If you’re seeking accurate information about Form 1099-NEC, you’ve come to the right place. This comprehensive guide explains everything about nonemployee compensation reporting, from filing requirements to deadlines. Whether you’re a business owner or independent contractor, we’ll help you understand your tax obligations and show you the most efficient way to handle 1099-NEC forms. Understanding […] Read more “Understanding Form 1099-NEC: The Complete Guide for Businesses and Independent Contractors in 2025”
Category: Accounting
A capitalization table, commonly known as a “cap table,” is one of the most crucial documents for any business. Whether you’re a startup founder, investor, or employee with equity compensation, understanding cap tables is essential for making informed decisions about your company’s future. In this comprehensive guide, we’ll break down everything you need to know […] Read more “The Complete Guide to Capitalization Tables: Understanding Your Company’s Ownership Structure”
As a small business owner in Chicago’s dynamic entrepreneurial landscape, planning for retirement while maximizing tax benefits is crucial for your financial future. If you’re self-employed or run a small business with no full-time employees (besides yourself and possibly your spouse), a Solo 401(k) plan could be your ideal retirement solution. Let’s explore why this […] Read more “Solo 401(k) Plans: The Ultimate Retirement Solution for Chicago Small Business Owners”
Last Updated: December 2024 The IRS has announced major changes to Form 1099-K reporting requirements for 2024, lowering the threshold to $5,000. Whether you’re a small business owner, freelancer, or gig worker, these new tax reporting requirements will affect how you report income from PayPal, Venmo, Cash App, and other payment platforms. Key Highlights of […] Read more “2024 IRS 1099-K Rules: Complete Guide to the New $5,000 Reporting Threshold”
What is the Qualified Business Income Deduction? A Simple Explanation The Qualified Business Income (QBI) deduction, also known as Section 199A, is a valuable tax benefit introduced by the Tax Cuts and Jobs Act of 2017. This guide explains everything business owners need to know about calculating and maximizing their QBI deduction in 2024. Quick […] Read more “The Complete Guide to Qualified Business Income (QBI) Deduction: Calculate & Maximize Your Tax Savings”
Managing accounts receivable (AR) effectively is one of the most important yet often overlooked aspects of running a successful business. For business owners focused on growth and sustainability, understanding the direct link between AR management and cash flow can mean the difference between thriving and merely surviving. What Are Accounts Receivable and Why Do They […] Read more “Why Managing Accounts Receivable Is Crucial for Your Business’s Cash Flow”
In today’s fast-paced business environment, maintaining accurate and up-to-date accounting records isn’t just good practice—it’s essential for survival and growth. While many small business owners might be tempted to handle their books independently or put off accounting tasks until tax season, this approach can lead to costly mistakes and missed opportunities. Let’s explore why investing […] Read more “Why Current and Accurate Bookkeeping is Essential for Your Business Success”
Backdoor Roth IRAs have emerged as a strategic tool for high-income earners looking to maximize their retirement savings. Roth IRAs can be essential to retirement preparation, but only up to certain income levels ($161,000 in 2024). You become ineligible once you exceed the Modified Adjusted Gross Income limit. Once you’ve hit the income ceiling for […] Read more “What is the Back Door Roth?”
The clock is ticking on Section 199A of the 2017 Tax Cuts and Jobs Act (TCJA)—the Qualified Business Income Deduction. Since its inception, this provision has significantly impacted small business owners and entrepreneurs. With the deduction set to expire at the end of 2025, understanding its implications and planning for the future is crucial. This […] Read more “Section 199A: Everything You Need to Know About the Qualified Business Income Deduction”
Employee compensation is a critical aspect of any company’s strategy, and stock options play a significant role in attracting and retaining top talent. By offering employees a stake in the company’s success, businesses can align the interests of their workforce with their own long-term goals. Two primary types of stock options are Incentive Stock Options […] Read more “ISO vs NSO: Everything Your Company Needs to Know”
Starting a business is an exhilarating journey, filled with dreams of success and innovation. However, navigating the financial landscape can be daunting. Choosing the right accounting services is crucial for ensuring the financial health and success of your startup long-term. This guide will help you understand how to evaluate accounting services to best meet your […] Read more “How to Evaluate Accounting Services for Startups”
No matter the business, a firm understanding of your company’s financial metrics is a must. But it doesn’t stop there. You also have to effectively communicate these metrics and what they mean for your company to both investors and potential investors. Among these metrics, we will look specifically at two today that stand out as […] Read more “Non-GAAP Accounting Metrics: ARR and MRR”