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Missed Your Tax Deadline? Here's What You Can Do

Posted by Maddy Yeazel to Taxes

There are an infinite number of reasons why a business may not be able to file their taxes on time. Between demo days, investor meetings, and late-night team strategy sessions, the bookkeeping and tax prep for an early stage company can often fall by the wayside.


With the deadlines to file and pay your 2016 business taxes behind us, the question on your mind is likely: What now?

What Bay Area Tax Hikes in 2017 Mean for Startups

Posted by Robert Schulte to Taxes, Industry News, Startup Tips

When tax rates rise, small businesses feel the brunt of the impact, but they also pass along increased costs to consumers. In recent news, many residents of the Bay Area are having a hard time getting used to the April 2017, half-cent sales tax increase imposed on a number of cities and counties that make up the startup epicenter. Keep reading to learn why taxes increase and how this year's rate hikes impacted small businesses, which cities are feeling the effects, and what you can do to ease the burden at your business.

What to do if You Commingle Personal and Business Funds

Posted by Maddy Yeazel to Taxes, Accounting, Payroll, Business

One of the most common problems we see from startup founders that are first moving off from DIY accounting is a wide range of “personal transactions” being made with the business accounts. This is known as “commingling your books” and is a huge no-no as well as one of the most common ways businesses find themselves on the barrel end of an IRS or state audit.

Do All Businesses Need to File a Federal Tax Return?

Posted by Elise Fajen to Taxes

They say “in this world, nothing is certain but death and taxes.” Well, we’re not sure if we hate or love to break it to you, but it turns out the latter is not as certain as the former, at least when it comes to business taxes.


If you’re just getting started as a business, filing taxes may not be the first thing that comes to mind. Some businesses can get away with this (for the first year or so) and others cannot—and things can get expensive if you fail to meet your tax obligations from the start. Follow along to see if your new business comes with a side of immediate tax filing responsibilities.

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 has 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.

Did You Have R&D Expenses in 2016? There’s Still Time To Offset Your Startup’s Payroll Taxes

Posted by Ari Palmer to Taxes

While the Research and Experimentation (R&D) Tax Credit can apply to companies of all sizes, 2016 is the first year that certain companies can elect to apply the credit toward their payroll expenses. This is a big deal for startups, as the payroll offset was put in place to benefit companies that are not profitable and can’t use the credit to lower their income taxes.

Move Over April, Why July is a “Sales Tax Perfect Storm”

Posted by Jennifer Dunn to Taxes

 

Business owners are often surprised to hear that January and July are the two busiest sales tax months. Most Americans think “tax deadline,” and their minds immediately jump to the March and April income tax deadlines. These dates are so ubiquitous with “taxes” that many companies even offer Tax Day freebies like donuts, coffee, and ice cream to ease the nation’s collective pain.

 

But sales tax is a whole different animal. January (at the end of the calendar year) and July (states have a June fiscal year-end) are such busy sales tax months that we’ve dubbed them each a “Sales Tax Perfect Storm.”

What Businesses Should Know About Schedule K-1s Before They File Taxes

Posted by Melissa Hollis to Taxes, Business

I recently overheard a casual conversation between two of my friends from inDinero’s tax team in the breakroom. Their conversation was animated, and I kept hearing the term “K-1”—naturally, I assumed they were talking about a new Star Wars character. But boy was I wrong...

 

I learned that the Schedule K-1 is not a new imperial droid, but can be just as villainous in the eyes of many small business owners.

When are Business Taxes Due in 2018? Every Date You Need to File Your 2017 Tax Return

Posted by Melissa Hollis to Taxes

There are two reliable tactics to avoiding tax penalties: having a stable year-round accounting system and being on time. In this article, we’ll focus on the latter to help you build a simple but structured 2017-2018 calendar for both your business and personal tax returns that can help you keep up with your filing responsibilities and avoid paying more than you have to when you  file your 2017 tax return.

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.

Success starts when you take charge of your finances.

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