Small Business Tax and Accounting

/Small Business Tax and Accounting

SUTA and the Single-Member LLC

By | September 23rd, 2020|Categories: Small Business Tax and Accounting|Tags: , |

This blog post is specific to Iowa. SUTA = state unemployment tax. In Iowa, when a 1-person LLC makes an election to be taxed as an S-corporation and pay the owner a salary, the salary is NOT automatically subject to state unemployment tax. Instead, the owner has the option of making themselves subject to unemployment tax. On [...]

Revisiting W-9s, 1-Person LLCs and EINs

By | September 15th, 2020|Categories: Small Business Tax and Accounting|

I wanted to revisit the subject of 1-person LLCs and employer identification numbers.  Here are the basics, when a 1-person LLC is taxed as a sole proprietorship:  The IRS says to put the proprietor’s name and SSN* on the W-9The IRS says to use the proprietor’s SSN* on the Schedule CThe IRS says to use the [...]

Comments Off on Revisiting W-9s, 1-Person LLCs and EINs

Sole Proprietors, PPP Loans and Home Office Expenses

By | September 1st, 2020|Categories: Small Business Tax and Accounting|Tags: |

(Warning: if you are trying to read this on a computer, you may get my logo blocking your view when you start to scroll; I have a web-person working on a fix; this doesn’t seem to be happening on mobile devices.) The August 27th Interim Final Rules seem to allow a sole proprietor to include home-office [...]

Comments Off on Sole Proprietors, PPP Loans and Home Office Expenses

Sole Proprietors and PPP Loan Forgiveness: Beware

By | April 24th, 2020|Categories: Small Business Tax and Accounting|

Last week I wrote about how loan forgiveness for the solo sole proprietor will work. I had to strike through a lot of my thoughts as new information came in. So now, a week later, what do we know? The Typical Solo Sole Prop Will Probably Have Some Loan Remaining PPP loans are forgivable if the [...]

Comments Off on Sole Proprietors and PPP Loan Forgiveness: Beware

Do I Have to Issue 1099s for “Business to Business Transactions”?

By | October 17th, 2019|Categories: Small Business Tax and Accounting|Tags: , |

(NOTE: I have been terrible about writing posts this year; I am finally back at a point of being able to blog again, so you'll see posts more often from me. And if this post is any indication, I have my flair back that so many people liked, of writing with humor and going on long [...]

Comments Off on Do I Have to Issue 1099s for “Business to Business Transactions”?