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Do I Need a BOI for My LLC? Plus 12 More Answers to BOI Questions

February 18, 2024September 25, 2024Small Business Tax Consultant, Small Business Tax Tips

The Corporate Transparency Act (CTA) became effective on January 1, 2024. The law was written to create a government database containing the identities and contact information of small business owners - specifically defined small corporate and LLC “beneficial owners.” The beneficial owners are the actual people who own the entity or exercise substantial control over it....Continue reading

Q&A: Should I Pay My Daughter by W-2 or 1099?

July 28, 2022May 23, 2023Lower Taxes, Small Business Tax Tips, Tax Deductions, Tax Preparation, Tax Services Cleveland, Tax Strategies

Question from a Cleveland small business owner: How do I pay my daughter? I will hire my 15-year-old daughter to work in my single-member LLC business, and I expect to pay her about $12,000 this year. Do I pay her through payroll checks and file a W-2? W-2 Payment is Important When Paying Your Daughter...Continue reading