Self-employment tax rates have remained constant for many years, but the amount of income subject to the tax increases slightly every year for inflation. Self-employment tax is the equivalent of payroll taxes paid by employees and is due on income earned by sole proprietors, freelancers, and independent contractors. Self-employment tax is due regardless of whether…
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How Do S Corporation Taxes Work? (+Free Checklist)
S corporations (S-corps) are corporations and limited liability companies (LLCs) that have elected to pass through their income, deductions, and credits to be taxed on the owner’s tax return. S-corp tax rates are the same as the personal income tax rates because the owners pay S corporation taxes on their share of the company’s income….
What Is Less-Than-Load Freight Shipping & How It Works
Less-than-load (LTL) freight is used by businesses whose shipping needs are insufficient to fill a freight carrier’s truck but too large for parcel delivery. The primary advantage of LTL shipping is typically lower total shipping costs. Shippers also enjoy greater shipping efficiency, flexibility, and the environmental benefits that come from transporting items on trucks that…
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Owner Financing: The Ultimate Guide to Seller Financing
Owner financing is an arrangement in which the seller agrees to accept installment payments directly from the buyer rather than having the buyer obtain a loan from a bank. Owner financing—sometimes referred to as seller financing—often provides buyers with easier qualification and more flexible repayment terms than a traditional mortgage while providing sellers with monthly…
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What Is Personal and Advertising Injury Coverage?
Personal and advertising injury coverage, included in commercial general liability insurance, protects your business against claims typically involving an infringement on a third party’s personal or intellectual rights. It can cover libel, slander, and copyright infringement. Coverage provides defense up to your personal and advertising injury coverage limits, in the event of a claim. What…
Missouri Workers’ Compensation Insurance: Top Providers, Rules & More
Missouri workers’ compensation requires employers with five or more employees to carry insurance for injured employees’ medical bills and lost wages unless they’re in construction. In that case, employers must have workers’ comp if they have even one employee. Workers’ comp premiums in Missouri range from 12 cents to more than $30 per $100 of…
What Is QuickBooks & How Do Businesses Use It?
QuickBooks is a small business accounting software program businesses use to manage income and expenses and keep track of the financial health of their business. You can use it to invoice customers, pay bills, generate reports, and prepare for taxes. The QuickBooks product line includes several solutions that work great for anyone, from a solopreneur…
What Is a Certificate of Deposit and How Does It Work?
A certificate of deposit (CD) is a time-deposit savings account that earns interest for a predesignated period of time. When learning how CDs work, know that CDs have term periods between 21 days and 10 years. The longer the term, the higher the interest rate. You won’t be able to withdraw your funds until the…
How Much Does Google Advertising Cost?
Google Ads is a cost-effective pay-per-click advertising platform where businesses pay based on interactions, such as a click. The average cost per click, or CPC, is $2.69. However, CPCs range greatly from under $1 to $20+. The average small business using Google Ads has an ad spend of around $1,500 to $3,000+ per month. Google…
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Unified Communications: Definition, Cost, Features & Providers
Unified communications (UC) refers to the integration of different communication channels, such as voice, video, and more, into one software system. These services are available at different price levels. The fact that UC brings all channels to one solution makes it easier to stay in touch with your team members and clients throughout the day….
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What Is Commercial Truck Insurance?
Commercial truck insurance refers to a group of policies designed to protect businesses that use trucks. The types of coverage you need and how much they cost is determined by how trucks fit into your operations. Someone using a single box truck for deliveries requires fewer policies than a trucker who drives a semi. Top…
Who Needs Professional Liability Insurance?
The people who need professional liability insurance are usually business owners who make a living by providing advice or services to others. Because these individuals have specialized knowledge and present themselves as authorities, they are exposed to accusations that their mistakes led to financial losses for their clients. Professional liability covers these claims. How Professional…