News & Blog

The Pros and Cons of Different Business Structures: LLC vs. Corporation vs. Partnership

Choosing the right business structure is a crucial decision that can significantly impact your company’s operations, taxes, and legal liabilities. In this post, we’ll explore the pros and cons of three common business structures: Limited Liability Company (LLC), Corporation, and Partnership. Limited Liability Company (LLC) Let’s start with the Limited Liability Company (LLC), a popular choice for many small businesses. LLCs offer a blend of simplicity and protection, providing limited personal liability while maintaining flexibility in management. One of the most attractive features of an LLC is pass-through taxation, which avoids the double taxation

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Common Payroll Accounting Mistakes and How to Avoid Them

Managing payroll is a critical task for any business, yet it’s an area prone to mistakes that can lead to costly errors and compliance issues. At Integrity Accounting, we’ve identified some common payroll accounting mistakes and offer solutions on how to avoid them to ensure your payroll processes run smoothly. 1. Incorrect Employee Classification Mistake: Misclassifying employees as independent contractors or vice versa can lead to severe tax penalties and legal issues. Employees and contractors have different tax withholding requirements and benefits entitlements. Solution: Review the IRS guidelines on employee classification and ensure that

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Financial Planning for Startups: Key Steps to Success

Launching a startup is an exciting venture, but it comes with its share of financial challenges. Effective financial planning is crucial to navigating these challenges and ensuring the long-term success of your business. At Integrity Accounting, we understand the unique needs of startups and offer expert guidance to help you manage your finances effectively. Here are key steps to success in financial planning for new businesses 1. Create a Comprehensive Business Plan A well-structured business plan is the foundation of your startup’s financial planning. It outlines your business goals, target market, revenue streams, and

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Tax Tips for Freelancers: Survival Guide from Integrity Accounting

Freelancing offers the freedom to be your own boss, but it also comes with the responsibility of managing your own taxes. Don’t let tax season overwhelm you! At Integrity Accounting, we’ve got your back. Here are some essential tax tips for freelancers in 2024: Understanding Your Tax Landscape: Self-Employment Tax: Remember, as a freelancer, you’re considered self-employed and responsible for paying both income tax and Social Security and Medicare taxes (currently at a combined rate of 15.3%). This amount is typically calculated on your net earnings, which is your gross income minus business expenses.

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5 Accounting Mistakes Small Businesses Make (and How to Avoid Them)

Running a small business is exhilarating! You’re your own boss, calling the shots and pursuing your passion. But amidst the hustle and bustle, some crucial tasks can fall by the wayside, like accounting. Here at Integrity Accounting, we’ve seen a few common accounting mistakes trip up small businesses. Don’t worry, though! By recognizing these pitfalls, you can steer clear and ensure your finances stay on track. Mistake #1: Mixing Personal and Business Finances It might seem convenient to use one account for everything, but it creates a financial mess. Separate business and personal expenses

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Accounting Myths

Tax Time Myths Busted: Don’t Let Misinformation Cost You!

Tax season. Just the mention of it can send shivers down some spines. But a big part of that anxiety often stems from misconceptions and plain old myths. At Integrity Accounting, we want to empower you with knowledge! So, let’s debunk some common tax myths and ensure you file with confidence: Myth #1: Taxes are Optional This one is a doozy. Uncle Sam expects his due, and failing to file can lead to penalties and interest. Remember, even if you owe nothing, you still need to file. Myth #2: Only High Earners Pay Taxes

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Small business Tax deductible

What Small Businesses Should Track as Deductibles Now

Tax season. Ugh. Those two little words can strike fear into the hearts of even the most organized small business owners. But hey, here at Integrity Accounting, we believe knowledge is power, and with a little proactive planning, you can make tax time a breeze (well, almost!). One key to a smooth tax filing experience is keeping meticulous records of your business expenses. The more you document throughout the year, the less scrambling you’ll do come April. So, what exactly should you be tracking? Let’s break it down The Balance Sheet: A Snapshot in

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Didn’t find an answer to your question?

We believe open, clear communication is paramount in every relationship, including business! We encourage you to know and understand your financial statements. We can help! By signing your tax returns, you are committing to their accuracy in front of the IRS and your State authority. Don’t leave yourself surprised in the event of an audit!

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