When it’s time to hire help in your business, you have a choice: hiring a part- or full-time employee or working with an independent contractor. It’s important to think about whether you need one or the other and classify them correctly.
Small business owners and self-employed people don’t have an employer withholding taxes from their paychecks. Instead, they’re responsible for paying their own taxes, and the IRS expects a payment every quarter.
Many small business owners use a vehicle for business, but unless you drive for work a lot, it’s easy to forget about the many trips you take that might qualify for a tax deduction.
After you start your own business, paying yourself for all the time and effort you’ve put in is an exciting moment. But how do you pay yourself as a small business owner?