article thumbnail

9 Benefits of Getting an EIN (Even If You Don’t Have To)

Fundera

Plus, for certain types of tax deductions, such as home office deductions for business, your chances of an IRS audit decrease if you have an EIN. “If Personal office deductions have a tendency to bring on IRS audits. Why not make your case before you have to?”. Prevent Identity Theft.

article thumbnail

9 Benefits of Getting an EIN (Even If You Don’t Have To)

Fundera

Plus, for certain types of tax deductions, such as home office deductions for business, your chances of an IRS audit decrease if you have an EIN. “If Personal office deductions have a tendency to bring on IRS audits. If you forget to do that, the IRS might not accept your filing, and you could face penalties for a late return.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

Amazon Lending: How to Determine If an Amazon Loan Is Right for Your Business

Fundera

Since 2011, Amazon has offered financing solutions for small business owners through their Amazon Lending program. Unlike typical small business loans, however, the repayment is out of your hands—Amazon will automatically deduct the payment from your Amazon Seller Account. Fixed Deductions From Your Amazon Seller Account.

article thumbnail

Do You Owe the IRS for Rewards Points and Cash Back? The Answer Could Be Yes

Fundera

. …But Rewards Can Limit Your Business’s Tax Deductions. As a small business owner, you’re probably already aware that you’re eligible to claim tax deductions for eligible business expenses. You have to reduce deductions on business expenses by the value of any cash back or reward points that you receive.

article thumbnail

Why You Should Work With Your Kids: Life Lessons (And a Tax Break!)

Fundera

During the summer of 2011, Mark Piantedosi hired his teenage son Michael to work for his landscaping company. Here’s the rundown on possible tax advantages that might be available to you and your child: Hiring your child under the age of 18 to work for your company is deductible as a business expense—up to $6,300 in wages.

article thumbnail

Gusto vs. Zenefits: Which Is Best for Your Business?

Fundera

Gusto, which was founded in 2011, currently works with some 100,000 businesses across the county. Dynamic paystubs with deduction breakdowns. Automatically sync data with HR and payroll platforms (including scheduling, onboarding, PTO, benefits deductions, and salary information). But which one should work with your business?

article thumbnail

American Express Small Business Loans: What Are Your Options?

Fundera

In 2011, American Express launched their small business financing program, offering working capital to small business owners who need more funds than what they can get from their business credit cards. In both instances, American Express will take automatic deductions to collect the financing. Loan Repayment. Automatic payments.