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Setting up a business: LLCs protect you from personal liability in most instances, your personal assets like your vehicle, house, and savings accounts won't be at risk in case your LLC faces bankruptcy or lawsuits.

Sole proprietorships do not produce a separate business entity. This means your business assets and liabilities are not separate from your personal assets and liabilities. You can be held personally liable for the debts and obligations of the business. Sole proprietors are still able to get a trade name. It can also be hard to raise money because you can't sell stock, and banks are hesitant to lend to sole proprietorships.

An LLC is a limited liability company, a legal entity, also a business structure that's created by state law. An LLC can be used to run a business, or it can be used to hold assets such as real estate, vehicles, boats, or aircraft.

Guidance on deferred employee payroll tax issued The IRS posted guidance on Thursday about how to report the deferral of withholding, depositing, and paying of certain payroll tax obligations, as authorized by the Aug. 8, 2020, presidential memorandum directing Treasury to defer taxes under Sec. 7508A. The IRS has also updated Form 941, Employer’s Quarterly Federal Tax Return, to allow for reporting the deferred amount of employee Social Security tax.

Inflation-adjusted income ranges for 2021 IRA and 401(k) plans

Open Enrollment Do’s & Don’ts That Can Help Americans Save in 2021

Tuesday Accounting Tip: Equity denotes the value left over after liabilities have been removed. Recall the equation Assets = Liabilities + Equity. If you take your Assets and subtract your Liabilities, you are left with Equity, which is the portion of the company that is owned by the investors and owners.

Fast Fact: What do they mean by Disposable Income? Personal income remaining after personal taxes and noncommercial government fees have been paid.

If a man does not keep pace with his companions, perhaps it is because he hears a different drummer. Let him step to the music which he hears, however measured or far away. Henry David Thoreau

Unclaimed property distributions allowed as self-certified rollovers

If you own a business, you probably own some form of general liability insurance to protect you in the event of a lawsuit due to negligence on your part. However, there may be situations where the limits of your general policy may not provide adequate protection. A commercial umbrella can provide you and your business with additional liability protection.

4 Crisis-Proofing Lessons for Small Business Owners