Call Today: (202) 789 - 8898

Author Archive for: ‘Myrick CPA’

How IRS Reporting Affects Individual Sellers of Goods and Services

You sold an old couch on Facebook Marketplace and got paid through Venmo, or you sold last season's clothes on Poshmark. You thought that was the end of it, until an unexpected tax form arrived in your mailbox: a 1099-K. What is it, and do you actually owe taxes? Even if you're not running a business, these forms can land in your mailbox, and with them comes a new set of reporting responsibilities. Understanding how Form 1099-K works, what the IRS expects, and what's actually taxable can help you stay ahead of any surprises during tax season.

Read More →

What Small Business Owners Need to Know About Depreciation

As a small business owner, you regularly invest in property and equipment to keep your operations running smoothly. From a new computer to a company vehicle, these assets are essential. Depreciation is a fundamental tax deduction that allows your business to recover the cost of these assets as they age. Understanding how to apply this deduction correctly is key to managing your business's finances.

Read More →

How to Decide Which Business Entity Is Right for Your Company

Choosing the right business structure is one of the most important financial decisions you'll make as a business owner. Whether you're starting your first company, branching out with a subsidiary, or looking to restructure an existing business, the entity you select will influence everything from your taxes to your legal liability. There's no one-size-fits-all solution. The best option depends on the size of your business, how it's funded, and your long-term goals. Before you make a decision, it's smart to understand the basics of the three most common structures: LLCs, S-Corps, and C-Corps.

Read More →