Erica Seppala

We recommend Lightspeed for small to midsize restaurants focused primarily on quick-serve and fast-casual orders because the software is affordable, you can install it on any iPad, the inventory management is best suited for buildable items and combo meals, and a straightforward loyalty program is available on all plans.

First Internet Bank has an impressive claim to fame being one of the first fully online banks. The company offers high APY for its savings accounts and a large array of business services, making it a good fit for businesses that want an online bank with lending and investing options available.

It will cost you more for features you might expect to be standard (reservations, customer loyalty, and online ordering to name a few) which can run up your monthly bill. There are fewer integrations available which is a blessing for easily-overwhelmed new business owners but a curse for quickly growing restaurants.

You may need a KDS in your restaurant if you offer multiple ordering methods (at the counter or the table, drive-thru order window, online, etc.), currently run into order errors and slow turnaround time because kitchen staff has a hard time deciphering order tickets, have a restaurant with more than one prep station, or want to cut down on your physical paper usage.

You work hard for your business’s money, and your checking account should honor that with great perks, low fees, and helpful banking features. We ruled out the mediocre banks and only included business checking accounts with features and rewards that stood out from the rest.

If you are required to file a tax return, you must report all income. Even if you didn’t receive a Form 1099-K in the past, you should have reported the taxable income you received through Venmo, PayPal, and other cash app transactions on your tax return. The new rules under the American Rescue Plan simply make sure that this income is reported. For tax year 2024, if you receive over $600 in income through these sources, you will receive a Form 1099-K and a duplicate form will also be sent to the IRS.

If you are self-employed, you are still responsible for paying taxes. However, your taxes won’t be automatically deducted every time a client pays you.
Instead, you will be required to file additional forms with your annual tax return and pay any taxes owed. In some cases, you may be required to estimate your tax liability and pay taxes every quarter.

Filing small business taxes for the first time can be intimidating. But with careful preparation, you can save time, reduce stress, and potentially save money by lowering your tax liability.

Small business taxes may include federal and state income taxes, payroll taxes, excise taxes, and self-employment taxes. Tax funds are then used by federal, state, and local governments to pay for programs such as Medicare and Medicaid, Social Security, and public schools.

You’ve decided to cash in on accelerated depreciation with cost segregation, but what are your next steps once the study is complete? How you claim this depreciation varies based on whether the study was completed the same year you purchased the property or if you had a look-back study performed later.