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Posts by Kevin Payne

Banking 101

Does a Sole Proprietor Need an EIN?

As a sole proprietor, you typically won’t need an EIN. However, an EIN can provide multiple benefits, from easier tax filing to preventing identity theft.
Banking 101

EIN vs. ITIN vs. SSN: What's the Difference?

EINs, ITINs, and SSNs are all federal taxpayer identification numbers, but an EIN is for business taxes. Here's a deeper look at the key differences between all three.
Banking 101

Do I Need an EIN for my LLC?

Does an LLC need an EIN? It's generally a good idea. Here's how to obtain an EIN from the IRS, plus key reasons why an EIN benefits your small business.
Business Building

How to Adjust Your Prices for Inflation in 2022

Prices everywhere are on the rise, and your small business may need to follow suit to stay afloat. These are our top tips for how and when to increase your prices while maintaining customers.
Banking 101

What Is Profit First Accounting?

Profit First accounting is gaining momentum, and for good reason. Learn what it is, how it can benefit your business, and how Novo makes Profit First a breeze.
Banking 101

What Small Businesses Need To Know About The Balance Sheet

Here’s everything you need to know about the balance sheet for your small business, including why you need one and how to make one.
Business Building

The Most Common Types of Business Models and Why Entrepreneurs Need One

Ever hear of a business model and not know how to use it? These tips will help you determine which business model is best for your small business.
Banking 101

How To File Small Business Taxes As A Freelancer

Did you know that freelancers have to file small business taxes? If you’ve got questions, you’ve come to the right place. Here’s everything you need to know about freelancer taxes.
Novo is a financial technology company, not a bank. Banking services are provided by Middlesex Federal Savings, F.A.; Member FDIC.
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