In the state of Nevada, you’re required to have a business license to operate your company. Are you wondering whether or not it can be considered a tax deductible expense for your business? Knowing the answer could save you some money during tax season.
As the new year approaches, it’s essential for businesses to take a look at the state of their finances to get an idea of what they will look like moving forward. Of course, understanding the tax rates for both state and federal is an important component of this evaluation. For those businesses here in Nevada, this article will walk you through the specifics of the tax rates related to the state to help give you an idea of what you can expect to pay in taxes in 2020.
Each year, small businesses in Las Vegas look to lower the tax burdens. Sole proprietors, C or S Corporations, Partnerships, and Limited Liability Companies (LLC) all use tax deductions to offset the costs of doing business. The goal is to find the best tax deduction to reduce the liability while providing a benefit for the business. Making a tax mistake as a business owner can be costly. It’s a good idea to meet with a tax accountant to talk about the new small business tax deductions for 2020 that could be overlooked.
One of the most important decisions you will ever make for your business is whether or not to incorporate. If you are thinking about incorporating your business as a limited-liability corporation (LLC), there are a few things you should know before making a commitment. LLCs are increasingly popular options for business owners and offer a wide range of benefits, but they also have a registration process and tax requirements which differ from traditional corporations. Nevada is one of the most popular states to register LLCs, but it has its own set of regulations you’ll have to learn if you want to incorporate within it. [Read more…]
Bookkeeping is a fact of life if you’re a business owner, as you’ll need an efficient way to keep track of each transaction, from a sale to the amount you’re owed by a particular supplier. A legible record of your business’s financial history can help you keep an eye on your bottom line and can also make life much easier if your business is audited by the IRS. However, there’s more than one method of bookkeeping, and each has its own set of advantages to consider. Choosing the right method for your business can save you time and effort when you want a quick overview of your business’s financial health.
