protecting yourself from the company’s debt liability, and...