Manage Finances
What to file and when, what you can deduct, and when it is worth paying an accountant.
Guide · Compliance and filings
A single-member LLC owned by a non-US person files Form 5472 with a pro forma Form 1120 every year, by fax or mail, due April 15 for a calendar year. Putting money in or taking it out counts as a reportable transaction, so almost every such LLC has to file. Missing it costs $25,000.
· 7 min read
Guide · Cross-border incorporation
You don't need an ITIN to get an EIN, file Form 5472 or claim a treaty rate on a W-8BEN if you have a tax number from home. You do need one to file a US return as a nonresident, for example when your business is engaged in a US trade or business. The IRS says allow 9 to 11 weeks from abroad.
· 7 min read
Guide · Accounting and bookkeeping
Good bookkeeping isn't complicated: separate accounts, software connected to your bank, a short list of categories and an hour a month. Here's the whole system, from setup to the year-end handoff to your accountant.
· 7 min read
Guide · Business taxes
A single-member LLC owner pays themselves with an owner's draw, not a salary, and is taxed on the LLC's profit whether or not they take it out. Partners use distributions and guaranteed payments. S corp owners must take a reasonable salary. Here's how each works.
· 7 min read
Guide · Compliance and filings
Most states require an annual or biennial report to keep an LLC active, from $7 in Pennsylvania to $138.75 in Florida, and some add a yearly tax, like California's $800. Miss it and the state can dissolve your LLC. Here's what's due and when.
· 7 min read
Guide · Business taxes
If you expect to owe $1,000 or more in federal tax, you generally need to pay estimated tax each quarter. Pay at least 100% of last year's tax, or 90% of this year's, and you avoid the underpayment penalty. Here's how to work it out and pay.
· 7 min read
Guide · Legal structure
Electing S corp status lets an LLC owner take part of the profit without self-employment tax. Whether that's worth it depends on your profit, a reasonable salary and the extra running costs. Here is the math at three profit levels.
· 7 min read
Guide · Business taxes
You must collect sales tax in states where your business has nexus: a physical presence, or sales above that state's economic threshold, such as $100,000 in Florida or $500,000 in California and Texas. Here's how to work out where you owe it and what to do next.
· 7 min read
Guide · Payroll and benefits
Every paycheck involves taxes you withhold from the employee and taxes you pay yourself. In 2026 that's 6.2% Social Security and 1.45% Medicare from each side, federal unemployment tax on the first $7,000, state unemployment tax and income tax withholding. Here's how it all works.
· 7 min read
Guide · Legal structure
An S corp isn't a separate kind of company, it's a tax election an LLC can make. The real choice is between an LLC, taxed simply or as an S corp, and a C corporation built for investors.
· 7 min read
Guide · Company formation
An EIN is free from the IRS and takes about 15 minutes online. Here is what to have ready, the hours the online application is open, the mistakes that cause trouble later, and the fax, mail and phone routes for everyone else.
· 7 min read
Guide · Business taxes
A business can deduct ordinary and necessary expenses, but the biggest savings come from the ones owners forget: start-up costs, the home office, mileage at 72.5 or 76 cents a mile in 2026, equipment under Section 179, and health insurance. Here's the list, with the records each needs.
· 7 min read