Navigating the distinctions between W-2 employees and 1099 contractors is crucial for both employers and workers in Illinois. Each classification comes with unique legal, financial, and operational implications. At Blue Ocean Tax Advisors, we aim to demystify these differences, helping you make informed decisions. Definitions W-2 Employees: A W-2 employee is a worker who performs […]
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Tax Planning for the Self-Employed
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 […]
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 […]
The Essential Guide to QuickBooks Bookkeeping: Why Accuracy Matters for Your Business
In the world of business management, maintaining accurate accounting records isn’t just about staying afloat; it’s about thriving. If your business is currently navigating without a solid bookkeeping system, you’re likely facing challenges like mixing personal and business expenses or dealing with inaccurate financial data. But fear not! QuickBooks, paired with the expertise of Blue […]
Unlocking Growth: The Benefits of Outsourcing CFO Services
In today’s dynamic business landscape, companies face an array of financial challenges, from managing cash flow to navigating complex tax regulations. For many small and mid-sized businesses, the role of Chief Financial Officer (CFO) is essential yet often out of reach due to budget constraints. However, there’s a solution: outsourcing CFO services. At Blue Ocean […]
Illinois Tax Matters: A Guide to Tax Planning and Tax Preparation
Two key practices play a significant role in managing your finances: tax planning and tax preparation. While they both involve dealing with taxes, they serve different purposes and are essential at different stages of financial management, particularly in Illinois. Let’s explore these two concepts and understand their nuances for Illinois residents. Tax Planning: Building a […]