Recent Articles

Self Employment

What does it mean to be self-employed? How do I prepare my tax return? What is a Schedule C? SE? Learn the pro’s and con’s of self employment.

Owner’s Draw in Business

06/22/2015

When an owner of a small business operation transfers money from the business bank account to their personal bank account the transaction is commonly referred to as a ‘Draw’.  There are other terms but this is the traditional term used.   The [...]

Estimated Tax Payments – Why and How

01/25/2015

In the normal taxpayer relationship with the Internal Revenue Service, the taxpayer is an employee and via withholding, taxes are paid the U.S. Government by the employer.  Basically the employer pays the tax after each payroll run on behalf of all [...]

Real Estate Agent – Drawbacks and Delusions

11/17/2014

The highest prized benefit of owning your own business is independence.  You rely on your skills and have to report to no one but yourself.  This is the allure of becoming a real estate agent.  Imagine, making a lot of money and working when you [...]

Form 941 – The Basics

12/26/2012

Form 941 is the employer’s quarterly federal tax return.  It reports how much federal income taxes were withheld; Social Security taxes and Medicare taxes that are due and how much was paid in deposits to the Internal Revenue Service.  The [...]