As a business owner, it’s important to understand the various tax laws and regulations that apply to your business. One of the key concepts in income tax law is the force of attraction (FoA), which can have a significant impact on how your business is taxed. You needn’t follow all tax news or sit at … Continued
Are you ready to do business in the United States or currently in the process? You can reach out to more customers and get more market share, but you also have to pay taxes. Understanding how engaged in trade or business (ETB) works and what counts as taxable revenue can help you grow in a … Continued
Foreigners making money by doing business in the U.S. need to report effectively connected income (ECI) on their tax returns. Reporting this income keeps your taxes in compliance, but knowing how it works can also help you lower your tax bill. Understanding effectively connected income can reduce your stress during tax season and help you … Continued
As the world becomes increasingly interconnected, it’s easier than ever to work remotely or even overseas internationally. Whether you’re a freelancer with clients from around the globe or an employee who’s been assigned to work abroad, it’s important to know how to navigate the tax requirements that come with earning income outside your home country. … Continued
Picture this: you’re scrolling through Alibaba, searching for the perfect product to boost your business sales. You find it, add it to your cart and head to checkout…only to be hit with an unexpected tax bill. But fear not, my fellow savvy shoppers! There’s a way to score an Alibaba tax exemption and save yourself … Continued
Forming a Limited Liability Company (LLC) is an important decision for any business owner. But do you need an Employer Identification Number (EIN) for your LLC? If you want to open a business account, hire employees or apply for business licenses and permits, you may need an EIN. Acquiring one also legitimizes your business and … Continued
Most people see taxes as an unforgiving abyss of worksheets, forms and jumbles of letters and numbers. But as a business owner, it’s more fun to look at it like a scavenger hunt, especially with all the potential write-offs. Taxes can feel scary, but as an independent contractor, tax deductions can help you be in … Continued
Small-business owners need to separate their business finances from their personal funds. While opening a personal bank account is simple, a bit more effort is required when opening a business bank account. Additional documentation and regulatory requirements must be met before a business checking account can be opened. If you’re asking yourself, “what do I need … Continued
Driving for Uber has become a popular side hustle or even a full-time job for many people. However, there is often confusion about whether or not it’s necessary to set up a limited liability company (LLC) while driving for the ride-sharing platform. In this article, you’ll learn whether you need an Uber LLC and how … Continued
We’ll cut straight to the chase: yes, an accountant is totally worth it for your LLC! They’re not just amazing resources for managing your finances, but they help you track your growth and plan your business’s trajectory. Some people suggest waiting for an accountant until your business has made a certain amount of money, but … Continued
