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The Role Outsourced Accounting Plays in Growing Your Startup

Posted by Melissa Hollis to Taxes, Accounting, Business Advice

Here’s a phrase you never thought you’d hear from a CEO who just raised seed funding: “Nobody told me how difficult success can be for a startup.”

 

This may not sound like much of a problem. But the more I thought about it, I realized that many early-stage businesses start out with blazing potential and burn out before they reach it.

Examples of Qualified Research Expenses That Prove the R&D Tax Credit Isn’t Just for Big Businesses

Posted by Melissa Hollis to Taxes, Business Advice, Startup Tips

 

One of the most momentous parts of business is nailing down what makes your product or service different. For some companies, like law firms, this can be the talent, experience, and expertise of your team, or even just your location. However, outside of professional services, many companies define their competitive advantage by identifying new problems to solve or coming up with new ways to solve them. So, it’s those innovative entrepreneurs whom I’d like to introduce to the R&D Tax Credit.

 

What is the R&D Tax Credit?

Since 1981, the United States federal government has offered the research and development (R&D) tax credit as an incentive for companies who research and develop new products. What started as a temporary, trial-based credit has recently become a permanent part of the federal tax code due to its success in stimulating job creation and helping to solidify the U.S. as an economic leader on a global scale.


But, its effects could be even greater.

When are 2018 Tax Returns Due? Every Date You Need to File Business Taxes in 2019

Posted by Melissa Hollis to Taxes

Filing and paying your taxes on time is a lot easier when you a) know when they’re due (obviously) and b) have a year-round accounting system. When you outsource your business’s accounting and taxes with inDinero, we have you covered on both fronts, but, in this article, we’ll focus on the former to help all business owners build a 2018 business tax calendar so they can keep up with their filing responsibilities and avoid late penalties.

(Still working on your 2018 business taxes? You can find those dates in the 2017-2018 version of this calendar.)

 

What the Tax Act Means for Your 2018 Meals and Entertainment Deductions

Posted by Melissa Hollis to Taxes

Many are still torn on how the Tax Cuts and Jobs Act will help or hurt U.S. small businesses, but there is one change that would have a sweeping effect on most startups: The more rigid restrictions on what businesses can deduct for meals and entertainment expenses (M&E).


These stricter limits affect spending on any dining, grocery, celebrations, etc. that took place starting January 1, 2018. For companies that rely on these benefits to attain and retain employees and customers, this may be a big blow.


Jump to a table-style cheat sheet that breaks down how the new tax code impacts the most commonly deducted M&E expenses.

It’s Now 250% More Expensive to File Taxes Late If You Have Foreign Shareholders

Posted by Melissa Hollis to Taxes

Short Story: The penalty for failing to file your Form 5472(s) is increasing from $10,000 to $25,000. (This applies to each filing per month—which can add up fast!)

 

Q: Which businesses are affected by the penalty increase?

Don’t Let Foreign Business Tax Obligations Get Lost in Translation

Posted by Melissa Hollis to Taxes

Tax season can be stressful for any individual or business owner. Unless you’re an expert, the guidelines feel complicated and vague, and the repercussions can get expensive and detrimental. This alone can leave the most confident entrepreneurs paralyzed by uncertainty, but gets even more complex if your business is involved in any relationships or activities overseas.

“Overseas" can apply to any foreign country, even if it's not over a sea or ocean. Failing to take proper tax filing precautions for all your foreign financial activities could land you or your affiliates in hot water. How hot? Upwards of $10,000-per-error hot.

Here’s what you can do: Be proactive in identifying your tax filing responsibilities and timelines to avoid an uncomfortable conversation with the IRS (Internal Revenue Service) and other scary branches of the U.S. government such as the SEC.

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

Posted by Jenna Meyer 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.

19 of the Best Tax Filing Resources for Startups & Small Businesses

Posted by Melissa Hollis to inDinero Academy, Taxes

Like most of today’s business owners, you probably don’t spend a lot of time sifting through the IRS’s website for tax-saving tips. But chances are, unless you're already a CPA, you still have a lot to learn about saving your business money on taxes.

What Delaware-Registered Startups Need to Know About Doing Business in California

Posted by Melissa Hollis to Taxes, Business Advice

As of 2016, more than a million U.S. companies have incorporated in Delaware, including many startups and small businesses that hail from California’s Silicon Valley.

 

Why do so many startups incorporate in Delaware?

In a previous article, we discussed how incorporating in Delaware benefits businesses: Essentially, non-resident businesses don’t pay income, property, or sales taxes in Delaware.


However, if you’re planning on doing any business in California, there are still some hoops you need to jump through to avoid fees and penalties.


Here’s what you need to know if your Delaware C Corporation is based in California—aka the biggest state economy in the United States and the eighth biggest economy in the whole world!

Get Charitable this #GivingTuesday—and Get Tax Deductions!

Posted by Melissa Hollis to Taxes

No doubt about it, the holiday season is officially underway, with #BlackFriday, #SmallBusinessSaturday, and #CyberMonday raking in billions of dollars for businesses. Now that you’re all stocked up on discount TVs, it might be time to think about giving back.

Not to fear, we have a hashtag for that too: Yep, it’s #GivingTuesday.

Success starts when you take charge of your finances.

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