PRIME Blog

Tax Tips and More

Tips and tricks to help small businesses, investors, online businesses, and entrepreneurs.

Active Income vs Passive Income

Active income vs passive income - what's the difference?  Maybe you’re working hard trying to turn your side hustle into your main gig, or maybe you’ve already taken the leap and set yourself up as your own boss. Either way, you’re probably really focused on...

How to Start a Business in California

How To Start a Business in California: 7 Simple Steps  Starting a business in California has been appealing to entrepreneurs and go-getters since gold was discovered at Sutter’s Mill in 1848. As settlers and entrepreneurs rushed into the state, they soon learned that...

How to Register a Business in New Mexico

How To Start a Business in New Mexico: 6 Simple Steps Starting a business in New Mexico is a great idea. With gorgeous weather, stunning views, and unique rock formations and local history, the Land of Enchantment is a great place to start your new business....

How to Get a South Carolina Business License

Starting a business in South Carolina isn’t necessarily difficult, but there are many steps you need to consider. One of the first things you need to do when you’re starting a business in any state is determine whether or not you need a business license or permit to...

Starting a Business in Montana

Starting a Business in Montana? Here’s Everything You Need When Registering Your Business in The Treasure State. Montana is a stunning and spacious location to visit and settle down. The state offers urban hubs like Bozeman, college-towns like Missoula, and smaller...

How to Claim the Standard Mileage Deduction

If you work for yourself, deducting your driving expenses can give you significant tax savings. Learn more about the Standard Mileage Deduction here. Working for yourself comes with lots of perks. One of them is the ability to deduct all kinds of expenses, which...

Starting a New Indiana Business

Registering a New Indiana Business Starting a new Indiana business? Here’s everything you need when registering your business in the Hoosier State. Indiana is an affordable and charming location to visit and settle down. The state offers urban hubs like Indianapolis,...

Starting a New Business in Vermont

Registering a New Business in Vermont Starting a Business in Vermont? Here’s Everything You Need When Registering Your Business in The Green Mountain State.  Vermont is a historically-rich and naturally beautiful location to visit and settle down. The state offers...

How to get an Idaho business license

How to Get a Business License in Idaho Starting a Business in Idaho? Here’s Everything You Need When Obtaining a Business License in the Gem State.  Idaho, the state known for its ski slopes and precious stones, is an ideal place to get your business license. Whether...

Starting a Business in New Jersey

Registering a Business in New Jersey Starting a Business in New Jersey? Here’s Everything You Need When Registering Your Business in The Garden State.  New Jersey is an expanding and convenient location to visit and settle down. The state offers urban hubs like Jersey...

I filed a tax extension – what now?

Three tips on what to do after filing a tax extension If you weren’t done with your tax return in time to file by April 18, filing for a tax extension was a smart move. When you complete Form 4868, Application for Automatic Extension of Time to File, you get an extra...

Starting a New Business in Louisiana

Registering a New Business in Louisiana Starting a New Business in Louisiana? Here’s Everything You Need When Registering Your Business in the Creole State.  Louisiana is a historically-rich and unique location to visit and settle down. The state offers urban hubs...

How To Write a Business Plan

A well-written business plan is an essential part of your new business strategy Thoughtful planning is a huge part of any successful endeavor, and when it comes to starting a new business, a well-written business plan is the place to start. Your business plan will...

Starting a Business in Kansas

Starting a Business in Kansas? Here’s Everything You Need When Registering Your Business in The Sunflower State. Kansas is an affordable and entertaining location to visit and settle down. The state offers urban hubs like Kansas City, college-towns like Topeka, and...

Tax Extensions 2023

Tax Extensions in 2023  For most individuals and small businesses, federal income tax returns for 2022 are due this Tuesday—April 18, 2023 (multi-member LLCs, S corps, and partnerships were due March 15). If you’re feeling stressed about meeting the deadline, we’ve...

Transferring Property to an LLC

Transferring property to an LLC is a common strategy for real estate investors and business owners. Whether you are a real estate investor or a small business owner, there are several good reasons for transferring assets to an LLC. Putting properly in an LLC, or...

Starting a Business in Rhode Island

Registering a New Business in Rhode Island  Starting a Business in Rhode Island? Here’s Everything You Need When Registering Your Business in the Ocean State.  Rhode Island is a historically rich and unique location to visit and settle down. The state offers urban...

Starting a Business in Mississippi

Starting a Business in Mississippi? Here’s Everything You Need When Registering Your Business in The Magnolia State.  Mississippi is a culturally-rich location to visit and settle down. The state offers urban hubs like Jackson, college-towns like Oxford, and relaxing...

What is a SEP IRA?

What Is SEP IRA, and How Do They Work? A Simplified Employee Pension IRA, also known as a SEP IRA, is an individual retirement account (IRA) for people who are self-employed or own a small business. What is an IRA? An IRA is an individual retirement account that...

How to Get a Business License in North Dakota

Obtaining a Business License in North Dakota Starting a Business in North Dakota? Here’s Everything You Need to Get a Business License in the Badger State.  North Dakota, the state known for natural resources and Theodore Roosevelt National Park, is an ideal place to...

Section 179 Deductions: Business Vehicles

How to Write Off a Car For Your Business Section 179 Deductions for Buying a Business Vehicles If you purchase a new or used car or truck for your business, you can usually write off part or all of the purchase price by taking a section 179 deduction. Learn more about...

How to Register a Business in Maryland

Registering a New Business in Maryland Starting a Business in Maryland? Here’s Everything You Need to Know. Maryland is a bustling and scenic location to visit and settle down. The state offers urban hubs like Baltimore and Annapolis, collegiate towns such as Towson,...

How to Get a Business License in Wisconsin

Starting a Business in Wisconsin? Here’s Everything You Need When Obtaining a Business License in the Badger State.  Wisconsin, the state known for cheese and the Green Bay Packers, is an ideal place to get your business license. Whether you are located in Milwaukee...

Depreciation 101

What Is Depreciation?  If you own your own business, you’ve probably heard the term depreciation before, but you might not understand exactly what it is, or how it’s calculated. When it comes to managing your business taxes, depreciation is an important concept, so...

Starting a Business in Virginia

Registering a Business in Virginia? Here’s Everything You Need When Registering Your Business in the Old Dominion State.  Virginia is a spacious and scenic location to visit and settle down. The state offers urban hubs like Richmond and Charlottesville, colonial...

Registering a New Business in Missouri 

Starting a Business in Missouri? Here’s Everything You Need When Registering Your Business in the Show-Me State.  Missouri is a terrific place to start a new businessi. The state offers urban hubs like St. Louis and Kansas City, collegiate towns such as Columbia, and...

Starting a Business in Arkansas

Starting a business in Arkansas is easier when you’ve got the Prime Corporate Services experts on your side. Check out our 9-step guide to get started.

Starting a Business in Minnesota

Starting a business in Minnesota is easier when you follow our nine-step guide. And our experts are always here to help if you need personalized advice.

Understanding Capital Gains

Using capital gains tax treatment is a smart way to minimize your tax burden and keep more of your hard earned money. Learn all about capital gains in this handy guide.

Starting a Business in Utah

Starting a Business in Utah? Here’s Everything You Need When Registering Your Business in the Beehive State.  Utah is an active and beautiful location to visit and settle down. The state offers urban hubs like Salt Lake City and Park City, collegiate towns such as...

What is a Section 105 Plan?

Section 105 Plans: Everything You Need to Know About Saving on Medical Expenses With Tax-Free Reimbursement What is a Section 105 plan? A Section 105 plan is a health benefit offered by some employers that allows them to reimburse you for medical and insurance...

How to Register a Business in Colorado

Register a New Business in Colorado  Starting a Business in Colorado? Here’s Everything You Need To Register A Business in the Centennial State.  Colorado is a colorful and scenic location to visit and settle down. The state offers urban hubs like Denver and Aspen,...

HSA Pros and Cons

Understanding the Pros and Cons of a Health Savings Account (HSA) A health savings account (HSA) can be a great way to save money on your healthcare expenses, but to use them effectively, it’s important to understand how they work and the potential drawbacks. If...

How to Get a Business License in Kentucky

Starting a Business in Kentucky? Here’s Everything You Need When Obtaining a Business License in The Bluegrass State.  Kentucky, the state known for horse racing, bluegrass music, and college basketball, is an ideal place to get your business license. Whether you are...

Five end-of-year expenses to manage your tax burden

Thanksgiving is still thirteen days away, but the holiday shopping frenzy is upon us, and “Black Friday” deals are already popping up in your inbox and Insta feed. While your shopping lists are probably focused on Christmas gifts (and maybe a few personal...