Posts

Deadline to File S Corp. Election for 2021 is March 15
February 24, 2021

If you want your small business to be classified for income tax purposes as an S corporation for the 2021 tax year, you have until March 15, 2021, to make an election using IRS Form 2553. By electing S corp. status for your stock corporation…

Tax Reporting Tip for Self-Published Authors
February 15, 2021

For all the self-published authors throughout Virginia (and across the country), remember that royalties received as a result of creative work such as writing, music and art, is considered self-employment income and should be reported on Schedule…

How to Correct Mistakes on a Filed IRS Form SS-4 (EIN Application)
October 05, 2020

The Problem You are trying to successfully navigate the many challenges of small business ownership and one day you discover, much to your dismay, that incorrect information was inadvertently reported on Form SS-4 to the IRS (or perhaps the…

New Central Virginia Regional Sales and Use Tax Going into Effect October 1, 2020
August 19, 2020

A new .7% regional retail sales and use tax will be imposed in Central Virginia (including the city of Richmond, Charles City, Chesterfield, Goochland, Hanover (including the town of Ashland), Henrico, New Kent, and Powhatan counties. This…

Does an LLC Pay Income Taxes?
December 20, 2019

In most cases, no, at least not directly. One of the advantages of LLCs is a concept called pass-through taxation. This means the LLC itself does not pay federal income tax, its owners do. Income, profits, deductions and losses “pass through”…

A Quick Intro to Virginia LLCs
June 18, 2019

Most entrepreneurs realize that when starting a new small business, the smart approach is form a business entity through which to conduct the business. While Virginia offers a number of different options, the limited liability company has emerged…

#RVABizLaw Tip of the Day: Small Business Startup Guide to Virginia Tax Registration
May 16, 2019

One of the early formation tasks for a small business start up in Virginia (typically after forming a new business entity with the State Corporation Commission and applying for a federal EIN from the IRS) is to apply online with the Virginia…

#RVABizLaw Tip of the Day: Take Advantage of the Business Travel Deduction 
January 21, 2019

Are you taking full advantage of the business travel deduction?  As a small business owner, you are entitled to a tax deduction for gas and auto expenses when using a car for business purposes.  You can do this one of two ways:  (i) deduct…