Resources
Tax & Business Insights
Practical tax, bookkeeping, payroll, and small business guidance from the SK Financial team.
What Is IRS Letter 147C? Important Information you need to know
Learn what IRS Letter 147C is, why it’s important for your business, how to request it, and when you need it for banks, loans, and vendors.
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$3000 IRS Tax Refund Schedule 2025?
You're not the only one looking for the 2025 IRS tax refund schedule for $3,000. The IRS does not have an official schedule that says you will get a $3000 refund.
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K-1 Income vs. Distribution: Tax Guide for Small Businesses
K-1 income vs distribution is taxable profit assigned to an owner vs cash received. Income may be taxed without cash, while distributions depend on basis and entity type.
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LLC vs Sole Proprietorship: Which Should You Choose?
Sole proprietorship is the default business structure when you run a business by yourself and you don’t formally register a separate entity. An LLC is a legal business entity created at the state level.
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Is Mileage Reimbursement Taxable?
If you follow IRS rules, mileage reimbursement is usually not taxable. Mileage reimbursement is money an employer pays an employee for using their personal vehicle for business purposes.
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No Tax On Overtime: Detailed Guideline
Discover the No Tax on Overtime deduction. eligibility, rules, and savings for workers and employers, plus payroll compliance and planning tips.
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How To Calculate Operating Income? Formula and Examples
What is operating income? how to calculate it, examples and differences between operating income, revenue, and EBIT. why it’s essential for measuring real business profitability.
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What is Outsourced Bookkeeping? A Comprehensive Guide 2026
Hiring a third-party expert or business to handle your company's financial records rather than managing them internally is known as outsourced bookkeeping.
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If I use my Personal Phone for Work, what can I claim?
Yes, you can claim some of the cost of your phone if you’re using it for work. But that doesn’t mean you can write off your entire phone bill.
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What is the Premium Tax Credit? Who Qualifies for the Premium Tax Credit
Premium Tax Credit is a refundable tax credit that helps lower the cost of health insurance for people who buy coverage through the Health Insurance Marketplace. It’s claimed using IRS Form 8962
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What Is a Private Foundation? Benefits of a Private Foundation
Learn how private foundations work, their tax benefits, rules, and lasting impact. Discover if starting one is right for you, your family, or business.
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What Qualifies You to be a Tax-Exempt Individual in the US?
Learn what qualifies you to be a tax-exempt individual, including IRS rules, income limits, tax-free income sources, and when you can claim exemption on Form W-4.
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