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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 Taxes, inDinero Academy

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.

Incorporated in Delaware? Here’s How That Impacts Your Business Taxes

Posted by Melissa Hollis to Taxes, Business Advice

Delaware isn’t a state that typically surprises you, but there’s one particular fact about the First State that might:

More businesses are incorporated in Delaware than there are people living there!

It’s not just small businesses either. In fact, over 60% of Fortune 500 companies are incorporated there. This may seem bizarre, but it’s definitely no accident: Delaware has been consciously choosing to be the ideal home for businesses as far back as 1899.

 

Whether your business already a Delaware C Corporation or hasn’t incorporated there yet, this article will explain how this impacts your taxes.

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.

13 Business Expenses You Definitely Cannot Deduct

Posted by Melissa Hollis to Accounting, Taxes, Startup Tips

There are many ways for businesses to lower their tax liability with deductions and credits that set off taxes directly with qualifying expenses—you’ll find 92 potential tax deductions in this article. Typically, tax law requires deductible business expenses to be ordinary (common and accepted in your trade or business) and necessary (helpful and appropriate for your trade or business). But even some expenses, no matter how relevant they are to the nature of your business, are not deductible.


Although there may be some limited exceptions, this list covers thirteen common expenses that the IRS does not considers deductible on either a business or individual income tax return.

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.

Success starts when you take charge of your finances.

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