The Bottom Line

What an interesting year 2020 was! We hope 2021 brings nothing but good things for our friends and clients moving forward.

This past year, we did our very best to continue to support your needs that are typical of any normal year while also tackling new issues such as PPP loans, finding additional local small business loan programs specific to Covid-19 relief, and implementing virtual support tools to ensure social distancing for vulnerable clients...

Why should I keep records?

Good records will help you monitor the progress of your business, prepare your financial statements, identify sources of income, keep track of deductible expenses, keep track of your basis in property, prepare your tax returns, and support items reported on your tax returns.

When beginning a business, you must decide what form of business entity to establish. Your form of business determines which income tax return form you have to file. The most common forms of business are the sole proprietorship, partnership, corporation, and S corporation. A Limited Liability Company (LLC) is a business structure allowed by state statute. Legal and tax considerations enter into selecting a business structure.

Sole Proprietorships

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1

Determine Your Eligibility...

You may apply for an EIN online if your principal business is located in the United States or U.S. Territories.

The person applying online must have a valid Taxpayer Identification Number (SSN, ITIN, EIN).

You are limited to one EIN per responsible party per day.

2

Understand the Online Application...

You must complete this applica...