Discover how small business tax filing varies by business type. Learn the different methods to prepare and file your taxes, whether you're a sole proprietor, partnership, or corporation.
Death, taxes, and childbirth, always inconvenient and usually painful! But I hope this article has helped relieve some of the pain from filing your LLC taxes. And remember, the secret to a long happy relationship with the IRS is timely compliance, knowing your liabilities, and which tax forms...
If you run two or more separate businesses, you’ll need to know how to file taxes for each one and how they will impact your personal tax return.
As an LLC owner, taking owner’s draws (simply transferring money from your business account to your personal account) is the simplest payment method, since you pay taxes on profits no matter which account they’re in. If you elect for S corporation taxation, you can add yourself to the ...
Taxes for bloggers should be handled as if you're running a small business. Here's my detailed guide on how to do taxes on blog income (and blog tax tips).
The first step in filing taxes for an LLC with no income is verifying your LLC’s tax classification. By default, a single-member LLC is considered a disregarded entity, and an LLC with two or more members is treated as a partnership. To be classified as a corporation, you would have ...
The topic of this book will be how to file your taxes and what options you have after that. This book will also discuss why some individuals pay more taxes than others and how it is determined who must pay what amount. This book will also cover a variety of methods for reducing the am...
The deadline to file a federal tax return for the tax year 2023 is April 15, 2024. While extensions can be granted for filing tax returns, taxes owed must still be paid by the original deadline to avoid interest and penalties. Contents: 1. What is income tax? Who is collecting the mo...
If any tax due date falls on a holiday or weekend, your taxes will be due on the next business day. If you’re in Massachusetts or Maine, where Patriots’ Day is observed, for example, you have until April 19 to file your taxes. Also, you don’t have to make the fourth payment ...
and they pay taxes at their ordinary income tax rates. Since the money comes to them free of corporate tax, S corp status preventsdouble taxationof any income or earnings from the corporation.2