As a business owner or an individual, it is crucial to handle your finances and taxes with the utmost accuracy. However, managing your finances can be a daunting task, especially when you have limited knowledge and expertise in accounting. This is where a Certified Public Accountant (CPA) comes in handy.
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There are several benefits to filing your taxes early.
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What is tax planning? At a very basic level tax planning is looking ahead and determining your future tax liability to be and using that information to make decisions.
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Many small business owners know that they will need to pay tax at the end of each year. These taxes include employment taxes as well as federal taxes and state taxes yes the state has an income tax. However many people don’t realize that the IRS actually requires you to pay your tax in quarterly installments during the current tax year.
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There are three general stages that play into tax and financial planning: past, present, and future.
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There are several qualifications that must be met to qualify for the S-corporation status that are relatively easy to meet for most individuals. However, once the business meets the qualifications, there is still much to consider.
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Tax Tips Tuesday is a video series airing every Tuesday morning during tax season. Today's episode is on the home office deduction. If you have any further questions or need any tax or accounting assistance, please reach out. We would love to help you!
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Tax Tips Tuesday is a video series airing every Tuesday morning during tax season. Today's episode is on the home office deduction. If you have any further questions or need any tax or accounting assistance, please reach out. We would love to help you!
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Tax Tips Tuesday is a video series airing every Tuesday morning during tax season. Today's episode is on stimulus payments. If you have any further questions or need any tax or accounting assistance, please reach out. We would love to help you!
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Do you use a personal vehicle for business?
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Do you need to file 1099s?
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Many businesses hire workers for services as they grow and develop. However, in order to determine the pay and tax structure for these workers, the business must properly determine the worker’s status as either an employee or independent contractor. If a worker is misclassified as a contractor and the IRS determines that the worker is an employee, the employer will be assessed fines and penalties for failure to withhold taxes.
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The home office deduction and the personal vehicle expense deduction are available to sole proprietors, self-employed 1099 contractors, and single member LLCs. But what about partners and s-corp shareholders?
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There are many deductions and credits on the individual tax return. One of the biggest deductions is the standard deduction. However, if you have certain itemized deductions that in total exceed the standard deduction amount, you can take that higher deduction instead.
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What is Self-Employment Tax? Self-employment tax is a tax comprised of Medicare and Social Security taxes paid by self-employed individuals. This the same tax that is paid on salary-based income.
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A deduction for business use of vehicle is generally available for self-employed individuals.
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If you are self-employed or a partner in a business, you may be able to deduct certain expenses for the part of your home that you use for business as long as you use part of your home exclusively and regularly as your principal place of business for your trade or business.
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