The Top Tax Deductions for Your Small Business
It’s simple: The more tax deductions your business can legitimately take, the lower its taxable profit will be. In addition to putting more money into your pocket at the end…
LLC …… What are their taxes?
LLCs are pass-through entities that shield business owners from certain legal and financial risks. For tax purposes, most, but not all, LLCs are classified as partnerships or disregarded entities. When…
What Is an LLC – How to start an LLC and more!
The liability protection that LLCs receive makes it an excellent choice for many businesses. A limited liability company (LLC) combines elements of a partnership, sole proprietorship, and a corporation to…
How to avoid or reduce self-employment tax
Many new business owners cringe at the idea of paying an additional 15.3% of their hard-earned cash into self-employment taxes. The good news is, there are ways to reduce the…
Learn how to calculate self-employment tax
To calculate your self-employment tax, the first step is knowing your net earnings from self-employment. To calculate your net earnings, subtract your business expenses from business revenues. If the result…
When to pay self-employment tax
If you had self-employment income earnings of $400 or more during the year, you are required to pay self-employment taxes and file Schedule SE with your Form 1040, which is…
It’s here…Everything you need to know about small business
For many people, the term “small business” invokes images of a family-run local retailer with only a few employees. While operations like this are small businesses, so are a surprisingly…
New deadline! To register for an Economic Impact payment!
The deadline to register for an Economic Impact Payment using the Non-Filers tool is extended to November 21, 2020. The IRS urges people who don’t typically file a tax return…