One of the best ways to reduce taxes for your small business is by hiring a family member. The Internal Revenue Service (IRS) allows for a variety of options, all with the potential benefit of sheltering income from taxes. You can even hire your children. For example, if your b...
Small business owners. Self-employed taxpayers who file Schedule C or Schedule F. Independent contractors. For rideshare service providers, mileage from home to pick up thefirstpassenger and the drive home after thelastdrop off arenotdeductible. Only the tripsbetween the first business stop and the...
Why small business owners should think about taxes year-round Strategic tax planning sets up small business owners for success, putting them in the best possible position for growth. Here are some of the key benefits of thinking about your taxes year-round. Strategic tax planning mitigates your ...
President Barack Obama as of October 2011 to impose more taxes on the wealthy and its impact on small-business owners. The value of itemized deductions for wealthy individuals will also be ...
Every small business owner seems to wince, cringe, or flinch at those two words. Some even do all three. But, tax season doesn't have to be painful.Just imagine all those deductions you can get back for your business. Plus, with a few tips to streamline your taxes, you may even ...
obligations to pay federal, state, and sometimes local taxes. While business owners often hire an accountant or other tax professional to deal with these matters for them, having a basic understanding of the tax system can head off a lot of problems. That's especially true with payroll taxes...
WithTurboTax Live Business, get unlimited expert help while you do your taxes, or let a tax expert file completely for you, start to finish. Get direct access to small business tax experts who are up to date with the latest federal, state and local taxes. Small business owners get access...
When you’re an employee, your employer withholds taxes from your paycheck. But as a business owner, you have to pay tax yourself. Business owners typically need to make quarterly estimated tax payments to the IRS. If you expect to owe $1,000 or more in taxes for the year after subtract...
Plan for business taxes from day one to ensure accuracy and reduce the risk of tax penalties down the line. Disponible en español 8-minute read What every small business owner needs to know about quarterly taxes Business owners generally have to pay estimated taxes after the end of ...
As a small business owner, taxes can really impact your bottom line. But, with some planning, you can lower your tax bill and keep more of your hard-earned profits. Here's how in 10 easy steps. 1. Keep complete business records