Subscribe for the best articles

Converting Your Business from LLC to C Corp? Here’s How You Can Avoid Costly Tax Consequences

Posted by Melissa Hollis to Taxes, Business Advice

Many entrepreneurs get their business off the ground as a limited liability company (LLC).

This can make a lot of sense if you are the single owner of a company or if you only have a few partners. Operating as an LLC gives business owners flexibility.

From a tax perspective, an LLC couldn’t be better: The business’ income is treated as the income of the owners. That’s right—you don’t pay separate business taxes if your company is an LLC. Instead, the company passes taxable profits and deductible losses through to the owners, who are all considered partners by the friendly folks at the IRS.

Pretty straightforward, right?

But there may come a time when you need to convert your LLC to a C Corporation. There are a few indicators that you should think about converting to a C Corp.

5 Accounting Problems That Can Sink Your Funding Round

Posted by Molly Otter to Investment, Taxes, Accounting, Business Advice, Funding, Startup Tips

You’re a startup CEO. You’re running your business fast and lean. Getting your company’s financials cleaned up and organized is on your to-do list, but so are a thousand other things. You’ll get around to it—just as soon as you secure the loan that will help you scale up.


I hate to break it to you, but as long as your financials are a mess, that funding is going to stay forever out of your reach. At Lighter Capital, we field a lot of loan applications, and the number one reason we reject potential borrowers is that the entrepreneur is unable to produce financials. And we’re not the only ones who feel this way.

SMBs Say Hello to Receipt Matching (and Goodbye to Cluttered Shoeboxes)

Posted by Melissa Hollis to Taxes, Accounting, Business Advice, inDinero Product Updates, Budgeting, Startup Tips

Over the course of your life, you’ve probably known someone who holds on to all their receipts, no matter how old or trivial those receipts may seem. Maybe it was your grandfather and his shoebox. Maybe it’s your mother and her filing cabinet. Maybe it’s you and that overflowing desk drawer.


While the practice of saving receipts can verge on obsession, startups have good reasons to retain and organize those little scraps of paper with care. Receipts help your business keep track of expenses, so you can provide proof of purchase for any future exchanges or claims under warranty, understand what your organization is spending too much money on, reimburse employees when necessary, and, of course, deduct everything you possibly can on your taxes.

What eCommerce Sellers Should Know about Sales Tax on Shipping Charges

Posted by Jennifer Dunn to Taxes, Startup Tips

If you run an eCommerce business, you’re quite familiar with shipping products. But did you know that states have different ideas of what UPS or post office shipping fees are considered taxable?

Take the Chaos Out of Small Business Taxes, Stay Organized With inDinero’s Tax Questionnaire

Posted by Mike Harder to Taxes, inDinero Product Updates

When you’re busy running your business all year, you’re probably not spending much time considering which specific state and federal forms you’ll need to file. But in the game of business taxes, you need to be organized and timely..


inDinero’s tax solution is designed to streamline the annual tax preparation process. Our cloud-based Tax Questionnaire gives small business owners something they’ve never had before: A self-guided place to gather all the information our tax team needs to build their business tax returns.

The Ultimate Entrepreneur’s Checklist for Small Business Tax Compliance

Posted by Leah Rutz to Taxes

Should You File a Business Tax Extension This Year?

Posted by Melissa Hollis to Taxes

A new year brings exciting changes and resolutions in your personal and professional life, which can make for an overwhelming first quarter. With the six-month tax extension, you can take on new initiatives without letting existing responsibilities slip out of your control.

How to Get the Most Out of Your Business Tax Extension

Posted by Melissa Hollis to Taxes

When you’re a writer, sometimes you have writer’s block. In fact, if you’ve ever written an essay back when you were in school, you might be familiar with the concept. And while some editors will graciously give you an extension, most are sticklers for timely, well-written content. However, when it comes to filing taxes, even the most notoriously fanatical disciplinarians, the Internal Revenue Service, realizes that excellence takes time.

Give Your Business An Annual Sales Tax Check Up

Posted by Mark Faggiano to Taxes

As a business owner, you’re swamped with pressing issues. But taking a few minutes to make sure your tax compliance house is in order will save you a lot of time and money.

 

Keep in mind that sales tax compliance varies from state to state. It’s always in flux, so it’s important to periodically make sure you’re following the current rules and regulations for all the states where you have sales tax nexus. Think of this guide as your annual sales tax check up!

A beginner’s guide to small business tax deductions

Posted by Melissa Hollis to inDinero Academy, Taxes, Business, Guides

Whether on an individual level or as a business owner, every living, breathing citizen or resident of the United States of America have some familiarity with federal and state taxes. The mission of the Internal Revenue Service is to "provide America's taxpayers top quality service by helping them understand and meet their tax responsibilities and by applying the tax law with integrity and fairness to all.". This is why we must file taxes annually on our income each year.

Success starts when you take charge of your finances.

Talk to an Expert

Subscribe:
inDinero Weekly Digest