Fair market value (FMV) is the price that a willing buyer would pay to a willing seller for an asset, assuming that both parties are acting in their own self-interest and are fully informed about the asset. For a CFO of a company, FMV is relevant for determining the value of assets for accounting, tax… Continue reading What is Fair Market Value?
Navigating the complexities of tax forms is a common challenge for small business owners in the United States, especially when it comes to hiring contractors. The W9 and 1099 forms play crucial roles in this process, and understanding their distinctions is essential for both compliance and financial management. The W9 Form A. Purpose of the… Continue reading W9 vs 1099: A Simple Guide to Contractor Tax Forms
Starting a small business is an exciting venture, and one crucial decision you’ll need to make is whether to incorporate your business. In this guide, we’ll walk you through the process of incorporating your small business in Georgia, offering valuable insights and step-by-step instructions tailored specifically for small business owners in the United States. Choose… Continue reading A Step-by-Step Guide for Small Business Owners: Incorporating Your Business in Georgia
In the dynamic landscape of entrepreneurship, small business owners in the United States often find themselves navigating a complex web of legalities. At the heart of this legal framework is corporate law, a crucial element that dictates how businesses function, make decisions, and safeguard their interests. In this comprehensive guide, we’ll delve into the intricacies… Continue reading Demystifying Corporate Law for Small Business Owners
An employer of record (EOR) is a third-party organization that acts as the employer for a worker or group of workers. The EOR handles all of the administrative tasks associated with hiring and managing employees, including payroll, taxes, benefits, and compliance with labor laws. This arrangement can be beneficial for businesses that want to hire… Continue reading What is an Employer of Record (EOR)?
Hiring international contractors can be a great way to access a global pool of talent and bring diverse perspectives to your team. However, it also comes with a unique set of challenges and considerations. In this blog post, we’ll go over the steps you should take to successfully hire international contractors, including the option of… Continue reading Hiring Contractors Internationally
A 1099 form is a tax form used to report income that is not salary or wages. There are several different types of 1099 forms, including the 1099-MISC, which is used to report miscellaneous income such as freelance work or rental income. A W-9 form, on the other hand, is used to request a taxpayer… Continue reading 1099 vs W-9: What’s the Difference?
Embarking on the entrepreneurial journey is an exhilarating experience, and as a small business owner in the United States, you may find yourself at a crossroads—wondering whether or not to take the plunge into incorporation. In this blog, we’ll explore key factors to consider and guide you through the decision-making process. Business Growth and Stability… Continue reading Navigating the Maze: When Should Small Business Owners Incorporate in the US?
Running a small business comes with its own set of challenges, especially when it comes to managing finances and navigating the complex world of tax regulations. One often-overlooked gem that could significantly benefit small business owners is IRS Section 174. In this article, we’ll delve into the details of Section 174 and explore how it… Continue reading What are the Benefits of IRS Section 174 for small business owners
To file a corporate income tax return in the United States, you will need to follow these steps: Determine Your Tax Year The first step in filing a corporate income tax return is to determine the tax year for which you are filing the return. Most corporations use a calendar year as their tax year,… Continue reading How to File US Corporate Income Tax