The 7 Deadly Sins of Small Business Failure

Did you know that within the past month alone, 350 brand new businesses opened up in Virginia Beach?   Portsmouth issued licenses to 74 new business owners, Chesapeake issued another 51, and though  Norfolk’s numbers aren’t readily available, we can safely conclude that 500+ new businesses were launched in the area in the past 30 days. […]

Is it OK to Pay Workers as 1099 Contractors?

Small business owners are always searching for ways to lower their taxes. One of the most common tactics is to classify workers as 1099 contractors, rather than as W-2 employees. When done within IRS guidelines, classifying a worker as an independent contractor will save your business a significant amount of money in payroll taxes and employee-related […]

How to Reduce Self Employment Tax

Most businesses today operate as a sole proprietorship. In recent years, many have structured themselves as LLCs, seeking a legal shield to protect their personal assets (home, investments, etc) from the risks of owning a business in today’s lawsuit-happy society. But these choices leave you exposed–and I mean WIDE OPEN exposure–to self-employment tax. Which is […]

How Small Business Owners Can Save BIG Money on Taxes!

The IRS takes a big tax bite out of many home business owners bank accounts because they fail to pay attention to a little tax called “Self Employment tax”. If you are a Sole Proprietor (which you are by default… 80% of businesses are), you are liable NOT ONLY for income tax come April 15th, […]