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Understanding more about the payroll tax

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With so many little things to worry about as a small business owner, don't let the payroll tax scare you. Go out and hire a skilled CPA to work on your accounts and to calculate payroll for you so you don't need to try and do it on your own. If you can't hire a professional, at least go out and get a good program like QuickBooks to help you with all of your payroll necessities.

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Acquiring federal Tax ID number

finances19159348.jpgPart of starting up your business to be a legal and legitimate company requires you to fill out proper paperwork and many other things. One of the things you are required to do is to acquire a federal tax ID number. This number is used by the IRS to identify your business and to make sure you are properly regulated. They are commonly seen on official documents for the business like your w-2 statements and other tax filing forms.

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Preparing for small business taxes

mansmiling30396607.jpgThere are 2 surefire things in life, death and taxes. This quote is definitely true for small business owners that are faced with paying taxes every quarter and dealing with all of the small details that are required by the IRS and their accountant. To help you out with small business taxes, here is a simple guide to follow:

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Income tax deductions for home-based small business owners

figures19082355.jpgWorking from your home definitely has its advantages. You benefit from being your own boss and from being able to spend more time at home because there is never a commute to the office. Of course working out of your home is not without its drawbacks, but there are plenty of advantages that make running your small business from home a good choice. One such benefit comes at tax time. There are income tax deductions for home-based small business owners that can decrease how much you owe the government.

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Taxes for small business

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Paying taxes is something that almost everyone doesn't want to do, but is necessary to keep the business world moving. Running a small business requires a significant amount of attention be paid to taxes for many different reasons. Taxes can be a blessing and a curse to a small business and here is some more information on taxes for small business.

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Tax Considerations for New Businesses

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The new entrepreneur, even if he has previous experience in business as an employee or senior manager or executive of a large corporation, often has little more than a general awareness of legal and tax issues involved in starting up a business. The entrepreneur will be relying on his accountant and lawyer to recommend an appropriate structure and provide advice as to the tax implications. This article serves only a simple fact sheet to provide a basic starting point. Experts should certainly be consulted to provide any needed information.

Each type of business structure requires a different tax layout. The different tax treatment of different forms of enterprises can be a significant factor in choosing a business structure. These factors can be as important as liability concerns.

Continue reading "Tax Considerations for New Businesses"

Quarterly estimated tax for sole proprietors

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ole proprietors are required to file taxes a lot more frequently than most everyone else. Usually there is one time of year when people are stressing about filing their taxes. But for the sole proprietor filing taxes once a year would be a relief. They have to file their taxes quarterly.

They do not only do the once yearly, common filing of their taxes, they actually have to file their taxes FOUR times per year. Some people ask if they really have to pay these taxes all four times during the year. The answer to that question is yes, definitely. If they do not file them then they could get themselves into big trouble.

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Are all LLC members required to pay self-employment tax?

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Many LLC members ask the question of whether or not they are required to pay self-employment taxes. Although an LLC has great benefits in combining the limited liability of corporations and the tax benefits of partnerships, it seems that there are still some unclear parts about the taxes section of the company.

Old rules of LLC self-employment taxes:

It used to be that you did not have to pay self-employment taxes because you were considered a limited partner. If you were not a manager and if you would have qualified as a limited partner in a limited partnership then you were considered a limited partner in the LLC and you would not have to pay self-employment taxes. This made very good sense.

Continue reading "Are all LLC members required to pay self-employment tax?"

Limited Liability Company (LLC) - Basics:

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Limited Liability Company (LLC) - Basics:

Becoming a limited liability company is harder than just being a partnership or sole proprietor but its benefits will most likely pay off big-time in the end. A limited liability company combines the benefits of both a partnership and a corporation. By becoming a limited liability company you can get the best of both worlds.

Benefits of a partnership:

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Taxes for a small business

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Running your small business can be challenging enough, not to mention the burden of doing your small business taxes. Fortunately there are ways to make your small business taxes easier to do and easier to manage. The IRS provides information on their website for small and growing businesses and how to pay your business taxes. The IRS also has some valuable tips on getting small businesses off the ground with checklist for your business tax account. Tax deductions can be tricky and if done properly they will keep more money in your business tax account to pay quarterly taxes for the next year. The last thing you want is to misuse your business tax account and have problems with the IRS. Take time to find the best business team you can by hiring a good bookkeeper or accountant and making a thorough decision about paying your business taxes.

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How to prove tax claims as a small business

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If you are audited, you need to know how you can prove your tax claims of business expense write offs. Here are guidelines on how you can prepare for your audit and how you can prove the claims that you made on your tax forms.

1. Be prepared before you even hear about an audit
The best way to prove your tax claims of expense write offs is to be prepared to prove the legitimacy of your claims through proper and extensive documentation. Keep precise and complete records of all business expenses. Don't overlook the smallest expense that you make because you will need to back it up eventually. Keep copies of all invoices, all receipts, all contracts, every credit card statement, every check that is written, and every order that is made.
Don't forget to keep documentation of all of your income, also. While some tax audits will only require that you supply documentation for particular and specific items on your tax filing, there is one type of audit that will require you to prove and back up every single item on your business tax filing. You need to be prepared for this type of audit by keeping thorough and organized records that will be easy for you to produce in case they are asked for.

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Avoiding a tax time crunch


One thing all businesses must deal with is taxes. But taxes for a small business are more complicated than just doing your taxes at home - there are write-offs, special forms, and a wide range of things that need to be taken into consideration and can't be done at the last minute.

In order to avoid a tax time crunch, you should stay on top of your taxes and preparations all year long. This way, you will be prepared when the time comes. The following are some tips for helping you with your taxes so you can avoid the crunch.

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Tax considerations for small or home businesses.

Small or home businesses need to take many tax considerations. Small or home businesses need to be aware of the tax laws concerning the business. It is also essential to know what is deductible and to keep track of those deductibles. When running a small or home business, be prepared for tax time.

Small or home businesses need to be aware of the tax laws concerning the business. There are a few basics to tax laws for small or home businesses to be familiar with. All businesses except partnerships must file an annual income tax return. Partnerships file an information return. The federal income tax is a pay-as-you-go tax. You must pay the tax as you earn or receive income during the year.

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How to estimate your quarterly taxes


Once you become self-employed, even if this means opening up a small business, you are going to be in charge of having to pay self-employment taxes. These taxes, which represent the Social Security tax that employers must withhold is paid in addition to any other taxes, state and federal income taxes that you might owe at the end of the year. Something else that you need to know is that most people who are self employed pay their self-employment taxes on a quarterly basis rather than just paying it in one lump sum at the end of the year. But what you have to do will depend on a variety of factors and you should consult with a tax professional before making any final decisions about when you pay your self-employment taxes. If you pay your taxes in one lump sum at the end of the year you will not have to worry about estimating your quarterly taxes because you are going to know exactly what you owe in self-employment taxes. But if you need to pay your taxes quarterly you are going to need to estimate your self-employment taxes for the entire year.

Difficulty rating: Moderately difficult to difficult

Step one:
The first thing that you are going to need to do is to figure out your self-employment wages for the entire year. The best way to do this is to use a tax return from a previous year, basically you are going to figure out that year's taxable income and then base your tax payments on that year's income.

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How to account for depreciation when doing the taxes for your small business

How to account for depreciation when doing the taxes for your small business? Depreciation for your small business is much more simple than it would sound. Here is how it works.

For example you purchase a company vehicle for your business. Then of course the vehicle will lose some of its value by you simply driving it off the lot. When you look at the vehicle as an item that is an operational asset in your running business. Then you can see that as that vehicle is used, and depreciated until it no longer has value. This process of losing value with time and use is depreciation.

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What capital gains tax has to do with your small business?

What capital gains tax has to do with your small business? The capital gains tax affects anyone who invests in stocks, bonds, mutual funds, real estate or any other financial instrument. Here is some good information about what capital gains tax has to do with your small business. However, it is important to make sure to use an accountant for advice, planning and retirement.

Capital is the main engine of a growing economy. The idea of capital is more than just that of money, it is also the dollars invested in stock; it is also works into the definitions of other forms of physical investments.

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5 tips to find more business tax write offs

Nobody likes tax time, but the more business tax write offs you can find the better off your business is. While some business tax write offs are obvious many people tend to overlook the smaller expenses and when it comes to business expense a dollar here and a dollar there can add up over time.

Here are some tips to help you find those business tax write offs.

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How to organize for tax time now

Tax time is one of the most hectic times of every year, but if you follow these tips in getting organized before tax time you won't have the year end stress of trying to do everything at once.

Tip one:
Create the files that you need. Although this sounds really simple and it actually is many people do not do it because they overlook it or they put everything into one huge file. This is great if you only have a few items, such as pay stubs, but when you are organizing your tax records for a business you need to have multiple files to store all of your paperwork. If you itemize your deductions you should have a separate file for each deduction. You should also have a separate file for your business expenses, such as utilities, payroll, etc. Keep it all in one spot that is easy to access, such as in a filing cabinet or in accordion files.

Continue reading "How to organize for tax time now"

Tax Considerations for New Businesses

The new entrepreneur, even if he has previous experience in business as an employee or senior manager or executive of a large corporation, often has little more than a general awareness of legal and tax issues involved in starting up a business. The entrepreneur will be relying on his accountant and lawyer to recommend an appropriate structure and provide advice as to the tax implications. This article serves only a simple fact sheet to provide a basic starting point. Experts should certainly be consulted to provide any needed information.

Each type of business structure requires a different tax layout. The different tax treatment of different forms of enterprises can be a significant factor in choosing a business structure. These factors can be as important as liability concerns.

Continue reading " Tax Considerations for New Businesses"

Quarterly estimated tax for sole proprietors:

Sole proprietors are required to file taxes a lot more frequently than most everyone else. Usually there is one time of year when people are stressing about filing their taxes. But for the sole proprietor filing taxes once a year would be a relief. They have to file their taxes quarterly.

They do not only do the once yearly, common filing of their taxes, they actually have to file their taxes FOUR times per year. Some people ask if they really have to pay these taxes all four times during the year. The answer to that question is yes, definitely. If they do not file them then they could get themselves into big trouble.

Continue reading "Quarterly estimated tax for sole proprietors:"

Are all LLC members required to pay self-employment tax?

Many LLC members ask the question of whether or not they are required to pay self-employment taxes. Although an LLC has great benefits in combining the limited liability of corporations and the tax benefits of partnerships, it seems that there are still some unclear parts about the taxes section of the company.

Old rules of LLC self-employment taxes:

It used to be that you did not have to pay self-employment taxes because you were considered a limited partner. If you were not a manager and if you would have qualified as a limited partner in a limited partnership then you were considered a limited partner in the LLC and you would not have to pay self-employment taxes. This made very good sense.

Continue reading "Are all LLC members required to pay self-employment tax?"
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