Business Taxes

Can I Deduct My Home Office On My Business Tax Return?

Yes, if you use part of your home exclusively and regularly for business purposes, you may qualify for the home office deduction. This applies whether you own or rent your home. The space must be used as your principal place of business or a place where you regularly meet clients or customers. You can calculate... [Read More]

What Records Should I Keep For Business Tax Filing?

Maintaining detailed and organized records is critical for accurate business tax filing. At a minimum, you should keep copies of income and expense reports, bank statements, invoices, receipts, payroll records, and any forms filed with the IRS. These documents provide support for deductions and income reported on your return. Digital bookkeeping software like QuickBooks or... [Read More]

Do I Need To Make Quarterly Estimated Tax Payments?

Yes, if you are self-employed or operate a business that does not withhold taxes from your income, you are generally required to make quarterly estimated tax payments to the IRS. This includes income from freelance work, rental properties, dividends, and business profits. The payments are due in April, June, September, and January of the following... [Read More]

What Expenses Can I Deduct As A Small Business Owner?

As a small business owner, you can deduct a wide range of expenses that are considered both ordinary and necessary for operating your business. These include office rent, utilities, supplies, marketing costs, travel expenses, and employee wages. You may also deduct depreciation on business equipment and mileage if you use a personal vehicle for business... [Read More]

What’s The Difference Between An LLC And An S Corporation For Tax Purposes?

An LLC (Limited Liability Company) and an S Corporation are two common business structures that offer different tax advantages and legal protections. An LLC provides pass-through taxation by default, meaning the business income is reported on the owner’s personal tax return. S Corporations also offer pass-through taxation but allow business owners to classify some income... [Read More]

5 Steps To Take Before You Prepare Your Taxes

Tax Planning and Prep Work Can Save You Time And Money Gather all the annual tax documents you’ve received that record your taxable income and deductible expenses, most of which will arrive by the end of January. Collect all your receipts and organize them by category if you itemize your deductions. Ask your tax preparers... [Read More]

What Are 3 Basic Tax Planning Strategies?

There are a number of ways you can go about tax planning, but it primarily involves three basic methods: reducing your overall income increasing your number of tax deductions throughout the year taking advantage of certain tax credits Read FAQs on Business Taxes – Read FAQs on Personal Taxes.

As An Employer Withholding Payroll Taxes, Do I Need to Issue W-2 Forms to My Employees?

Yes, employers who withhold payroll taxes issue Form W-2 to employees. Now, the IRS has introduced the Form 1099-NEC just for reporting independent contractor income (officially known as “non-employee compensation”). So if you work with contractors and your business paid those contractors more than $600 each in a tax year, you’re required to file Form... [Read More]

When Do I Need to Issue a 1099-NEC?

When Do I Need to Issue a 1099-NEC? If you pay someone $600 or more for services during the tax year, you have to issue a 1099-NEC. This does not include payments for products.

If I Were Sick For Covid, Can I Get A Tax Credit?

Self-employed and with COVID-19 If you are self-employed who, due to COVID-19 were unable to work or you cared for someone with COVID-19, you can claim refundable tax credits. According to the IRS, you can file a form 7202 if you: Conduct a trade or business that qualifies as self-employment income, and Are eligible to... [Read More]