Taxes

How to Start a Small Business in Texas in 10 Steps

If you've been exploring how to start a small business in Texas, this article is for you. Learn 10 steps to launch a business in the Lone Star state.

Webinars About How to Choose the Right Business Entity

Wondering how to choose the right business entity? Consider watching these webinars to learn about the pros and cons of various business structures.

What Entrepreneurs Should Know About Calculating Sales Tax for Business

Confused about how to calculate sales tax for business? Learn about recent sales tax legislation, tools for calculating sales tax, and more.

2019-03-19T13:06:56-07:00 March 20th, 2019|Categories: Ongoing Management and Protection, Startup and Launch|Tags: , |

What is Payroll Processing and What Do You Need to Know About It?

Payroll processing has a lot of moving parts. Read this post to find out what it involves and how CorpNet can help your business satisfy the requirements.

2019-03-07T10:05:07-07:00 February 27th, 2019|Categories: Startup and Launch|Tags: , , |

S Corp Election Deadline Is Approaching March 15, 2019 So Don’t Delay

The S Corp election deadline is just around the corner. Here's what you need to know if you want to reap the tax benefits of an S Corp in 2019.

2019-02-19T11:09:35-07:00 February 13th, 2019|Categories: Ongoing Management and Protection, Startup and Launch|Tags: , , |

How to Hire Your First Employee

Hiring your first employee is exciting. It means your business is growing and you need someone with special skills to help take it further.

Have Employees? Then You Need to Understand Employment Taxes

Hiring employees can make a world of difference when it comes to eliminating your stress and streamlining operations and understanding employment taxes

2019-02-07T12:23:13-07:00 February 8th, 2019|Categories: Growth and Expansion, Seed and Development, Startup and Launch|Tags: , |

Do Uber Drivers Need an LLC?

Uber drivers, even those doing rideshare driving as a side-gig, are considered to be earning income through self-employment. Just like other self-employed independent contractors, they face some critical startup decisions—including what business entity type to choose for their business. Should Uber Drivers Form an LLC? After signing the Uber contract to designate themselves as a self-employed private contractor, Uber drivers face the decision of what type of business structure they should operate under. They shouldn’t take this lightly, because the business structure chosen will affect their tax obligations and degree of personal liability. When Uber drivers don’t establish [...]

2018-08-07T05:54:44-07:00 August 7th, 2018|Categories: Startup and Launch|Tags: , |

What Is the LLC Tax Rate?

Before forming an LLC, many entrepreneurs ask about the standard LLC tax rate to see if this form of entity is a solid option for their new business. This is an excellent question and one that can be best answered by exploring what an LLC is and how it is taxed. The LLC (limited liability company) business entity type is one of the most popular selected by small business owners. It shields the owner’s personal assets from the liabilities of the business and may result in some tax savings to boot. The LLC is an entity formed according [...]

2018-08-02T13:34:10-07:00 August 2nd, 2018|Categories: Ongoing Management and Protection|Tags: , , , , , |

Do I Need a Business License to Sell on Amazon?

Entrepreneurs who want to sell their products through Amazon’s marketplace face many of the same opportunities and challenges as brick-and-mortar stores. Naturally, they have a lot of questions about launching and running an online business. It’s exciting to think of the possibilities but often daunting to figure out where to start, what to do, and where to turn for help and direction. One of the things these business owners want to know is, “Do I need a business license to sell on Amazon?” Regardless of whether an Amazon seller has formed an LLC or corporation or is operating [...]

2018-07-24T11:43:07-07:00 July 26th, 2018|Categories: Ongoing Management and Protection|Tags: , , |

Choosing the Best State to Start a Business

Choosing the best state to start a business is an important detail in your overall business plan. When it comes to launching a small business, “Location, location, location” is part of the formula for success. If you’re wondering if a specific location would give your startup an extra advantage over the competition, you should check out WalletHub’s latest report on 2018’s Best & Worst States to Start a Business. With a bad location ranked as one of the top reasons for business failure, choosing where to launch your business can be almost as important as choosing what business [...]

2018-07-10T11:54:54-07:00 July 24th, 2018|Categories: Startup and Launch|Tags: |

How to Apply for an EIN Number

One of the essential steps new business owners must take when launching their companies is to apply for an EIN Number. An Employee Identification Number (also known as a "Federal Tax ID Number" or "Tax ID Number") is a nine-digit number assigned to a business for filing taxes, submitting reports to the state, applying for business licenses and permits, and completing other documentation. Similar to how a social security number serves as identification for an individual, an EIN serves to identify a business. The IRS issues EINs at no charge. EIN Number Eligibility Requirements The IRS accepts EIN [...]

2019-04-18T14:19:54-07:00 May 24th, 2018|Categories: Startup and Launch|Tags: , , |

How Will 2018 Tax Reform Affect Your Small Business?

It seems like you just got your business taxes handled for 2017, and now you have to start worrying about 2018 taxes. That’s because the tax reforms signed into law last December under the Tax Cuts and Jobs Act will most definitely affect your business taxes—and possibly your company’s legal structure as well. Sole proprietorships are the most common form of business organization in the United States because they are easy to form and offer the owner complete control of the business. Profits are passed through to the owner, and business income and expenses are reported on the individual’s [...]

2018-03-07T05:11:31-07:00 March 8th, 2018|Categories: Ongoing Management and Protection|Tags: , |

3 Things to Consider When Choosing a Tax Preparer

Since Donald Trump took office just over a year ago, there have been few major legislation that have passed. One that did squeak through was the GOP tax reform, and with mixed reporting on who the tax cuts will benefit, when, and how long for, individuals and businesses may feel swamped by the conflicting information they have been reading and hearing about in the last few months. With dire consequences for incorrect filings, the biggest shake-up to taxes in thirty years has left many feeling anxious about what these changes mean for them. The Tax Cuts and Jobs [...]

2018-02-15T03:30:09-07:00 March 1st, 2018|Categories: Ongoing Management and Protection|Tags: , |

Small Business Tax Advice and Survival Guide

Tax season comes to all businesses big and small, and can be a headache no matter how well you think you’ve prepared. For a small business owner wearing many (or all) hats in the business, it’s an unwelcome extra task sure to cause late hours and frayed nerves. To handle the additional workload during tax season, CorpNet offers some small business tax advice and presents our Tax Season Survival Kit for business owners. Step 1. Gather All Necessary Documentation The first step in preparing for taxes is gathering any necessary documentation. Ask your tax accountant for the list [...]

2018-02-26T07:58:08-07:00 February 26th, 2018|Categories: Ongoing Management and Protection|Tags: , |

Benefits of an S-Corporation

Incorporating is one of our favorite services, not only for the tax savings it provides those who are self-employed, but also for the asset protection it offers those with passive real estate investments or one-off productions in the entertainment industry. Before we dive into the benefits of an S-Corporation, let’s first understand each type of business entity: S-Corporation: Entity used to assist self-employed individuals transition from small to medium sized business structure. Only entity that allows the self-employed to reduce social security and Medicare tax (SE tax). An S-Corporation can also be an LLC electing to be taxed [...]

2018-01-09T06:13:59-07:00 January 18th, 2018|Categories: Startup and Launch|Tags: , , , , , , |

Top 9 Changes From the 2018 Tax Code Updates

As the 2017 year comes to an end, we enter into a new year with a new tax code for both individuals and corporations. In fact, the recently signed the tax reform bill represents the most significant tax changes for the United States in more than 30 years. Many clients have reached out to us with questions and concerns as to how this new code would impact them at both the personal and business level. To make these changes easier to understand, we’d like to highlight the main points and changes we can expect in 2018. The most [...]

2018-01-08T07:57:31-07:00 January 8th, 2018|Categories: Ongoing Management and Protection|Tags: |

Year-End Closing Checklist: Get Your Business Ready for 2018

With time of the essence, I won’t delay getting right to the point of this blog post: Now is the time to get your company’s ducks in a row so your business will have a happy New Year. And by happy, I mean being prepared so you won’t suffer from the headaches and frustrations of falling behind on mission-critical responsibilities. So, without further ado, here’s a helpful year-end closing checklist to guide you in closing your 2017 on a joyous note. Your Year-End Closing Checklist to Make the New Year Merry and Bright 1. File to Change Your [...]

2017-12-18T13:13:50-07:00 December 19th, 2017|Categories: Other|Tags: |

Small Business Tax Tips to Grab at Year End

Before you let the hustle and bustle of the holiday season take over your business (and your life), now’s a good time to review your financial situation and explore some money-saving small business tax tips. Below is a list of my top ten tax tips entrepreneurs can still benefit from at year-end. My Top Ten Small Business Tax Tips 1. Deduct Startup Expenses Did you start your business this year? You may be able to claim some of your startup expenses on your tax return in the year you actually opened the business. To qualify as a startup expense [...]

2017-12-20T04:00:52-07:00 December 18th, 2017|Categories: Ongoing Management and Protection|Tags: , |