Month: October 2020

Minority-Owned Business Certification – Why it Matters

Post author By Fitz
Post date October 30, 2020

Minority-Owned Business: How to Get Certified & More

Being a minority business owner used to be challenging. Most are at a disadvantage when trying to access capital, and networking opportunities were harder to come by for business growth.

Luckily, things are changing.

It’s now easier than ever for a minority-owned business to succeed, thanks to several assistance programs and government initiatives available to them. They just need to become certified as a minority business owner to benefit from these programs.

In this article, we’ll talk about how to get minority certification and what it will mean for a business owner.

Business Planning

Starting An LLC: What Are The Benefits & How to Get Started

Post author By Fitz
Post date October 20, 2020

How to Start an LLC

“Should I start an LLC?” If you’re ready to start your entrepreneurial adventure, then the answer is almost certainly yes! You will benefit from starting your limited liability corporation, or LLC for short.

There are several legal and tax reasons for which you need the protection of an LLC. We’re here to lay it all out for you in this post. But don’t worry, it’s easier than you think.

LLCs are a boon to small business owners, who find them much easier to set up than S-Corps or other traditional corporate structures. If you’re asking, “what is an LLC and how does it work?” then read on.

Business Planning

Qualified Business Income Deduction: What You Should Know

Post author By Fitz
Post date October 9, 2020

Qualified Business Income Deduction: A Tax Break You’ve Been Missing

In 2018, The US Treasury Inspector General determined that there were 900,000 tax returns that qualified for and could have benefited from the qualified business income (QBI) deduction, but didn’t claim it. That’s a lot of taxpayers who didn’t get a deduction that they deserve. You might have been one of them.

In this post, we’ll go over the basics of the QBI deduction, determine if you qualify, and other facts about this little-known business deduction.

The QBI deduction is a business income deduction applied to owners of pass-through entities such as LLCs and S-Corps. Below we will detail how the 20% pass through deduction works and share information that will help you determine if you qualify.