Income Tax

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 of the year, the tax code provisions that govern deductions …

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 this is the case, an LLC does not pay state …

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 ensure that the company owners are not personally liable for …

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 amount you owe. Track all business expenses. Since self-employment taxes …

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 is less than the Social Security wage base. The calculation is simple. …

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 generally due by April 15 (now July 15, 2020). However, …

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 wide variety of other companies. Ask a business owner, a …

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 – and haven’t received an Economic Impact Payment – to …