Self-employment offers the opportunity to be your own boss and establish a lifelong bond with your accountant. If you’re self-employed, you will need to pay your own FICA taxes and manage your retirement plan, among other responsibilities. Here are some essential tax planning tips for the self-employed. Understand Self-Employment Tax and How It’s Calculated Ensure […]
Business taxes
Quarterly Estimated Tax Payments: A Guide for Business Owners
At Blue Ocean Tax Advisors, we understand that determining your quarterly estimated tax payments can be a daunting task. To help ease this burden, we’ve put together a guide addressing some of the most frequently asked questions about estimated taxes. What are Estimated Taxes? Estimated taxes are payments made to the IRS throughout the year […]
Top Tax Tips for Illinois Business Owners: Prepare with Confidence
Welcome, Illinois business owners, to Blue Ocean Tax Advisors’ latest blog post! As tax season approaches, we understand the importance of being well-prepared to navigate the complexities of business taxes. To help you stay ahead of the game, we’ve compiled some invaluable tips tailored specifically to our fellow entrepreneurs in Illinois. Let’s dive in! At […]