Yesterday, guest poster Katrina M. Harrell explained the basics of Owner’s Draw. Today, find out how to deal with Owner’s Draw with your bank and in your Outright account.
Why Owner’s Draw is Confusing when Dealing with the Bank
Your bank considers money in and money out on behalf of or to the benefit of the [...]
morePosted by: Katrina Harrell, August 12, 2010
Comments: 0
A common question for many sole proprietors is what is Owner’s draw, how do I pay myself and how does Owner’s Draw affect that? This article will walk you through and explain from a business owner’s perspective what owner draw is and how it should be used in your business
Owner’s Draw: What Is It?
Owner’s [...]
morePosted by: Katrina Harrell, August 11, 2010
Comments: 5
Want to know a great way to save money on your taxes, (and save your tax preparer's sanity)?
Organize your paperwork before you hand it over! It sounds insanely simple, but it will save you money, and get your taxes done faster.
After all, you pay a professional to do your income tax return because they have [...]
Posted by: Mariette Knoblauch, April 6, 2010
Comments: 2
Business owners get stressed over where to properly categorize expenses, when most of the time it does not matter.
morePosted by: Wray Rives, February 11, 2010
1099’s were due to contractors on February 1st and are due to the IRS by March 1st when paper filing and March 31st when e-filing. We’ve mined our team of experts at the Outright Community to find the most common 1099-related mistakes and how you can prevent them. (Or, oops, rectify them!)
It’s February 3rd. What [...]
Posted by: Jennifer Escalona, February 3, 2010
One of the first things you do as a business owner after filing your incorporation papers or your assumed name certificate is open your bank account, otherwise you might have a hard time getting paid, and yes, you need a separate business checking account. However, the world of business banking is completely different from consumer banking and [...]
morePosted by: Reagan Lynch, January 21, 2010
Comments: 1
You might be surprised the lengths that the IRS has gone to in order to define what a dependent is. Most of the varied rules have been adopted, because some taxpayer somewhere tried to claim a dependent that the service decided was not appropriate. While they don’t list the specific facts that gave rise to [...]
morePosted by: Wray Rives, January 20, 2010
With technology making it easier than ever for people to operate a business out of their house, many taxpayers, entrepreneurs and small business people may be able to take a home office deduction when filing their 2009 federal tax return next year.
Here are five important things the IRS wants you to know about claiming the [...]
Posted by: John Berger, January 3, 2010
Self-employment tax (SE tax) is a social security and Medicare tax primarily for individuals who work for themselves. It is similar to the social security and Medicare taxes withheld from the pay of most wage earners.
You figure SE tax using Schedule SE (Form 1040). Social security and Medicare taxes of most wage earners are figured [...]
Posted by: Wray Rives, January 2, 2010
As the end of the year fast approaches, self-employed- and small- business owners are gearing up for tax season. Heading into it we all feel a little overwhelmed, confused, and nervous about dealing with the IRS (okay, a LOT). Below is a checklist that business owners, from freelancers to contractors, home-based businesses to sole-proprietors, should [...]
morePosted by: Wray Rives, December 22, 2009
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