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Category: Business Taxes

Deducting IRS Mileage Rate vs. Gas Receipts for Business Expenses
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Deducting IRS Mileage Rate vs. Gas Receipts for Business Expenses

One deductible expense that most small businesses have in common is for vehicle expenses. There are two ways to calculate your annual car expense deduction. If you’re self-employed, meaning you’re sole proprietor, contractor, partner or member of an LLC, you have a choice between calculating the deduction with the standard mileage rate or by using […]

How to Write Off Expenses in a Sole Proprietorship
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How to Write Off Expenses in a Sole Proprietorship

One of the nice benefits of working for yourself as a sole proprietor instead of obtaining employment is the many opportunities to write off substantially more of the work-related expenses you pay. Writing off business expenses for your sole proprietorship can save you a substantial amount of money in income taxes. Before you start filling […]

Deductible Expenses for a Sole Proprietorship
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Deductible Expenses for a Sole Proprietorship

When you earn a living from operating your own business as a sole proprietorship, you will report your income taxes much differently than an employee does. The Internal Revenue Service will still expect to see your business income on a 1040 form, but unlike taxpayers who are employees, you will first report the income from […]

How Do I Pay Social Security Tax as a 1099 Contractor
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How Do I Pay Social Security Tax as a 1099 Contractor

If you earn a living doing contract work or as a sole proprietor, you will likely receive a 1099-MISC from every person and company that you do work for during the tax year. The income you earn that’s reported on a 1099-MISC isn’t subject to income, Social Security or Medicare tax withholding. However, this doesn’t […]

Ways to Keep Track of Self-Employment Tax for Sole Proprietors
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Ways to Keep Track of Self-Employment Tax for Sole Proprietors

To keep track of your self-employment taxes every year, and to avoid having to pay tax penalties and interest on it, you’ll need to be prepared to maintain accurate books and records and stay on top of all deadlines. This is because the self-employed aren’t subject to tax withholding, but instead must make up to […]

Tax Benefits of Leasing Properties for a Business
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Tax Benefits of Leasing Properties for a Business

A constant concern to all business owners is having sufficient funds available to pay operating expenses. To avoid the high costs of purchasing real estate and equipment, many businesses choose to lease the property instead. In addition to the conservation of cash and mitigating the risk inherent in making property purchases, there are also many […]

Do I Need to Issue a 1099 for Leased Business Equipment?
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Do I Need to Issue a 1099 for Leased Business Equipment?

Although the IRS’s main objective is to process tax returns and collect taxes – the is also charged with collecting various types of information returns that report a wide range of taxable and nontaxable payments that are made in the normal course of business. One of the more commonly filed information returns s Form 1099-MISC. […]

Deductible and Non-Deductible Business Expenses
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Deductible and Non-Deductible Business Expenses

The Internal Revenue Code (IRC) imposes a two-prong test that business owners must satisfy for every expense that’s deducted on a tax return – otherwise it’s treated as a personal expense. These two prongs require that an expense be ordinary in that it’s commonly incurred by similar businesses, and that it also be necessary or […]

Guide to Deducting Clothing Expenses in a Sole Proprietorship
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Guide to Deducting Clothing Expenses in a Sole Proprietorship

When you run a business as a sole proprietorship, you can reduce the income tax you’ll owe by taking a deduction for every expense that is ordinary for the type of business you operate, and necessary or helpful to running it. A business expense that may be deductible on your Schedule C this year covers […]

S-Corp Laws in Florida
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S-Corp Laws in Florida

Like many states throughout the country, Florida will recognize any valid S-Corp election that corporations make with the Internal Revenue Service. An S-Corp is purely a federal income tax designation that allows shareholders of a corporation to pay the income tax on corporate earnings in proportion to their percentage of ownership rather than have the […]

Tax Implications of Electing as an S Corp
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Tax Implications of Electing as an S Corp

If you run a small business and use a corporation or limited liability company, you may save more money in income taxes by electing to treat your business entity as an S-corp. There are some disadvantages to making tan S-corp election, but it always depends on the needs of your specific business since once the […]

Income Tax Rules for LLCs
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Income Tax Rules for LLCs

The limited liability company, or LLC, is one of the newer types of business entity that’s often referred to as a hybrid entity since it has offers the same shareholder liability protection as of a corporation but at the same time allows owners to pay tax as a sole proprietor, partnership or even a C […]

Do LLC Companies You Pay Rent to Need 1099-MISC Forms?
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Do LLC Companies You Pay Rent to Need 1099-MISC Forms?

Small business owners should be aware of all possible informational return filing obligations they have with the IRS in addition to their income tax returns. If you lease business property, you may have an obligation to file a Form 1099-MISC to report the rent payments you make to a limited liability company that owns the […]

Sole Proprietors & Employing Your Children
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Sole Proprietors & Employing Your Children

As a sole proprietor, you can operate a business without having to deal with the formalities of creating a separate legal entity, such as a corporation or limited liability company, and still hire employees — even if they are your children. However, there are a number of federal tax implications you need to consider when […]

LLC Majority Owner Income Tax Implications
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LLC Majority Owner Income Tax Implications

The income tax implications of using a limited liability company, or LLC, for your business are very different than most other types of business entities. The IRS doesn’t tax all LLCs in the same way. Instead, it allows members to choose from various income tax treatments. Both majority owners and other LLC members are taxed […]

When to File Schedule C for Your Business
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When to File Schedule C for Your Business

Schedule C Form The IRS Form 1040 Schedule C is an attachment to your tax return you use to report self-employment income. For purposes of filing a Schedule C attachment, self-employment income includes your net business earnings from a sole proprietorship and the income you earn as an independent contractor on a 1099 form. But […]

Tax Deductions for Business Leases
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Tax Deductions for Business Leases

A constant concern to all business owners is having sufficient funds available to pay operating expenses. To avoid the high costs of purchasing real estate and equipment, many businesses choose to lease the property instead. In addition to the conservation of cash and mitigating the risk inherent in making property purchases, there are also many […]

How to Reduce Self Employment Taxes
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How to Reduce Self Employment Taxes

Self-employment covers all activities you engage in to earn money by providing services as an independent contractor, through a business you operate as a sole proprietor or because of your interest in a partnership that carries on a trade or business. As a result, you’ll need to calculate your self-employment tax obligations each year, but […]

The Effects of Taxes on Businesses
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The Effects of Taxes on Businesses

Effects of Taxes on Business Entities Most, if not all, businesses throughout the country must pay taxes on their net earnings, with the most significant being the federal income tax. Businesses, however, are subject to different rules than individual taxpayers when preparing their returns. In some cases, the requirement to file and pay tax depends […]

Enroll in EFTPS Before Tax Deadline
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Enroll in EFTPS Before Tax Deadline

Why Enroll in EFTPS The IRS makes paying your taxes much easier if you enroll in its Electronic Funds Tax Payment System, also known as EFTPS. Once you enroll, your business can schedule its federal income and excise tax payments up to 120 days before the tax deadline. Individuals on the other hand can schedule […]

How to File a Single Member LLC Tax Return
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How to File a Single Member LLC Tax Return

Single Member LLC Tax Returns When you create a single-member LLC to operate your business, you have some flexibility in choosing how to treat the LLC for tax purposes. Since you are the sole member, the IRS will disregard the LLC and automatically designate it as a sole proprietorship for federal income tax purposes. This […]

What Are the Corporate Tax Rates
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What Are the Corporate Tax Rates

Corporate Tax Rates When you operate a business using a corporation, the IRS treats it as a separate taxpayer that is subject to the corporate tax rate rather than the personal income tax rates you use on your own return. However, similar to the taxable income you calculate on a 1040, the corporate tax rate […]

501(h) Lobbying Limits
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501(h) Lobbying Limits

Internal Revenue Code 501 governs how organizations can obtain federal tax-exempt status with the IRS. The IRS only approves tax-exempt status for organizations that operate as a nonprofit. However, even when organizations obtain tax-exempt status, the IRS can still revoke it if the organization violates IRC 501(h). Section 501(h) limits the amount of money that […]

Explanation of Exempt & Non-Exempt
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Explanation of Exempt & Non-Exempt

For income tax purposes, “exempt” and “non-exempt” refer to an organization’s obligation to pay federal income taxes. Most organizations are non-exempt since they solely operate to earn profits. However, the minority of organizations that do operate for a purpose other than to earn profits may qualify for be tax-exempt status, which means they have no […]

What Are Bad Debt Expense Deductions
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What Are Bad Debt Expense Deductions

Deductible Business Bad Debt Expense A deductible business bad debt expense refers to any loan or extension of credit you make in your trade or business in the capacity of an employee, which you are unable to collect. These types of uncollectible bad debt expenses are deductible on your federal income taxes, but only if […]

Single Member LLC Tax Return Options
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Single Member LLC Tax Return Options

Single Member LLC Tax Return If you operate a business as the sole member of a Limited Liability Company (LLC), there are a number of single-member LLC tax return options available. However, there is no such thing as an LLC-specific federal income tax return. An LLC is a hybrid entity that utilizes the pass-through taxation […]

Can an LLC Be a Tax-Exempt Controlled Entity?
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Can an LLC Be a Tax-Exempt Controlled Entity?

Section 501(c)(3) of the Internal Revenue Code allows the IRS to designate certain types of organizations as tax-exempt entities if they engage in certain types of nonprofit activities that benefit the public at large. However, there are restrictions that affect a limited liability company’s, or LLC’s, eligibility for tax-exempt status, as well as those entities […]

What Does EFTPS Stand For
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What Does EFTPS Stand For

EFTPS Electronic Federal Tax Payment The Internal Revenue Service’s Electronic Federal Tax Payment System (EFTPS) allows both business and individual taxpayers to make any federal tax payment such as income tax, estimated tax payments, employment and excise taxes. There is no fee to use EFTPS, but you must enroll with the IRS before you can […]

Expenses You Can Write Off as an LLC Consultant
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Expenses You Can Write Off as an LLC Consultant

Many taxpayers are able to support themselves working as a self-employed LLC consultant. If you make even a small amount of money during the year from consulting new business owners on the legal implications of using an LLC structure, there are a number of write-offs you can take on your income tax return to reduce […]

Do I Need a 503(C) to Accept Donations?
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Do I Need a 503(C) to Accept Donations?

Neither the Internal Revenue Service nor other agencies of the federal government can interfere with an organization’s ability to solicit donations. However, for the agency not to charge tax on the value of a donation or give the donor a way to take a deduction for it, your entity must satisfy all requirements for tax-exempt […]

Can I Take a Bad Debt Deduction?
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Can I Take a Bad Debt Deduction?

When you make a loan that’s not paid back or are unable to collect outstanding invoice in your business, the tax laws sometimes allow you to take a bad debt deduction. If and how you take the bad debt deduction depends on whether it relates to a business, an investment or a personal loan. Under […]

Is a Schedule SE Required When a Schedule C Is Filled Out?
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Is a Schedule SE Required When a Schedule C Is Filled Out?

The IRS uses the Schedule SE form to calculate and report the self-employment taxes non-employees are liable for paying. Although all taxpayers pay these taxes that fund the Social Security and Medicare programs, a Schedule SE is unnecessary when you are employed since your employer must withhold these taxes from your salary. But if you […]

Tax Write-offs for Sole Proprietors
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Tax Write-offs for Sole Proprietors

If you’re a sole proprietor, you can write off all expenses that relate to your business, provided each one satisfies the Internal Revenue Code’s “ordinary and necessary” requirement, meaning the expense is helpful to your business and is the type that other businesses commonly incur. However, there are certain tax write-offs that sole proprietors commonly […]