Resources

1. What’s a Good Business Structure?

1. • Understand the different types of business entities and their tax implications.

   • https://www.irs.gov/businesses/small-businesses-self-employed/business-structures 

2. Sole Proprietor vs LLC: Pros & Cons

1. • An article that outlines the advantages and disadvantages of each business structure to help you make an informed decision.

   • https://www.wolterskluwer.com/en/expert-insights/singlemember-llc-vs-sole-proprietorship 

3. How to Register Your Business

1. • Find federal tax information for people starting a business.

   • https://www.irs.gov/businesses/small-businesses-self-employed/starting-a-business 

4. Applying for an EIN

1. • Use this tool to get an Employer Identification Number directly from the IRS in minutes for free.

   • https://www.irs.gov/businesses/small-businesses-self-employed/get-an-employer-identification-number 

1. Understanding Schedule C (Form 1040)

• Used to report income and expenses for sole proprietors and self-employed individuals.

• https://turbotax.intuit.com/tax-tips/self-employment-taxes/-what-is-a-schedule-c-irs-form/L7v0iDelI 

• https://www.irs.gov/forms-pubs/about-schedule-c-form-1040 

2. Tax Deductions for Small Businesses

1. • Learn about what business expenses are deductible and how to claim them.

   • https://www.irs.gov/credits-deductions/businesses 

3. Quarterly Taxes 101

1. • Understand how to make estimated tax payments electronically and avoid penalties.

   • https://www.irs.gov/businesses/small-businesses-self-employed/estimated-taxes 

4. When to Hire a CPA

1. • Hiring a CPA can provide valuable expertise in various aspects of your business. 

   • https://www.businessnewsdaily.com/11205-when-should-you-hire-cpa.html 

5. Understanding 1099s

1. • If you’ve paid contractors or freelancers $600 or more this year, you might be required to file Form 1099-NEC. Here’s what you need to know to stay compliant and avoid penalties. 

   • https://www.irs.gov/forms-pubs/about-form-1099-nec 

   • https://www.irs.gov/e-file-providers/filing-information-returns-electronically-fire 

1. Upgrading from Spreadsheets: What to Know

1. • Upgrading from spreadsheets to dedicated accounting software can significantly enhance your business's financial management.

   • https://quickbooks.intuit.com/global/quickbooks-vs-excel/ 

2. Intro to Accounting Software: QuickBooks vs Xero

1. • Compare QuickBooks and Xero to determine which accounting software best fits your business needs.

   • https://quickbooks.intuit.com/compare/xero-vs-quickbooks/ 

3. Getting Started with Xero

1. • Learn how to connect your bank, create your first invoice, manage payroll, and more with Xero.

   • https://www.xero.com/us/get-started/ 

4. Asana: A Project Management Tool

• A project management tool that helps you organize tasks, manage deadlines, and collaborate efficiently with your team.

• https://asana.com/ 

5. HelloBonsai: A Hub for Service Businesses

• A freelancer-focused platform for managing projects, contracts, invoicing, time tracking, tax prep, and more—all in one place.

• https://www.hellobonsai.com/ 

6. Pocketsmith: Budgeting & Personal Finance Tool

• A budgeting and forecasting tool that helps individuals track spending, plan ahead, and gain clarity over their personal and business finances.

• https://www.pocketsmith.com/