Tax Archives | Young + Co | Virtual Accountants

What Tax Deductions are For, and What They Aren’t

by admin | Aug 10, 2020 | Small Business 101, Tax

“It’s ok, it’s a tax write-off!” Sometimes business owners don’t fully understand what it means when something is tax deductible, and think that by writing something off on their tax return that somehow justifies the purchase. So, in this...

How to Pay Yourself (and a Few Things to Remember About Taxes), LLC + Sole Proprietor Edition

by admin | Jul 31, 2020 | Bookkeeping, Business Accounting, Small Business 101, Tax

One of the most frequently asked questions I get from business owners is “how do I pay myself?” What should be a pretty simple concept throws people for a loop because they aren’t sure what’s allowed, what’s taxable, what types of taxes...

Everything You Need to Know About 1099s

by admin | Jul 17, 2020 | Small Business 101, Tax

What is a 1099? A 1099 (technically, 1099-MISC) is an information tax form required by the IRS that reports the amount of money you paid to contractors and includes basic information like the contractor’s name (or legal business name), address, taxpayer ID number (EIN...