Kaylee

Do I Have a Federal Tax ID Number?

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Overview of Tax ID Numbers ITIN Overview: An ITIN is a tax processing number for certain nonresident and resident aliens. To obtain an ITIN, you must complete IRS Form W-7, which requires documentation substantiating status and identity. You can use the IRS’s Interactive Tax Assistant tool to help determine if you should apply for an … Read more

Do Sole Proprietors Pay More Taxes? LLCs vs Sole Proprietorships

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LLCs prevent double taxation of owners. Setting up an LLC shields assets from debts and lawsuits. A limited liability company protects personal assets. Members manage LLCs jointly. However, LLCs can bring disputes between members. If the business has issues, your personal assets are safe. Another LLC downside is taxation complexity. LLCs choose tax status but … Read more

What Happens If You Don’t Pay Annual Report?

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Importance of Filing Annual Reports on Time Penalties for Late Filing Potential Consequences of Not Filing Failing to file annual reports on time can result in penalties and even administrative dissolution of your company, affecting its standing and operations. Procedures If You Fail to File Annual Reports Penalty for Late Filing Rectifying Missed Filings If … Read more