Taxes

What Is An Individual Tax Identification Number (ITIN)? Individual Tax Identification Numbers, or ITINs, are a type of unique tax ID number assigned by the IRS to individuals who need to pay taxes in the United States, but who are not eligible for a US Social Security Number.  People who are typically eligible to obtain […]

Tax Deductions and Write-Offs for Single-Member LLCs Single-Member LLC owners can find significant cost savings for their business just by digging into the tax code. Here are some less obvious business expense deductions that Single-Member LLCs can claim to significantly lower their costs: Home-Office Deduction – Deduct up to $1,500 if you run your business […]

  Do I Need a Delaware Tax Accountant? Working with a CPA located in Delaware is not required for operating a Delaware LLC. As a business owner, you are free to work with a tax professional in your home state. This is because you will pay taxes from where you operate and will likely not […]

  What Happens If I Don’t Pay the Delaware Franchise Tax? If a company fails to pay franchise tax, it will eventually lose its good standing status. When an LLC loses good standing status, it also loses its limited liability protections. This exposes members to personal liability they would otherwise not have if they paid […]

The United States Internal Revenue Service (IRS) utilizes several different types of identification numbers. You are probably most familiar with Social Security Numbers, which are issued to all US Citizens. You may be less familiar with Employer Identification Numbers and Individual Tax Identification Numbers. The IRS uses these different numbers to distinguish between individual US […]

If you’ve formed an LLC but haven’t done business this year, you may be wondering if you need to pay the Delaware franchise tax. Here’s what you need to know. What Is the Delaware Franchise Tax, Again? Franchise “Tax” is often misinterpreted to mean that the fee will be calculated based on profits or capitalization, […]