Watch more How to Do Your Taxes videos: http://www.howcast.com/videos/422992-How-to-Pay-Taxes-on-Your-Small-Business Step 1: Make estimated tax payments Make quarterly estimated tax payments to the IRS if your total tax bill in a given year will exceed $500. Estimated tax payments are due 4 times a year on April 15, June 15, September 15, and January 15. Tip Pay self-employment tax if your annual net earnings will be $400 or more. Step 2: File a tax return File an annual income tax return. The form you use will depend on how your business is organized -- whether it is a sole proprietorship, partnership, corporation, or limited liability corporation. Tip Keep tax-related documents for a minimum of 7 years. Step 3: Pay excise tax Pay excise tax if your business engages in qualified activities. For example, excise taxes are levied on certain trucks and buses used on public highways. Step 4: Withhold employment taxes Withhold employment taxes from the salaries of your employees. Employment taxes include withholding, employer matching, and unemployment taxes. Depending on the size of your payroll, employment taxes are due weekly, monthly, or quarterly. Step 5: Pay sales tax Register with your state's tax department and pay sales tax if your business makes a taxable product. Sales taxes are due quarterly or monthly, depending on the rules in your state. Most services are exempt from paying sales taxes. Step 6: Pay additional state and local taxes Pay additional state and local taxes that are applicable to your business. Consult your local government offices or a tax attorney to determine whether you are responsible for additional taxes. Did You Know? In 2008, tax revenues in the United States represented 26.9 percent of the total gross domestic product.
Views: 85536 Howcast
Small Business Tax Tips to Maximize Your Tax Return: http://andrewshin.net As millions of small business owners get ready to file their taxes, they will be searching for exemptions that might be possible for their business. Luckily, there are many exemptions and credits that owners can take advantage of. By writing off certain expenses, a business owner can significantly reduce their tax burden and put the extra money towards growing their enterprise. First off, you must understand the difference between a credit and a write off. A credit is a dollar for dollar deduction from your taxable income. An exemption will qualify for only a percentage. Following is some useful small business tax tips that you can apply to help you maximize your tax refund. Auto repairs and mileage (1:20) -- Anyone in business has expenses relating to using a car. Unless your job is done from 100% cyberspace, you have to leave the house to meet with clients, network and pick up supplies. If your job is significantly sales oriented, this mileage can really add up. You can use a standard rate of 55.5 cents per business driven mile. That is not all though. If you use a newer vehicle, you can write off the additional depreciation related to your business expenses. Of course, if you use the car for both business and pleasure, you are only allowed to write off business miles. New business exemption (2:28) -- If you are a starting up a small business you are allowed to deduct up to $5000 for the first year that you are in business. This deduction is for things like supplies, utilities and repairs. This is for start ups only and only applies to the first year of your new business. You can either take the $5000 in a lump deduction, or you must deduct it in equal amounts over a period of 5 years. Bad Debts (3:39) -- If a customer stiffs you over a certain amount, you can claim it as bad debt and write it off. This bad debt deduction is only for products and is not for services. Interest (3:53) -- Most businesses do not start up without a little bit of financing. If you have a loan or credit card that you use, the interest on loans are completely tax deductible. Keep all your receipts in the event you get audited, so you can prove the charges were business related. Advertising and Promotions (4:54) -- Of course, this means big things like commercials, but it also means small things like business cards and stationary. If the item is used to promote your business, then it is tax deductible. The expenses of networking, like attending conferences and taking clients out to lunch are also deductible. If you are doing it to grow your business, then it is a deductible expense. If you started a new business and are getting ready to file your small business tax, your best bet is to talk to a CPA. There are virtually thousands of credits and exemptions that can be claimed for a new business. A CPA will be familiar with those credits and exemptions, so they will be able to maximize your refund. In addition, they will be able to tell you if certain things aren't allowed, of if your claiming expenses that are too high, and they will help you avoid the headache of an audit. To Your Success, Andrew Shin Blog: http://andrewshin.net Facebook: http://www.facebook.com/AndrewShin.Inc Twitter: http://www.twitter.com/AndrewShin7 http://www.youtube.com/watch?v=yqn9WemsOBQ
Views: 25381 imtips101
This video is focused on breaking down all the write offs and deductions that the self-employed person and business owners can and should take advantage of when filing their taxes.
Views: 92741 FreeTaxTips
If, after watching the video, you decide you want help filing we are currently accepting new clients. Check out our website, www.cpaonfire.com, or email us directly [email protected] Step by step instructions for filling out Schedule C on tax return. Schedule C is used to report business income or loss. By watching this video you can learn to either fill the form out yourself, or how to better organize your documents for your CPA to fill out. For more tax and accounting information visit our website at www.cpaonfire.com/
Views: 203381 Josh Bauerle
2012 is over and now it is time to wrap up your year end. It is better to get this done sooner rather than later, but it is always so easy to procrastinate. Why do small business owners procrastinate? Taxes seems to always take too long to do. Taxes are very fun to do. Smalll business owners are worried that they are going to have to pay more than they want to. Sitting down and doing your taxes takes time away from your business. Why should you get your taxes done early? Tax penalties are punitive and can be very high, especially for corporations. Understanding your taxes can help you become more strategic in some of your business decisions. Spend 40 minutes on some best practices to wrap up last year quickly, and set yourself up for success in 2013. This will make your wrap up for 2012 easier and less confusing. Plus it will set you up for 2013. Presented by BDO Accounting in Barrie with Tim Taylor and Marc Graham. Video link: http://youtu.be/vV6yU30KCPg If you like this video, check out: Analyzing Your Numbers: http://youtu.be/7DgZVCWLlHQ Small Business Exit Strategies: http://youtu.be/8EArIgFAJFQ Cold Calling Basics: http://youtu.be/8jJj8aMWbps Marketing Software That Grows Your Business: http://youtu.be/_ZbfOsrWGVY Who To Hire: http://youtu.be/l7Qe0fK-iqY Public Relations 101: http://youtu.be/Py2LSwsEgo4 Writing for the Web: http://youtu.be/L1IKO2_3WxU Starting Up Right : http://youtu.be/lDTKxhtcYcY Let Your Creativity Out: http://youtu.be/6G0ianP7cUM Benchmarking & Performance Management for Small Businesses: http://youtu.be/niYhhUna5CU Steps To a Super Slogan: http://youtu.be/fPUaG2jGluM Ecommerce 101: http://youtu.be/gHxaMsZRS8g Small Business Growth Strategies: http://youtu.be/Ax-gBLQOoiY Branding Basics Your Business Can't Live Without: http://youtu.be/Vs3N_HBoWvo YouTube's Powerful Tricks: http://youtu.be/-3Cd7_qyOTk New Product Development: http://youtu.be/MR-yDPQ0dhg Path of an Author: http://youtu.be/ZR-YK_JDZF4 Sales Storytelling: http://youtu.be/jPuS1Uh072I The HST Lowdown: http://youtu.be/1Ys4WJok60M Will It Fly? The Idea Tester: http://youtu.be/LngiA057LWg Amazing Customer Service: http://youtu.be/KNr8jMc-aJU Social Enterprise & Non Profit 101: http://youtu.be/FCANS_ijSQw Becoming A Networking Guru: http://youtu.be/bLIGCDZa7LA Increasing Your Profitability: http://youtu.be/qdNDNdMFZ-8 Customer Loyalty: http://youtu.be/gcsjHlRwGfs Twitter's Best Kept Secrets: http://youtu.be/sLn4SjBnagg Top 7 Legal Concerns of a Small Business Owner: http://youtu.be/IGjMpM_o-5w Make Your Home Business Fly: http://youtu.be/FHzIj-WhToY How To Use Blogging To Grow Your Business: http://youtu.be/rIh1oiF5XC0 Small Business Tax Preparation: http://youtu.be/vV6yU30KCPg Easy Website Best Practices: http://youtu.be/ecgG-2TWkXc Preparing For Change: http://youtu.be/YOf7U-u9AA0 Scaling A Small Business: http://youtu.be/X9IVgVnGe24 Lead Generation: http://youtu.be/3WrF54TVm9E 4 Conversations of a Leader: http://youtu.be/842ThTKrOJw Recruitment On A Shoestring: http://youtu.be/-t-g4jmCzHg Social SEO: http://youtu.be/m8hk8HVJH6c Build A One Page Business Plan That Pops: http://youtu.be/SdorfO5TLjE Small Business Accounting Basics That Save You Money: http://youtu.be/WQ7udRhEZQM Build Your Financials In Minutes: http://youtu.be/xI2aqeWs5dg Use IT To Ramp Up Your Business: http://youtu.be/Xt3owHIyhOE Get Business With LinkedIn (Really!): http://youtu.be/szYm9QMHbQ0 Get Customers To Pay & Collect When They Don't: http://youtu.be/erxisLE-Zu0 Employee Engagement (The Art of Employee Retention): http://youtu.be/ihQWVjm8EgQ Strategic Planning 2013: http://youtu.be/Fi1CVBpzbvI Market Research: http://youtu.be/WkqaURaG6SE The Top Free & Close To Free Marketing Tools That Work: http://youtu.be/WVUrKl13yuw
Views: 33583 CarlaLANGHORST
Are you new to small business? Our 'Tax basics for small business' videos are here to help! This series will explain more about how to better manage your tax, super and reporting requirements, including step-by-step instructions and link to resources. This short video helps to explain the differences between 'hobby' and 'business', and how tax applies to different business types. Find more smallbiz tax tips at https://ato.gov.au/taxbasicsvideos.
Views: 70191 Australian Taxation Office
This video explains how tax applies to overseas business transactions. For more information, visit http://www.ato.gov.au/TaxBasicsVideos
Views: 5654 Australian Taxation Office
Explains how GST works, when you have to register and what you have to do when you are registered for GST. For more information, visit http://www.ato.gov.au/TaxBasicsVideos
Views: 39735 Australian Taxation Office
This video explores the differences between a hobby and a business, how to determine whether you are in business and what it means to be in business. For more information, visit http://www.ato.gov.au/TaxBasicsVideos
Views: 37606 Australian Taxation Office
This video runs through what you need to consider and what you need to do when you sell or close your business. For more information, visit http://www.ato.gov.au/TaxBasicsVideos
Views: 12435 Australian Taxation Office
This video looks at what is an activity statement and what to do when you receive your statement. For more information, visit http://www.ato.gov.au/TaxBasicsVideos
Views: 17085 Australian Taxation Office
This video explains the expenses you can and can't claim as a deduction in your small business. For more information, visit http://www.ato.gov.au/TaxBasicsVideos
Views: 31485 Australian Taxation Office
Review of the Free IRS 2013 Tax calender for Small Business & Self Employ The link to get 5 free calenders is http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Tax-Calendar-for-Small-Businesses-and-Self-Employed Don't forget to subscribe to my channel
Views: 114 Bill Prater
Just started working for yourself? Find out about income tax and provisional tax the easy way, with this animated video from Inland Revenue.
Views: 77170 Inland Revenue (IRD) New Zealand
DOWNLOAD MY FREE TWITTER GUIDE: http://savvysexysocial.com/subscribe/ SUBMIT YOUR QUESTION FOR A VIDEO: tumblr : http://schmittastic.tumblr.com SUBSCRIBE TO THIS YOUTUBE CHANNEL: http://dft.ba/-SSSYouTubeSubscribe I'M A SOCIAL MEDIA FRENZY: twitter : http://twitter.com/savvysexysocial twitter : http://twitter.com/schmittastic facebook : http://facebook.com/savvysexysocial google+ : http://bit.ly/AmyGPlus tumblr : http://schmittastic.tumblr.com instagram : http://instagram.com/schmittastic ALL MY MARKETING LIFESTYLE CONTENT: http://savvysexysocial.com WHAT I DO: http://VlogBoss.com MORE VIDEO AWESOMESAUCE: http://youtube.com/schmittastic http://youtube.com/schmittasticjr http://youtube.com/vlogboss Triple S, ep. 191 Filming with a Canon T4i. Editing with Adobe Premiere Pro. // Got a question on Twitter this week. "Is the LLC still work getting?" - @frodograph It's a good question. Especially for those who are a one-man/woman business and don't really need to worry about paying anyone but themselves. But the fact is, there are great reasons to make it official for your business by filing for a corporation or LLC. So today, we discuss. 1) It's not just for the sake of being professional to others, but to yourself as well. It might take you some time when you first go off on your own to decide what you want your business to focus on and the type of clients you want, but as soon as you know you should get that business filed with your govenment. It does wonders for mindset and productivity of how you then treat that business, rather than the hobby it has been up until this point. You'd be surprised the people who have no other revenue streams, but their freelance business still gets treated like a hobby. You can't afford to lose out on the success that you deserve by having the wrong mindset and proper invitation to your clients: which is what you get in an official name and that document from your state. 2) It's actually not as expensive as you might think and also really doesn't change that much. I was afraid to take that first step because of how my tax filing would change and how much the actual cost of the filing would be. But turns out $150 later, I'm official and my taxes haven't changed too much as I'm a one-woman business (only hiring contractors that I don't have to provide benefits or full-time wages) so monetarily it is NOT that big of a deal. 3) You may have heard that an LLC is not for you. You have plenty of other options! If it turns out your business could be a little more complicated and/or you need different tax benefits, you don't have to do what everyone is telling you. The key is to make sure you speak with your attorney and accountant to figure out which one is best for you (you're going to have to hire them anyway, at least on an as needed basis for your business) so have them get acquainted with you now so they can give you direction that you need professional help with. Have you filed your business officially? How did things change for you? Share in the comments!
Views: 1474 Amy Landino
In this video you will learn about what deductions you can claim if you operate your business from home or if you have a home office. For more information, visit http://www.ato.gov.au/TaxBasicsVideos
Views: 39251 Australian Taxation Office
Watch Matthew Lesko get free tax advice from the IRS on the best way to write off your small business on your tax return. You only need 3 easy forms: Form 1040, Form 1040 Schedule C, and Form 1040 Schedule SE.. Call soon if you need help on any tax issue. The closer it gets to tax time the busier they become. I was 12 minutes on hold. But what the heck, a paid professional can cost you hundreds. This is FREE.
Views: 7334 Matthew Lesko
"Doing Business As" filings, often referred to as DBAs, can be cheaper than trademarking your company's name and are relatively easy to install. What they don't help achieve is a long-term solution to protection your company's intellectual property. Here's how to use a DBA to support your business most effectively. For more, visit www.markjkohler.com. Related: Taxes 101: How to Maximize Your Dining Write-Off http://www.entrepreneur.com/video/228750 Motorcycle Designer Roland Sands on Bikes, Branding and Building Success http://www.entrepreneur.com/video/226329 Watch more videos at: http://www.entrepreneur.com/video/ Follow Us On Twitter: http://entm.ag/EntTwitter Like Us On Facebook: http://entm.ag/EntFacebook Follow Us On LinkedIn: http://entm.ag/EntLinkedin Add Us To Your Circle on Google Plus: http://entm.ag/EntGoogleplus Subscribe To Our YouTube Channel: http://entm.ag/EntYoutube Buy Mark’s Educations Products Today! Link - http://markjkohler.com/product/ Subscribe now! https://www.youtube.com/subscription_center?add_user=MarkJKohler
Views: 13168 Entrepreneur
http://www.TaxElope.com Small Business Tax Service - How to do taxes for small business (Austin) (Texas) Lots of small businesses take advantage of a professional small business tax service to help them remain compliant with all issues in the U.S. tax code and to pay their tax bills correctly and on time. When you're looking around for the best tax service to help your work at home or other small business file annually, here are some popular tips from experienced entrepreneurs. The question is how to do taxes for small business? Well if you are in Texas, (Austin, Dallas, Houston, San Antonio) This can help your business. Knowledge and Experience You want to make sure that your tax preparer or tax service has individuals with a lot of knowledge about the U.S. tax code. Practical experience as a CPA or Enrolled Agent is preferable. Small Business Tax Service - How to do taxes for small business (Austin) (Texas) Find Someone like the Tax Elope That You Trust Your tax preparer has to be someone who you trust a good deal. This person not only has access to your Social Security number (unless you have an EIN), but is also privy to a lot more details of your financial life. It can seem intimidating letting someone from the outside into the particulars of your small business, so make sure that that person evokes a feeling of trust before you dig into your annual filing info. Small Business Tax Service - How to do taxes for small business (Austin) (Texas) Making Time for You Make sure that the small business tax service you choose has time to take you on as a client. Some smaller tax shops and even a few of the larger ones simply get overworked during the regular taxes and cannot easily accommodate new customers. This can cause problems when you need your taxes done on a specific deadline. Tax Shop Specialization Check whether the shop that you select for your tax preparing is set up to handle your specific type of business. Some tax preparers do better with businesses on the smaller side, and some cater to larger corporation type businesses. If you will be traveling to your tax shop with any frequency, you'll want to pick a location that easy to get to. See if your chosen tax services have offices in your immediate vicinity or somewhere close to your home office. Even though a lot of tax preparation can now be done by fax and over the phone, you may need to visit the shop to sign or for other important elements of preparation. Small Business Tax Service - How to do taxes for small business (Austin) (Texas) Small business Tax Service, Small business tax help, tax preparation for business, small business taxes,
Views: 455 Matthew Renteria
Are you new to small business? Our 'Tax basics for small business' videos are here to help! This series will explain more about how to better manage your tax, super and reporting requirements, including step-by-step instructions and link to resources. This short video explains what the series is about and how these videos can help you. Find more smallbiz tax tips at https://ato.gov.au/taxbasicsvideos
Views: 46087 Australian Taxation Office
This video looks at the different registration requirements for your business, such as Tax file number, Australian Business Number and goods and services tax. For more information, visit http://www.ato.gov.au/TaxBasicsVideos
Views: 47288 Australian Taxation Office
This is part 2 of a 2 part webinar series which describes how to use Outright to manage your small business finances and take the pain out of preparing your income tax filing. Outright automates much of the manual work associated with collecting your income and expense transactions and categorizing them into IRS-approved categories. Outright distills the information into a Schedule C Worksheet which corresponds directly to Form 1040 Schedule C which sole proprietors use to report their business income to the IRS. We will also be holding live Q&A on using Outright on March 7 at these two sessions: (1) 10am PT: www2.gotomeeting.com/register/520628218 (2) 1pm PT: www2.gotomeeting.com/register/448420610
Views: 2112 Outright
http://bit.ly/Wx85YD Download Expense Tracker App for Free -- http://www.taxorganizer.biz?affId=135911 For More Tax Help Videos Check Out -- http://ExpenseTrackerApp.net Tax Deductions & Write Off's You Need to Know About Your Small Business Tax Deduction rules on what you can and can't write off that will save you money on Taxes SUBSCRIBE to the Expense Tracker Channel to learn how to organize your business expenses so you can save your money on Taxes. Scott Estill is a Lawyer that specializes in helping you save money on big tax deductions. Whether you're an LLC, Sole Proprietor, S corporation or C corporation, Small business, Home business or big business these tips and tricks will benefit you. Be sure to down the Tax Organizer app available for iPhone or Droid, which help help you track and organize your expenses, leaving you better prepared for taxes.
Views: 527 ExpenseTrackerApp
DAYTON -- Many people just got their first paycheck of the new year and saw tax increases regardless of their income. The year 2013 is bringing many tax changes for individuals, but it's also bringing changes for local small businesses.Paradise Key Cafe has been around for nearly four years. Small business owner Larry Parr says many people, including himself, didn't realize the Social Security tax was increasing again and it will no doubt affect many of his employees. The additional 2 percent that's going to come out in Social Security is going to hit everybody pretty hard, said Parr. Many people were focused on potential hikes on income or inheritance taxes and didn't realize the temporary 2 percent reduction in Social Security was expiring. Wages continue to fall, expenses continue to climb, and in the case of that happening, what that does is leave less expendable income for those people to buy groceries, food, go out to restaurants and to do things they want to do to take care of their families, Parr said.It's just one of the changes people will see in 2013. For now, tax experts say people should start making preparations to file their 2012 taxes. The Community Action Partnership is offering free tax help to those people who have an income of $47,00 or less. John Bennett, Director of Communications with the Community Action Partnership, says this year families will be able to qualify for both the earned income tax credit and the child tax credit. Both of those which can be worth thousands of dollars in a refund to an eligible family, Bennett explained.If you need assistance, customers should bring the following to their appointment: W-2 forms; 1099 forms (interest, earnings as an independent contractor); Unemployment form; Proof of childcare payments and tax ID for the childcare provider; Social Security card for each dependent; Other IRS forms as appropriate; Last year's tax return (if available); Bank account and routing number for direct deposit; State-issued photo ID.For more information, click here.
Views: 96 WKEFandWRGT
http://www.setupacompany.co.uk - Running a limited company means you must filing certain documents each year in order to comply with the rules for maintaining your listing. The two main requirements are annual returns and annual accounts. This video looks at both of these requirements and how you can go about completing them.
Views: 7805 SetupaCompany
If you were unemployed part or of the year, will you still get a tax refund? I'm wondering if I should file my taxes. Will I get a tax refund if I was unemployed? The old saying was if you don't work, you don't eat. Today, we say if you don't work, you don't eat -- except for WIC and food stamps. If you don't work, you don't get a tax refund. If you have no income at all, you don't have to file your taxes, but you won't get an income tax refund. I worked part time, part of the year. If you worked at least part of the year and made less than $14,000, you'll probably qualify for the earned income tax credit. That comes back to you as a tax refund. I also received unemployment compensation. You have to pay income taxes on unemployment compensation. But unemployment doesn't affect the EITC. So I pay taxes on the unemployment but don't get a refund for it. It depends. If you lost your job part way through the year, your tax withholdings based on your higher income mean you're probably due a refund. I should get a lot of tax deductions for being unemployed. You can deduct job hunting expenses and the costs of trying to start your own business. And you don't have to pay income taxes on food stamps, Obamaphones and utility discounts for the poor. How nice that they give you a phone and don't take away money for the privilege. At least my severance package covers some of my living expenses now. You have to pay income taxes on your severance package. Then I'll have taxable income that could be used for a refund. At least you probably make so little that you could get free tax preparation help from the IRS or a non-profit group. And you could ask them to look over prior years of returns for deductions you missed, because you could get refunds for prior years. I really need that free money. It's your money. It was just a free loan to the Fed. I was starting to feel better for a moment. Thanks anyway.
Views: 7859 FamilyCheapskate
This video explains when you can claim travel expenses in your business. For more information, visit http://www.ato.gov.au/TaxBasicsVideos
Views: 19251 Australian Taxation Office
Download My FREE "4G Daily Marketing Plan" Here: http://www.mikehobbs.me/checklist Grab your free tax and business consultation Here: https://incitetax.com/free-tax-planning-sign-up/ In this interview we talk about How to start a Limited Liability Company and some of the LLC tax benefits you get for home business or small business entrepreneurs. This Guide to starting an llc is something that we recommend everyone go through even if you have not made any money yet. This process is as simple as starting an llc for dummies and if you are wondering: what is an llc? Look no further. Grab your free tax and business consultation here: https://incitetax.com/free-tax-planning-sign-up/ Connect With Mike Hobbs: Visit Mike Hobbs BLOG: http://whoismikehobbs.com Like Mike Hobbs on FACEBOOK: https://www.facebook.com/prosperwithmike Follow Mike Hobbs on INSTAGRAM: http://instagram.com/mikemhobbs Follow Mike Hobbs on TWITTER: https://twitter.com/mikehobbs For more tips on creating freedom from home subscribe to Mike Hobbs TV at: http://mikehobbs.tv Pick up Mike Hobbs "4G Daily Marketing Plan" so you can use to generate more leads in your online business here: http://www.mikehobbs.me/checklist -~-~~-~~~-~~-~- Please watch: "Why The Multi Level Marketing Failure Fate Is So High [Forbes Opinion] | Mike Hobbs" https://www.youtube.com/watch?v=ke5WrPJj43I -~-~~-~~~-~~-~-
Views: 41691 Mike Hobbs
Jay Brower, CPA, highlights key tax changes for 2013 and how they could increase your tax bill. Included in those changes are increases to the self-employment tax and a new tax on Medicare. Phaseouts for itemized and personal deductions have also been reinstated. You can find more tips on IneedaCPA.org/tax.
Views: 160 PaInstituteofCPAs
http://www.SmallBusinessAdvantage.com 888-604-2314 Get Taxbot today and start saving immediately! Are you a business owner perhaps a real estate or insurance agent or a 1099 salesperson or a home based business owner. If you're in the United States or Canada then we can show you how to get free government funding for your business. How? We're going to show you how to save ten thousand dollars on your business taxes this year. Taxbot was founded by Sandy Botkin, a CPA, Tax Attorney and former IRS trainer, and we believe that what you don't know it's costing you big bucks. In our opinion ninety five percent small business owners over pay their taxes every year. Why? You might ask, it's simple, lack of knowledge and tools. There are three things you need to know as a business owner. Number one, there are huge tax benefits available to you. The government wants you to succeed in business and passes good tax laws to help you. Most of you might know about a few deductions but chances are you are severely uneducated on the subject. If you think your accountant takes care of your taxes then I'm talking to you. Number two, there are strict requirements imposed by the IRS and the Canada Revenue Agency when it comes to recording your expenses so that they qualify as deductions. So when does a business expense become a deduction? When it's documented properly. Otherwise there can be strict penalties. Our guess is that almost everyone watching this video is not in compliance. Number three, there is an easy way and a hard way to turn your expenses into deductions. The hard way is tracking mileage with the clipboard or keeping a journal full of expense details. Here's a hint, most accounting software does not protect you against an audit. The easy way is using Taxbot, in just seconds you can capture expenses, store receipts, track mileage and turn them all valuable deductions. We want to invite you to take the thirty-day risk free Taxbot challenge. Over the next thirty days we bet that we can show you how to save five to ten thousand dollars this year. Taxbot is the fusion of simple education and easy to use tools. As part of the challenge we will send you eight, five-minute videos packed full of tax education that will change the way you do business forever. If you want, you can access all forty of our videos online during that trial period. But we're only asking you to commit watching eight videos in thirty days and we will send them directly to your email. You will also get access to Taxbot's easy to use web and mobile apps to help you track all your expenses and turn them into deductions. If you take this thirty-day challenge and don't save at least twenty times your monthly investment or if you're unhappy for any reason, simply call and we will refund your money. What are you waiting for? Take the risk free thirty day challenge and see if we can make your life a lot less taxing.
Views: 8654 Small Business Advantage
When your business engages a worker, you are responsible for correctly determining whether they are an employee or contractor and meeting the required tax and super obligations. This video will help you determine whether a worker is an employee or a contractor. For more information, visit http://www.ato.gov.au/TaxBasicsVideos
Views: 15474 Australian Taxation Office
On July 17, 2013 the House Committee on Small Business held a hearing titled, "The Internal Revenue Service and Small Businesses: Ensuring Fair Treatment." The only witness at the hearing was Acting IRS Commission Daniel Werfel, and the goal of the hearing was to examine how the agency selects, classifies and audits the tax returns of small businesses.
Views: 380 Rep. Chris Collins
Watch the full video of the live webinar on 5 tips to reduce your Canadian small business tax bill from Josh Zweig, CPA, CA, LPA, founder of LiveCA, Chartered Accountant.
Views: 2632 Josh Zweig
Business owners should review their tax position and evaluate any year-end strategies that may be available to legitimately reduce tax. Small Business Entities (SBEs) have greater access to year-end tax planning due to particular concessions that only apply to them.
Views: 231 Lewis Accountants
Natalie MacNeil interviews Lawyer Kyle Durand (http://www.kyledurand.com) about common legal questions that entrepreneurs have when structuring a business, filing taxes, and growing a brand and a company. For more inspiration and practical advice for your business and your life, come on over to http://www.shetakesontheworld.com to get free resources and weekly updates to help you soar. ***I am vlogging on behalf of Visa Business and received compensation for my time from Visa for sharing my views in this post, but the views expressed here are solely mine, not Visa's. Information and opinions are presented solely for informational purposes, and are not intended, nor should they be construed, as a substitute for legal, accounting or tax advice. You should consult an attorney or tax advisor for individual advice regarding your own situation.Visit http://facebook.com/visasmallbiz to take a look at the reinvented Facebook Page: Well Sourced by Visa Business. The Page serves as a space where small business owners can access educational resources, read success stories from other business owners, engage with peers, and find tips to help businesses run more efficiently. Every month, the Page will introduce a new theme that will focus on a topic important to a small business owner's success. For additional tips and advice, and information about Visa's small business solutions, follow @VisaSmallBiz and visit http://visa.com/business.***
Views: 2148 Natalie MacNeil
777 Taxes Inc. Canada. Contact us at: http://777taxes.com or 416-857-7570 Web Video Promotions by InvisionPro (http://invisionpro.com) About 777 Taxes: Our guess is, you did not start your company to become an accountant. And you need not to get a CA designation to succeed in business. We are here to help you with numbers and all that nasty paperwork. 777 Taxes Inc. is a "small business friendly" tax and accounting services company. And that means we love to work with small and medium-sized businesses. Here's what we can do for our clients: - Accounting and bookkeeping services (A to Z); - Tax consulting and tax preparation; - Preparation of Scientific Research & Experimental Development (SR&ED) tax credit claims forms; Additionally, we can: - Represent you before the CRA (Canada Revenue Agency) if needed; -- Resolve all kinds of other business, accounting and tax related problems. -- Work with you to develop your business and improve it; -- Help you develop a comprehensive business plan to obtain a loan; -- Review your investment portfolio and assess the risks; -- Help you promote your business through our network.
Views: 233725 Pavel Tishchevskiy
LEARNING OUTCOMES Compare the tax pros and cons of each form of business structure. Review IRS classifications of real estate investors. Understand passive loss rules for investors as well the basics about auto, travel, and medical expense deductions. Review asset protection and tax deduction strategies. Learn estate planning concepts and how to apply them to fit your family's current and future needs. Understand the tax ramifications of selling different types of property. --------------------------------------------------------------------------------------------------------- MAJOR TOPICS Asset protection and deception. Estate planning basics. Understanding practical applications of owning real estate, the benefits of rental real estate, considerations for maintaining business entities, and the tax implications of operating under various business structures. Review various methods to maximize deductions and minimize taxes. Review the prohibited transactions when using your IRA for real estate investing. Considerations for partnering and receiving money from others.
Views: 320 Millions Connect
IRS Schedule C, IRS Form 1040, IRS Form 1065, IRS Form 1120, IRS Form 1120S,Form 1127, tax.appeal.168, audiotaxhelp.com. Sole proprietorship, partnership, single member LLC, multi member LLC, C corporation and S corporation. IRS Form 7004, IRS Form 4868. Tax extensions. TAX AND FINANCE QUESTIONS URL: http://www.justanswer.com/finance/expert-a-anderson/
Views: 1027 SeaGold88
Form your company for just $49 and state filing fees! »»» http://re180.io/FormMyCompany Whether you already own a small business or are considering starting one, you may be curious about what your business entity options are and the pros and cons of each. In this article I'll explore the sole proprietorship—what it is, how to form one, and its advantages and disadvantages. Sole proprietorship defined A sole proprietorship is an unincorporated business entity owned by one person. The business is identified with and intertwined with you. In other words, there is no legal distinction between you and your business. Thus, when your business makes a profit, it is personal income for you. When your business incurs a debt, it is your personal debt. When your business is sued, you are sued. The one-owner requirement of a sole proprietorship gets a little more complicated for married couples. Prior to 2007, the Internal Revenue Service allowed married couples who lived in a community property state (there are nine—AZ, CA, ID, LA, NV, NM, TX, WA, WI) to treat their jointly owned business as a sole proprietorship rather than a partnership. Now, all married couples have this option provided: (1) the only owners of the business are the husband and wife, (2) both spouses materially participate in the business, and (3) both spouses elect to be treated as a sole proprietorship and file a joint return. How to form a sole proprietorship A sole proprietorship is the easiest business entity you can form. Since you and your business are one and the same there aren't any formalities you must follow to form it. You simply announce to the world that you are in business and presto! You are a sole proprietor. As long as you continue to call yourself a business, you are a business. Nevertheless, there are a few formalities you must follow to operate it. For example: (1) If your business name is not the same as your personal name, then you must register a d/b/a or fictitious name statement in the county or state where your business operates (2) If you sell products or services subject to sales tax, then you'll need a sales tax permit If you have employees, then you must obtain a Federal Employer Identification Number (FEIN) by filing IRS Form 2553. (3) If you work from your home, then you may be subject to certain zoning restrictions. (4) If you work from an office or deal with the public, then you may need to obtain a business license or permit. Advantages of a sole proprietorship Easy and inexpensive to form—A sole proprietorship is the least regulated business entity. There are no forms to fill out or fees to pay to legally establish your business. Just say that you're open for business and you are! Simple tax treatment—Because there aren't any business income tax returns to file, there is no concern with complex bookkeeping or double taxation. All your business income and expenses are reported on your personal income tax return (IRS Schedule C and IRS 1040). Few compliance formalities—When it comes to maintaining your business as a sole proprietorship there is very little for you to worry about: there are no corporate records to maintain, no meetings to hold, no minutes to keep, no resolutions to draft, and no annual reports to file. Disadvantages of a sole proprietorship Unlimited personal liability—You are personally liable for all of the debts, liabilities, obligations, and taxes of your business. Your personal assets can be taken from you to satisfy a judgment. Furthermore, if you have employees, you are personally responsible for any legal claim against your employee when they act within the course and scope of their employment. Fewer tax reduction opportunities—Because of the simple tax treatment you have fewer tax reduction strategies available to you. The result: you may pay higher taxes than you need to. As a sole proprietor you cannot take advantage of special business income tax rates or deductions. Difficulty obtaining capital— Whether it's finding human capital or financial capital, finding much-needed resources for a sole proprietorship is very difficult.
Views: 10312 reference180.com
It's tax season. If you don't have a good handle on your accounting, this can be a stressful time. Don't take proper accounting and tax planning lightly. It's a very important part of running a successful business. Don't get overwhelmed. There is help available. Make the decision to take your tax planning serious. Here are tax planning tips. • Consider using accounting software like QuickBooks to help keep track of your income and expenses. • Research to keep up to speed on new tax laws that effect small business. • Consult or hire a tax professional to make sure you get all of the deductions available for your small business. • Create a tax planning calendar to keep track of important dates and deadlines. • Review your tax structure of your business. Each business structure is taxed differently. Make sure your business structure is right for your business. There are changes in tax laws for 2013. Now is a good time to consult with a tax professional and put a strategy in place to prepare your business for the new tax laws and ensure a successful tax return. Harper Resource Group business coaching professionals are committed to putting a plan in place that will help you achieve your business goals. To set up an appointment for a free business coaching session, visit http://www.HarperResourceGroup.com.
Views: 132 Patricia Harper
This video discusses income tax deductions for photographers and their photography business. Meal deductions are discussed, and 50% vs. 100% amount deductions and what to consider for your taxes when traveling away from home. Purchase my sales tax guide here: http://niftyknowledgerocks.com/super-simple-sales-tax/ * Like any good lawyer, a disclaimer needs to be added: Unfortunately, it is impossible to give comprehensive tax advice over the internet, no matter how well researched or written. Before relying on any information given on this site, contact a tax professional to discuss your particular situation.
Views: 1235 Nifty Knowledge Rocks
Are you new to small business? Our 'Tax basics for small business' videos are here to help! This series will explain more about how to better manage your tax, super and reporting requirements, including step-by-step instructions and link to resources. This short video explains personal services income and how it may apply to you and your small business. Find more smallbiz tax tips at https://ato.gov.au/taxbasicsvideos.
Views: 24154 Australian Taxation Office
Many startup entrepreneurs and investors in the state of California are now starting to receive big bills in the mail for back taxes that they never expected to owe. In late December, California's Franchise Tax Board eliminated a deduction that had been available since 1993. This tax break was available to people who made money from selling stock they'd held in California-based small businesses for at least five years, as long as they reinvested their gains in other small businesses in the state. Essentially, it encouraged many people to repeatedly invest in small businesses — potentially a big deal for entrepreneurs and angel investors. Learn more here: http://goo.gl/ZX69F Subscribe to TechCrunch TV: http://goo.gl/eg167
Views: 206 TechCrunch