Does it seem like you’re always paying more in taxes than other small business owners do? If so, it’s likely because you’re missing out on deductions that help you offset your income and pay less taxes. If you fail to claim enough deductions, you will end up swimming in tax debt.
You know that financial health is the key to peace of mind. When your money is working for you, you can provide for your family and retire when you're ready. The system doesn't own you. Instead, you are in control.
There are a few differences between a traditional IRA and a Roth IRA, and it is important that you understand these distinctions when you are choosing your retirement savings platform. Both types of retirement savings accounts can be beneficial, and you should talk with an accountant or qualified financial advisor to make the decision based on the best tax savings strategies for your individual needs.
If you intend to deduct business travel expenses on your income tax return, you need to keep organized and adequate records. In the event of a tax audit, having proper documentation will ensure that you will be able to substantiate your deductions and get the tax savings for which you are eligible.
It's tax season, and small business owners are reminded how the business entities they choose determine the amount of taxes they pay. Also influenced by the type of business entity is the amount and type of tax records required for tax filing. Business owners have several options for forming a business entity. Whether you are starting a business or thinking about making a change to your structure, it's a good time to take a look at the options.
Did you work for yourself as an independent contractor or a sole proprietor in 2016? If so, you may owe self-employment taxes on your earnings. That's true no matter what your age – even if you're receiving social security benefits. Here’s why:
Your appointment with your tax preparation services is the next day, and you don't have any idea where your files are. You find yourself scrambling around to secure your records as you prepare for the meeting. You look on your computer, in drawers, and in countless files. You finally find some of your records and hope you have enough to get the job done. Sound familiar?
Does it seem like you’re always paying more in taxes than other small business owners do? If so, it’s likely because you’re missing out on deductions that help you offset your income and pay less in taxes. If you fail to claim enough deductions, you will end up swimming in tax debt.
If you're an officer or on the board of a community organization, you may wonder about the tax requirements that apply to your group.
Generally, an organization will not owe taxes if two things are true:
* It has registered as an exempt nonprofit organization with the IRS, and
* It has no business income from activities unrelated to its exempt purpose.
Did you recently start working for yourself? If so, you may owe self-employment taxes on your earnings as an independent contractor or a sole proprietor. That's true no matter what your age – even if you're receiving social security benefits. Here’s why: