How Private Company Structure Affects Your Tax Obligations and Bookkeeping Needs is something every business owner should understand before choosing a business structure or changing company types. A private company is a separate legal entity that owns its own assets, liabilities and profits, which changes how you pay tax and what records you must keep.…
Day: January 21, 2026
How PSI Affects Your Bookkeeping and Tax Obligations as a Small Business Owner
How PSI Affects Your Bookkeeping and Tax Obligations as a Small Business Owner depends on whether your income is treated as Personal Services Income (PSI) or as ordinary business income. When most of the income received is a reward for your personal efforts or personal skills, special rules can apply and change what you report…
