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Understanding Foreign Qualification

Because corporations in the US are considered domestic only in their state of incorporation, a company doing business in a state other than its state of incorporation must apply for a foreign qualification. This will allow them to be legally registered in a state where they would have otherwise been considered foreign. What does it…

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Delaware Incorporation: What to Know

If you’re like many just starting a business, you may be considering a Delaware incorporation. While even Nevada is a preferred state in which to incorporate, most tech start-ups favor Delaware for their favorable tax shelters and flexible corporate laws. Here are four critical tax realities you need to know about if you have a…

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Find Out if You Need to File a State Tax Return

Depending on where your company is doing business there may be a separate and independent requirement to file a state tax return. Failure to file on time may result in interest and penalties. Compounding on the already complex nature of taxes is that tax laws, filing due dates, rates, procedures, forms and regulations vary from…

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Reduce Tax Liability with Deductions

One of the most common headaches small business owners face involves their taxes; mercifully, US businesses can apply deductions to reduce their tax liability. According to the IRS, in order for an expense to qualify as a business deduction, it must be incurred in the ordinary course of the business and must be necessary. Identify…

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How TCJA Impacts Your Business: Part 2

As part of a two-part series, we’re providing you with a few more tax law changes that reveal how the Tax Cuts and Jobs Act (TCJA) impacts your company.  In our September blog, we discussed a few of those impacts: C-Corps, NOL, Corporate Alternative Tax, DPAD and Bonus Depreciation. Read below to learn four new…

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Benefits of Outsourcing a Bookkeeper

When you’re managing the start of your own business, often the last detail you think about is your need to hire bookkeeper.  Things like maintaining daily records of bank reconciliation and recording receivables can be tedious and overlooked. This tedious work is accomplished within minutes with accounting software. However, outsourcing your bookkeeping needs can prove to…

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Why NOL Is Important for Your Business

When you are just starting your business, it is normal to operate in the red at a Net Operating Loss (NOL) during the first few years. The good news is you can carry over that loss and offset it against the corporation’s future income. This carry over describes Net Operating Loss Carry Over (NOLCO). Computing NOLCO How…

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Filing Quarterly: The New Requirement

The Tax Cuts and Jobs Act passed in 2017 led to many changes for businesses, including a new requirement of filing quarterly. Businesses will still file their annual income tax return. It simply means that most of these businesses must report estimated taxes and employment taxes quarterly. Reporting Estimated Taxes Corporations expecting a tax liability…

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Post Incorporation Requirements

It’s common for new business owners to think once they’ve taken the steps of incorporation they’re ready to fully operate. However, these are just the first few steps for a start-up. For tax and liability reasons, it is important to complete the setup of your company before conducting business. Below are the next five steps…

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How TCJA Impacts Your Business: Part 1

The 2017 Tax Cuts and Jobs Act (TCJA) made a significant impact on the US tax system; how will this law affect corporations? C Corporations One of the major changes for corporations is the reduction of the federal income tax rate from 35% to 21%. Lawmakers believe that this tax reform will encourage business owners…

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