Resources

Providing high-quality business education, tax guides, and news.
A man stacking coins on a table

IRS Warns About False ERC Claims: What to Know

The Employee Retention Credit (ERC) encouraged businesses to keep their employees on payroll during the height of the pandemic. However, the IRS has some new information for us as the economy tightens. Related: What Is the ERC? In October 2022, the IRS warned taxpayers about third parties promoting claiming enormous Employment Retention Credit (ERC) refunds

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Two business owners meeting in a park

Recovery Startup Businesses: How to Claim ERC

While businesses can no longer pay wages to claim the federal Employee Retention Credit (ERC), they have until 2024 to look back on their payroll throughout the pandemic and claim the credit retroactively. The ERC program may have ended, but that doesn’t mean businesses can’t still claim the credit — wages a business paid after

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wo people working on a SR&ED project

SR&ED Tax Credit Qualification Guide & FAQ

Before you apply for the Scientific Research and Experimental Development credit, it’s important to understand its requirements. If you’re wondering if the SR&ED program can benefit your businesses, if your projects qualify, how the Canada Revenue Agency (CRA) determines eligibility, how this tax incentive program works, or how to claim it, you’re in the right

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5 best banks for startups

5 Best Banks for Startups: Find Banking Today

It’s an exciting time in your startup business, and having a good bank to support you is vital to your success. That’s why having a one-stop-shop bank for your needs will keep you worry-free about finances as your company blossoms. The best banks will provide you with free or low account fee checking and savings,

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A calculator with accounting paperwork

Accounting for Startups: What to Know

Accounting will prove to be a large part of the process of a startup. In comparison, it is not a strict rule to focus large amounts of time and energy on accounting in the early stage of a business. Failure to properly manage and keep track of accounting can often cause many issues later, further

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A startup using the best credit card.

BREX vs. RAMP: Find the Best Credit Card for Startups

A business credit card is the ultimate weapon in the battle to keep your new business thriving. Cash back rewards, credit perks, and all the other needed tools that keep company growth a reality. Business credit cards aren’t just limited to more significant enterprises anymore, and small business credit cards are made just for startups,

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A person working on accounting.

How to Find the Best CPA for Your Startup

You might have heard that with a little bit of money spent and a couple of extra hours of preparation at the start, you can save yourself from several weeks of trouble and loss at the end. In many business cases, this proves to be absolutely true, more often than not.   Thoughtful planning has shown

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person typing into bookkeeping software

Startup Bookkeeping: How to Get Started Right

Many aspects go into running a business. Bookkeeping is a crucial business component, as it can impact your business’s growth and success.  Bookkeeping encompasses various tasks, including data entry, filing taxes, and more. Where do you get started? Read this guide from Tax Robot to learn how to start bookkeeping for your business.  Related: Startup

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Startup team meeting with pre-seed funding investor

Pre-Seed Funding & Investors Guide for Startups

Over 23,000 startups have received seed funding from 2016-2020, which has grown exponentially compared to the decade before. Many businesses see the value of bringing in investors early to help launch their businesses right vs. bootstraps. We’ll explore why pre-seed money is good and how to attract pre-seed investors to your startup business. By leveraging early investors,

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CEO presenting his VC pitch deck

5 VC Pitch Decks That Work [Guide & Examples]

When preparing to raise venture capital, businesses need a dialed-in pitch that can wow potential investors. But VC time is precious, which leaves you limited time to sell your team and your business. That’s why your pitch deck needs to be efficient and concise. We’ll cover how to build a successful VC pitch deck and

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how can the WOTC help your business?

What Is the Work Opportunity Tax Credit (WOTC)?

The Work Opportunity Tax Credit (WOTC) program is a federal tax credit that employers can use when they hire people from specific target demographics, such as disabled individuals. In the past, these workers have experienced barriers to employment. However, there are certain rules that employers must follow to access these credits. If you want an

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Veterans saluting American Flag

Tax Credits for Hiring Veterans: How to Qualify

With an estimated 19 million US veterans, the United States strives to help its Armed Forces veterans find gainful employment once they are discharged. To do this, the federal government offers significant tax credits to companies that employ military veterans. To qualify for these credits, a business needs to jump through a few hoops fairly quickly

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Innovating in technology and research can get you tax incentives

What are Tax Incentives? Beginner’s Guide for 2023

When your small business is in the startup phase, it’s critical to take advantage of all the US tax incentives that apply to your business. Qualifying for government tax incentives can reduce your tax liability up to 30%. We’ll cover the different tax incentives available and why your business should leverage as many as possible.   What

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person preparing their payroll tax deferral deposit

What is the Payroll Tax Deferral? CARES Act Breakdown

As part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, businesses could defer their employer portion of payroll taxes from 2020 until 2021 and 2022. Over 1,026,282 employers took advantage of this deferral during the economic burden caused by COVID-19. President Joe Biden extended the payroll tax deferral as part of the American Rescue Plan Act.

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person looking over their CP2100 tax notices

1099 IRS B Notice: How to File Properly

If you’ve received an IRS CP2100 Notice or a CP2100A Notice, don’t worry. These mistakes can be remedied. With some work and know-how, you can send a 1099 IRS B Notice to your payees well within the fifteen-day period.  By following our 1099 IRS B Notice step-by-step guide, you’ll confidently send the necessary paperwork to ensure you follow

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incentivize your hiring process with tax credits

Tax Credits for Hiring the Disabled: Incentivize Your Hiring

If you have a business, you may qualify for a tax incentive from the IRS for hiring those individuals with disabilities. The government uses tax credits to encourage employers to hire people who might have faced employment challenges in the past. When businesses try to hire these qualified workers, they can enjoy many tax breaks,

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Tax paperwork

Form 6765: Best Guide to Maximize Your Return

Tax season is often a frustrating and nerve-wracking time. You may be concerned about owing money or filling out your paperwork correctly to ensure you maximize your return. The tax system is full of legal jargon and forms that can be difficult for anyone who’s not an accountant to understand properly Tax season doesn’t have

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minority-owned businesses may be able to take a few tax credits

How Does the Federal Government Define a Minority Business?

According to the current tax code, minority-owned businesses have no specific incentives, but entrepreneurs can take advantage of certain tax breaks and credits. There are several recognized minority groups; they include: Black/African Americans Hispanic/Latino Americans Asian Americans Arab Americans/ Middle Eastern Americans Native Americans/Alaska Natives Native Hawaiians/Pacific Islanders Are you searching for additional resources to

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A business owner looking through tax documents

Form 7200 Instructions 2022: Step-by-Step

The federal government introduced two acts (CARES and FFCRA) to help businesses affected by the pandemic find relief. Both of these acts allow certain companies to claim a credit on their tax returns with IRS Form 7200. We’ll explore what Form 7200 is, who can apply, a step-by-step guide to filling out Form 7200, and

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A man signing a tax document

Form 8974: Complete Guide & FAQs

Qualified small business owners can save come tax time by claiming credits like the R&D tax credit. We’ll walk you through this complete guide to filing Form 8974, claiming your R&D tax credit, and answer any questions you might have. Let’s start with the basics and define some of the forms, credits, and terms we’ll

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People working

How R&D Credits Help With Payroll Taxes [2023]

Income tax time is quickly approaching, and it’s time for everyone to begin thinking of how they can minimize their tax liability. For most businesses, tax time is full of stress, endless paperwork, and long nights spent pouring over the IRS tax instructions. Here at TaxRobot, we want to help make your life a little

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Paperwork

IRC Section 174: Get Lower Tax Bill for Inventors

For many people, there is nothing more exciting than innovation. Inventors who are engaged in research and development activities have a unique opportunity to lower their tax bills, and it’s all thanks to IRC Section 174. Our tax system is full of technical jargon and complex intricacies, and it’s constantly changing. Even Section 174 isn’t

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Tax time

R&D Tax Credit Carryforward: Do You Qualify?

All the paperwork and technical jargon that comes with tax season make it a challenging time for people and businesses. Unless you’re going through a qualified accountant or tax preparer, you’re going to find yourself swimming in a sea of questions as you attempt to navigate the IRS’s tax instructions and explanations.  One of the

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Calculator and paperwork

Research and Experimentation Tax Credit Guide

Tax season can loom over companies with all its paperwork, technicalities, and endless hard-to-decipher jargon. There’s a lot to learn about filing your taxes properly and maximizing your return. It’s important to understand the ins and outs of taxes, especially those areas that aren’t well known or understood.  The research and experimentation tax credit was

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what is the employee retention credit

What is the Employee Retention Credit (ERC)?

There are many questions surrounding the Employee Retention Tax Credit (ERC). Many companies understand the benefits, but several changes, requirements, qualifications, etc., can seem confusing. Today we will try and simplify this complicated subject and provide you with a guide to the ERC, including how the ERC works, wage qualifications, how to claim this tax

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A woman writing in a notebook and looking through tax instructions. 

What is Form 941? An Intro Guide to ERC

When operating a business, there’s a lot of essential paperwork and tax filing that people must stay on top of throughout the year. With so many forms to file, it can be challenging for business owners to remember everything they need to handle, especially if they’re new to the game. In the resource below, our

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A sticky note “taxes”

IRS Form 944 Instructions & Free PDF Download

If your business has employees, your tax obligations include reporting your payroll and income taxes withheld from their paychecks. While large companies typically file Form 941, small businesses with less tax liability typically file a simpler form—Form 944. Related: Startups—Here’s how to get $250,000 From the IRS We’ll explain how to fill out each section

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The top of IRS Form 943.

IRS Form 943 Instructions & Free PDF Download

As an employer within the United States, you are legally obligated to file a wide range of essential tax paperwork at different points throughout the year. With so much tax filing to stay on top of, our experts at TaxRobot understand how confusing and frustrating it can be to ensure everything is filed correctly and

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Two people at a table filling out tax documents.

IRS Form 941 Worksheets for 2022 & Guide

Whether you’re dealing with monthly, quarterly, or annual taxes for your business, there are many critical documents you need to fill out and deadlines you need to stay on top of to avoid receiving financial penalties from the Internal Revenue Service (IRS). Sadly, some of the critical tax documents that businesses need to file with

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A man typing on his laptop

How to Calculate R&D Tax Credit [Guide & Calculator]

The research and development tax credit (R&D tax credit) can help many startups and small businesses save on tax time. However, many business owners don’t claim it because they don’t think it applies to them or isn’t aware that it exists. Related: Government Loans for Startups & Small Businesses When you think about R&D, lab

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A frustrated woman filling out tax documents on her desk.

How to Amend 941 IRS Form Errors for ERC

Filing tax forms as a business owner is a complicated, tedious, but essential part of operating successfully within the working world, especially if you’re filing with the hope of receiving decent tax returns or credits. Sadly, due to the complicated nature of filling out and filing many tax forms, it’s common for tax documentation to

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A “TAXES” sign on top of US bills

IRS Form 941 Instructions & Free PDF Download

Most businesses that have employees must file Form 941 with the IRS each quarter to report and calculate their employment taxes.  Completed IRS Form 941 will show you how much you still need to pay to cover your payroll tax responsibilities or how much you overpaid during the quarter.  If you need to file Form

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A man typing on his laptop with a calculator nearby

How to Calculate ERC Tax Credit [Guide & Calculator]

If you’re a business owner who’s struggling to make ends meet, tax credits like the Employer Retention Credit (ERC) might be the answer. It’s more accessible than many other relief options like grants or loans. However, understanding how tax credits work can be confusing—don’t worry; we’ll explore everything you need to know about the ERC

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Startup Stages guide

Startup Stages: A Guide to Every Step of the Process

In a world where it seems like everything has already been invented, unique ideas are worthless if you don’t hone them. So, no matter what idea you have for your startup, you have to cultivate it. There are various approaches to growing a startup, including defining its development by lifecycle stages. We’ll explore the five

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Startup Consulting: Is it Worth It in 2022?

There are a massive range of complicated steps to take and factors to consider when it comes to launching a new startup in 2022. While not the most prominent element of consideration involved, a significant factor that startup developers need to carefully consider is whether or not the services of a startup consultant would be

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A small team working at a startup

Product Development for Startups: How to Get Started

Developing a product for your startup is no less than an adventure. You’ll find challenges at every level and around every corner, from finding your audience and analyzing their demographics to creating and launching the right solution and everything in between. We’ll explore each aspect of the startup product development process, from ideation and design

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How to Find Sales Reps for Your Startup (That Will Crush It!)

The key to building a strong sales team in any startup is creating the right sales hiring strategy. The sales rep turnover rate is at an all-time high—finding and retaining the best salespeople is crucial to the success of your new business. We’ll explore how and where to find the sales reps that will crush

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Startup employees using sticky notes to plan a project.

How to Find Competitor Pricing: Track the Competition Easy

Look at the biggest brands out there—how did they get to where they are? By understanding their competition and tracking their pricing. Knowing how your brand compares to your biggest competitors is the key to getting and staying on top. This is especially true when it comes to pricing. Your customers are more price-sensitive than

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Grants for Nonprofit Startups: A Complete Guide

Developing a nonprofit startup isn’t an easy process, especially when getting the needed funding to get initial operations off the ground. Sadly, grants for nonprofit startups are notoriously competitive due to the limited number of grants available. To help you more easily navigate the complex realm of nonprofit startup grants, our team of passionate business

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A woman holding $100 bills

Federal Government Loans for Small Business & Startups

When it comes to getting a loan for your startup or small business, you really only have two options: private loans or government loans. Getting a loan from a private lender before you have an established business isn’t easy— they are typically reluctant to take large risks. On the other hand, federal government loans were

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A windowed door for a small clothing shop displaying an “Open” sign.

Small Business Grants for Immigrants & Minorities Guide

Opening a new business is not easy for anyone. Still, it’s a complicated process for immigrants and members of minorities, who often lack access to the same resources and support that U.S.-born citizens and non-minority individuals typically receive. But that doesn’t mean that opening a successful business as a minority or immigrant is impossible. It

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there are several ways to find your startup's valuation

Startup Valuation: How to Choose the Right Method 

Startup valuation provides insight into the company’s ability to meet investor and customer expectations so that it can find new capital to grow. A startup valuation may factor in assets, business models, total addressable market, and the company’s expertise. Valuing a startup is both a science and art. Whether starting with a simple idea or

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learn about your startup equity options

Startup Equity: How It Works & Best Practices

There are many perks to enjoy when working for a startup, including owning a piece of the company. Having equity in a company means you have a stake in the business. Startup equity motivates many workers to build and grow the business. These equity packages come in all shapes and sizes, and it is vital

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small business owners can qualify for grants

Small Business Grants: Best Funding Options Guide

It can be challenging to find funding when you have a small business. There are solutions: small business grants. This free money is designated for startups, and it can help you get your ideas off the ground. These funds are available from federal, state, and private entities. Here are a few things you need to

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“TURN IDEAS INTO REALITY”

Series A, B, C, D, and E Seed Funding Guide

Here’s a hard truth about startup funding — while you can’t spell funding without ‘fun,’ there’s not much fun involved in the process. Raising equity funding in the early stages is a long and difficult journey that can be demoralizing for many founders. However, if you do it successfully, you get to walk away with

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A startup founder looking at various documents

How to Build the Best Founders’ Agreement for Startups

With the immense amount of work you do when launching a startup, it’s easy to overlook creating a founders’ agreement. You’re in this together, and you trust your co-founders, right? Won’t everything be fine? Even if you’ve known them for years and have complete trust in them, you still need to build a founders’ agreement.

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Four startup employees around two laptops.

What is a Startup? How They Work & Grow

Whether despite the significant economic and workforce issues over the past few years due to the COVID-19 pandemic or because of them, the United States Census Bureau recently noted that more applications were filed for new businesses in 2021 than in any other year on record. Nearly 5.4 million startup business applications were submitted, marking

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Working professional woman

Sole Proprietorships: What to Know

Are you starting a business and considering whether to do a sole proprietorship? We’ll explain everything you need to know about starting a sole proprietorship, advantages, disadvantages, taxes, and other common questions. What is a Sole Proprietorship? Sole proprietorships are unincorporated businesses run by a single individual. This is the most common form of small

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Startup employees using sticky notes to plan a project.

7 “Next Big Thing” Innovations to Watch as a Start-up

Disruptions in every industry are commonplace with the growth and development of technology and innovation. To be competitive in the current marketplace, start-ups must be innovative and integrate new technology into their operations. And for entrepreneurs looking to create start-ups within these new technologies, it’s critical to pick the next big thing that will drive

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Four men going over a sales and marketing strategy for their startup.

Sales and Marketing Expenses Guide for Startups

Sales and marketing are two of the critical powerhouses behind what makes startups- or any business or company, for that matter- run successfully. Without sales, a startup can’t stay in business, and without marketing, no one will know about your products and services, so there will be no sales. Both are crucial for the operations

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