Search results “Filing taxes for a small business” for the 2014
Filing Taxes for the First Time as a Business Owner
My experiences filing my taxes myself, what I learned and what you can expect!
Views: 7666 Kaye Chambers
IRS Webinar: Small Business Owners  Get All the Tax Benefits You Deserve
Please Subscribe for more videos. Please comment with any questions and like. Small Business Owners: Get All the Tax Benefits You Deserve - Webinar (June 18, 2013) Find out about allowable IRS tax credits, deductions and more that small business owners may be able to take advantage of. Webinar Description: Learn about business expenses and deductions What is a business depreciation deduction? Find out which business tax credits are available for your business Get the latest facts about the American Taxpayer Relief Act What are the qualifications for the Earned Income Tax Credit? Link: http://www.irsvideos.gov/GetAllTheTaxBenefitsYouDeserve/
Views: 41503 Joan Ferreira
What Tax Forms to File as a First-Time Business Owner -- Small Business Tax Tip
http://www.nchinc.com/ As a new business owner, taxes are probably the last thing on your mind. But since there's no getting around them, here is some basic information about the forms you'll need to file as a new business owner. In general, the form you must use to file your business taxes is determined by the type of business you have organized. Some business owners choose an LLC that has a lot of flexibility when it comes to filing taxes. They can be taxed like a sole proprietor, partnership, or even like a corporation. If you are the only member of your LLC, then you will be automatically treated like a sole proprietor. Most multiple member LLCs will be treated like a partnership. If you intend to be classified as an S Corporation, you need to complete Form 2553. If you are organized as a C Corporation or S Corporation, you should file a Form 1120 or Form 1120S, respectively. For more information on small business taxes, contact a Nevada Corporate Headquarters representative at 1-800-508-1729.
Avoid Paying Taxes Legally!!! The Power of A Home-based Business
Chinaza Duson, Small Business Tax Strategist, is also a highly sought after Tax Strategist empowering thousands w/advice on why the MUST own a homebased business. Now! Connect with me and START a legitimate homebased business TODAY: http://www.workwithcoachchi.com Chinaza Duson | 404.464.6733 | [email protected] www.certifiedtravelconsultant.com - my business of choice Text Chinaza to 40691 1st Email: [email protected] | 404.464.6733 | 2nd Email: [email protected] | 404.229.5566 - Secondary | NOT only am I #homebased business strategist, a certified tax preparer. I am a National Diamond Council Team Leader in Paycation Travel. We have the perfect vehicle to help you maximize on these amazing tax breaks I speak on here! Contact me today to get started http://www.browngirlgone.com ---- (travel blog) http://www.goodgirlstravel.com (the best tax deductible business) http://www.truthinduced.biz (www.yourtaxgirl.com)
Views: 289716 Chinaza Speaks
LLC Tax Filing Rules -- Small Business Tax Tip
http://www.nchinc.com/ Immediately after you create a Limited Liability Company, or LLC, the IRS automatically treats your business as a partnership, but only for income tax purposes. LLCs that are subject to the partnership tax rules are not responsible for actually paying the tax on business earnings, but are responsible for preparing annual partnership tax returns on IRS Form 1065. However, if you are the sole owner of the LLC, then you must pay tax on business profits as if you were a sole proprietor. If you prefer the tax filing rules of a corporation, then you have the option to elect corporate tax treatment by filing IRS Form 8832 or Form 2553 to be taxed as an S Corporation. As a result, the business is solely responsible for reporting all income and deductions on Form 1120 or 1120S each year and paying the appropriate income tax by the deadline. Keep in mind, once you make this election, you cannot change the LLC designation again for five years. For more information on small business taxes, contact a Nevada Corporate Headquarters representative at 1-800-508-1729.
IRS Webinar: Avoiding the Top Tax Mistakes that Small Businesses Make
Avoiding the Top Tax Mistakes that Small Businesses Make - Webinar (June 20, 2013) Poor recordkeeping and a failure to recognize all items that constitute gross receipts, otherwise known as taxable business income, are two of the major pitfalls businesses need to be aware of. Small business owners also need to avoid common tax schemes and unscrupulous tax preparers. Learn about all the top mistakes small business owners often make and how you can avoid them Webinar Description: Tips to avoid common mistakes with your business taxes Good recordkeeping strategies What is reportable income? How to carefully choose a tax preparer Helpful Tax Information Resources Link: http://www.irsvideos.gov/AvoidingTheTopTaxMistakes/
Views: 3285 Joan Ferreira
How Do I Pay Myself in a Single-Member LLC? - All Up In Yo' Business
Learn more about 180 Law Co. LLC by visiting http://180lawco.com. One question that I get asked quite often, because it’s a really good question, is how the owner of a single-member LLC is supposed to pay him/herself. There are two possible answers to this question, depending on how the LLC is taxed. Unless the LLC elects otherwise, a single-member LLC is considered a “disregarded entity” and all of the income to the LLC is treated as income to the business owner, and is all subject to self-employment tax. So basically, the owner of a single-member LLC can pay himself however and whenever he wants, keeping in mind a few important considerations: 1. Make sure you are prepared to pay taxes. Since the LLC is a disregarded entity, if the business earns $100k but you only “pay” yourself $50k, you are still going to be responsible for paying all of the taxes, including self-employment taxes, on the full $100k. (For simplicity’s sake, I am pretending there are no deductions or anything.) So you need to set aside enough money to make sure you can cover your taxes. 2. The business has to remain adequately capitalized. This means that you need to keep enough money in the business to cover all your overhead, debts, bills, salary for employees, etc. You should also leave some extra “padding” for possibly building up your business, purchasing equipment, and whatever else you may decide to do with your business. In the books, any payments to yourself should be recorded as “Member Distribution” or “Member Withdrawal.” If the LLC elects to be taxed as an S Corporation, on the other hand, you have to be paid a “reasonable” salary. Self-employment taxes will only be paid on that salary rather than on the full amount of profit the business earns. Any money that the business owner takes above that reasonable salary is considered a dividend and won’t be subject to self-employment taxes. To learn more about S Corporations, watch my earlier video What the Heck is an S Corporation at http://youtu.be/i5to7Da3wMw?list=UUNh7tqEn68tf0oOfq4NsFsg If your LLC is not taxed as an S Corp, you don’t need to put yourself on payroll, since those member distributions aren’t treated as normal payroll. If your LLC is taxed as an S Corp, then the salary you earn can be part of your payroll, and any additional dividends will be separate from that. Whether or not you elect to have your LLC taxed as an S Corp and how to handle and record the money that you pay yourself is an important conversation that should be had with your accountant, bookkeeper, & attorney. Doing it the “right” way can help minimize your tax liability and can make your life (and that of your accountant) much easier come tax time. Contact Aiden: (720) 379-3425 and [email protected] Thumbs up & subscribe if you want more AUIYB! Follow Me! IG: @allupinyobusiness Twitter: @_AllUpInYoBiz Snapchat: @AllUpInYoBiz www.facebook.com/180lawco www.google.com/+aidenkramerlawAUIYB www.pinterest.com/AUIYB The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by 180 Law Co. LLC, with its principal office located at 50 S. Steele St., Ste. 250, Denver, CO 80209. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with 180 Law Co. LLC or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice. All Up In Yo’ Business® is a registered trademark of 180 Law Co. LLC. © 180 Law Co. LLC. All rights reserved.
Views: 280186 180 Law Co. LLC
Business Tax Extension -- Small Business Tax Tip
http://www.nchinc.com/ If you need more time to complete your business tax return, you can request an extension of time to file your return. However, even with an extension, you must estimate how much you owe and send in that amount by the due date. Otherwise, the IRS can invalidate your extension. For Corporations or Limited Liability Companies that use a calendar year, your due date is March 15th. Most business tax returns can be extended by filing Form 7004 by the original due date of the return. The IRS may hit your business with costly penalty and interest charges if you underestimate your taxes, file your return late, or do not furnish certain information by the due date. We assume your business entity is a calendar year taxpayer. In the event you are a fiscal year taxpayer, remember to adjust your due date. For more information on small business taxes, contact a Nevada Corporate Headquarters representative at 1-800-508-1729.
Reduce Your Taxes By Starting A Business
Reduce Your Taxes By Starting A Business Supercharge Debt Elimination Part 4 To take action now, go to http://billmoist.us In this series: • Part 1 is how the average American will never get out of debt with $230,016 in debt and take home pay of only $42,434-- http://bit.ly/superchargep1 • Part 2 is the strategy to paying off debt early even if you don't increase your payments-- http://bit.ly/supercharge2 • Part 3 is eight different methods available through WakeUpNow to enjoy massive savings that can be used to pay off you debt in half the time now scheduled-- http://bit.ly/supercharge3 • Part 4 is "Reduce Your Taxes By Becoming A Business Owner" You may not have heard of this strategy before. That's because the vast majority of our education teaches us to get a good education and then get a good job. This thinking creates the highest paying taxpayer. This is good for the system, but not good for you. As a CPA with a Master Of Science in Taxation, I encourage you to study and implement this strategy. The W-2 Wage Earner pays the highest ordinary tax rates plus his share of FICA tax rates of 7.650% with few business deductions of any benefit. However once you become a business owner there is a whole world of expenses that reduce taxable income and the related income tax. You see now many of your expenses can now become business tax deductible. Its crazy to entertain and travel and not be able to deduct those expenses. Here are 15 Small-Business Tax Deductable Expenses to illustrate: 1. Auto expense 2. Equipment, furniture, and supplies 3. Professional, legal, and association dues 4. Expenses to start or expand your business 5. Professional publications and software 6. Gifts and advertising 7. Home office 8. Telephone and internet 9. Education and training 10.Bad Debts 11.Interest on loan 12.Entertainment and travel 13.Taxes and Social Security 14.Insurance 15.Charity As you can see there is a world of tax-deductible expenses available to the business owner not available to the wage earner. With these additional tax savings and reduced income taxes snf use the tax savings to pay off your debts in less than half the time as we discussed before. You might be thinking you will not be able to keep up with all your expense receipts. We got you covered. One of the powerful tools included with our Platinum WakeUpNow package is TaxBot. This is the coolest way to photograph and categorize your expenses with your smart phone. Now you can throw away your receipts. No more piles of receipts. Get your TaxBot and "Reduce Your Taxes By Starting A Business" at http://billmoist.us. Seek competent tax advice from a CPA to make sure these items apply to your situation. If you found this video helpful, Like, Share, of leave questions for "Reduce Your Taxes By Becoming A Business Owner/ Supercharge Debt Elimination Part 4. To take action now, go to http://billmoist.us
Views: 1875 Bill Moist
IRS Webinar: Business Taxes for the Self Employed  The Basics
Please Subscribe for more videos. Please comment with any questions and like. Business Taxes for the Self-Employed: The Basics - Webinar (March 29, 2011) Learn the basics about reporting profit or loss from a business or profession. Other topics discussed include: estimated tax payments, self employment tax, Schedule C, husband and wife businesses, business expenses and recordkeeping. Learn about: Reporting profit or loss from a business or profession Self employment tax and estimated tax payments Schedule C and C-EZ Deducting business expenses Husband and wife businesses Recordkeeping Link: https://www.irs.gov/uac/newsroom/business-taxes-for-the-self-employed-the-basics
Views: 22475 Joan Ferreira
How I Organize My Business Finances, Taxes, etc. (THE BASICS!)
I hope you enjoy this beginner's overview into small business finances / legal stuff / taxes. Be sure to look into Quickbooks which has been an absolute lifesaver for me! QUICKBOOKS: http://bit.ly/22KBbIG MENTIONED ▸ quickbooks | http://bit.ly/22KBbIG WHAT'S NEXT ▸ subscribe to my youtube channel | http://bit.ly/21HvTw7 ▸ check out my blog | http://hollycasto.com ▸ sign up for my emails (& get free stuff!) | http://eepurl.com/cj-F_b FOLLOW ▸ instagram | http://instagram.com/hollycastocreative ▸ twitter | http://twitter.com/hollycastoblog ▸ pinterest | http://pinterest.com/hollycastoblog WORK WITH ME ▸ design services | http://bit.ly/1VQyT5H MY FAVES ▸ etsy - open a shop + get 40 free listings | http://etsy.me/1QIHcRk ▸ shopify - try for free for 14 days | http://bit.ly/1R5hebt ▸ printful - for order fulfillment + shipping | http://bit.ly/1N6nTvQ ▸ quickbooks - for simple bookkeeping | http://bit.ly/22KBbIG ▸ squarespace - for starting a blog or website | http://bit.ly/1i0Rbjp ▸ canva - free graphic design website | http://bit.ly/1fqI5sq DISCLAIMER ▸ This is NOT a sponsored video. ▸ Some affiliate links are used, which means that I earn a small commission if you click the link and make a purchase.
Views: 56019 Holly Casto
Business Taxation part 1 of 4: Tax Updates for Entrepreneurs and Other Porfessionals
UPOU,Faculty Manegement and Development Stuides,Simplified Acounting for Entrepreneurs
Views: 33226 UP Open University
Income Tax -- Small Business Tax Tip
http://www.nchinc.com/ All businesses except partnerships must file an annual income tax return. Partnerships file an information return. The form you use depends on how your business is organized. Speak with your tax consultant to find out which returns you must file based on the business entity established. The federal income tax is a pay-as-you-go tax. You must pay the tax as you earn or receive income during the year. An employee usually has income tax withheld from his or her pay. If you do not pay your tax through withholding, or do not pay enough tax that way, you might have to pay estimated tax. If you are not required to make estimated tax payments, you may pay any tax due when you file your return. For more information on small business taxes, contact a Nevada Corporate Headquarters representative at 1-800-508-1729.
Filling out IRS Schedule C for the 1040
For Self-employed, Independent Contractors (Sole Proprietorship), the "Schedule C" is your friend. You don't need a degree in Accounting. It's basic math - how much did your business make minus how much did your business spend equal net profit (or loss). Understanding the nuances of it will help you best keep track of your expenses so you can decrease your tax liability.
Views: 33882 Contractor 911
Earned Income Tax Credit -- Small Business Tax Tip
http://www.nchinc.com/ There is a tax credit that 1 in 5 eligible workers often overlook. It’s the Earned Income Tax Credit or EITC. The EITC has been helping low- to moderate-income workers by giving them a boost to their income. You may qualify for it if you worked any part of last year and earned generally $52,000 or less. Exactly how much the credit will be depends on your income, family size and other factors. It’s important to get it and get it right. If you earned $52,000 or less from wages, self employment or farming, see if you qualify for the Earned Income Tax Credit. You might qualify for EITC this year even if you didn’t in the past. Workers who qualify for EITC must file a federal income tax return and specifically claim the credit to get it, even if they do not have a requirement to file a return. To learn more, contact a Nevada Corporate Headquarters representative at 1-800-508-1729.
Tax Tips for Sole Proprietors
Sole proprietors can utilize a wide range of tax savings techniques. You can claim many of the same expenses and deductions as corporations. Watch this video to find out more. Follow us on Twitter - https://twitter.com/Madan_CA Like us on Facebook - https://www.facebook.com/MadanCharteredAccountant Add us on Google Plus - https://plus.google.com/u/1/108551869453511666601/posts Download any of our free eBooks available on our website: http://madanca.com/free-tax-secrets/ (Including Tax Tips for Canadians, Personal Tax Planning Guide for Canadians: 2014 Edition and 20 Tax Secrets for Canadians) https://www.youtube.com/watch?v=dG_TOExHRss Timeline: 00:45 -- Take advantage of non-capital losses 01:06 -- Pay wages to family members for income splitting 01:32 -- Claim relevant expenses to your business 02:02 -- Consider incorporating your business Disclaimer: The information provided in this video is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided in this video.
Views: 15240 Allan Madan
Tax Deductions for Charitable Giving -- Small Business Tax Tip
http://www.nchinc.com/ Most small businesses make charitable donations. In fact, surveys have shown that about 75 percent of small business owners donate some portion of their profits to charitable organizations each year. In order for your donation to be deductible, it must go to a nonprofit group that is approved by the IRS. To write off any cash contributions, no matter how small, you need a canceled check, bank record or a receipt with the charity's name and donation amount. There's also a limit on how much you can deduct. The basic rule is that your contributions to public charities, colleges and religious groups can't exceed 50 percent of your Adjusted Gross Income, and you can't write off a contribution to the extent that you get something in return. Remember, required to keep excellent records of their charitable contributions. Your records must indicate the name of the charitable organization, the date of your contribution, and the amount your contribution. To learn more, contact a Nevada Corporate Headquarters representative at 1-800-508-1729.
How to Write Off Business Losses On Your Taxes
http://www.GaryDNelson.com Call (918) 258-2779 Writing Off Business Losses - When you get together with your accounting professional to do your business taxes, remember you can deduct your company's losses on your taxes -- provided that you meet certain requirements. In this video Gary D. Nelson gives you an introduction to how to write off your business losses on your taxes.
Views: 3740 Gary Nelson
Small Business Tax Audit | What to Do If Your Small Business is Audited by the IRS
http://gregorytaxlaw.com/small-business-tax-audit/ Small Business Tax Audit Free Consultation: 1-888-346-5470 www.gregorytaxlaw.com 0:05 Small Business Tax Audit 1:05 What the IRS Will Do 1:17 Your Companies Assets Can Be Seized The IRS has announced that they are increasing their number of small business audits. This marks a shift in focus for the IRS who largely focused their efforts and resources on larger companies. For the small business owner, this means a greater likelihood of an IRS audit. The problem is that most small businesses have the same tax issues as larger businesses, but don't have the resources to employ a full time team of tax attorneys and tax professionals to handle their disputes with the IRS. When faced with an IRS audit, small business owners often make one of two critical mistakes: (1) attempting to represent themselves; and (2) ignoring the problem. Federal tax issues are very complicated. There are literally thousands of pages of codes and regulations that set out our country's tax laws. Additionally, there are tens of thousands of court cases interpreting these laws. As if that wasn't enough, dealing with the IRS presents its own challenges. Needless to say, the laymen will quickly find themselves in over their head and can often do themselves more harm than good. Ignoring the IRS is not a smart move either. Many people don't realize that pursuant to US tax laws, the IRS is deemed to be correct if they determine that you have underpaid your taxes. This means that the burden of proof is on you! By doing nothing and ignoring the IRS, they can determine a deficiency, make an assessment against you and your business, accrue interest, and collect the deficiency by filing liens and levies against your personal and business assets. These actions can cost small businesses their working capital, deny them use of their physical assets, and destroy their credit for future financing. Deborah Gregory is a former IRS attorney. For over 12 years Mrs. Gregory saw firsthand the devastating financial and emotional effects that an IRS audit can have on businesses and individuals. Seeing the need in the marketplace for a competent tax attorney that can help small businesses and individuals with their IRS problems, Mrs. Gregory created her own boutique law firm. Now, Mrs. Gregory gives small business owners access to the highest quality legal representation without the expense of maintaining an in-house tax staff. Mrs. Gregory handles your tax problems so you can get back to what you do best, run your business. Don't fight the IRS, let a former IRS attorney fight for you. The Law Office of Deborah Gregory, PLLC offers a free consultation with Mrs. Gregory. To schedule your free consultation, please call us toll free at (888) 346-5470. If you would like Mrs. Gregory's "Top 10 Tax Tips Video Series" click below: http://gregorytaxlaw.com/top10taxtips/ Small Business Tax Audit Small Business IRS Audit Small Business Audit http://www.youtube.com/watch?v=ldcs_5Li_bo
How to Avoid Taxes ... Seriously
Free Training To A Brand New High-End Career (limited time only 2018) https://www.besthighendcareer.com/webinar How to do taxes as a college student? How do taxes work? What are some of the best ways to avoid taxes? What does it mean when someone writes off something in their taxes? Keep mind, I summarized a lot of stuff that is not "perfect" by the books, but if you don't make a lot of money, you'll likely not get audited for grey area deductions such as cell phone, and office room rent. The #1 internship marketplace exclusively for college students and new grads ➡ http://www.wayup.com/refer/engineeredtruth ⬅ https://Facebook.com/EngineeredTruth https://Twitter.com/EngineeredTruth https://www.instagram.com/EngineeredtTruth/
Filing Federal Income Taxes -- Small Business Tax Tip
http://www.nchinc.com/ When it's time to file a federal income tax return for your small business, there are various ways you can do it, depending on whether you run the business as a sole proprietorship or use a legal entity such as an LLC or corporation. Before filling out any tax form to report your business income, you should have all records in front of you that report your business earnings and expenses. You always need to report your business earnings to the IRS and pay tax on them, but choosing the right form to report earnings on depends on how you operate your business. Also, be aware there are different filing deadlines. When you use a Schedule C, it becomes part of your Form 1040 and therefore, no separate filing deadlines apply. It is generally subject to the same April 15 deadline. If you need to file a Form 1120, you must file it by the 15th day of the third month following the close of the tax year, which for most taxpayers is March 15. You cannot send this form to the IRS with your personal income tax return. For more information on small business taxes, contact a Nevada Corporate Headquarters representative at 1-800-508-1729.
Do I Have To Pay Tax On Landscaping Business Income?
http://www.lawncaremillionaire.com - Learn about paying tax on landscape business income. Video discusses Sales Tax, Income Tax, Payroll Tax and more. The question is that an individual asked this business owner and this person owns a small business if he had the correct licensing and if he paid taxes on his gross recepits. This individual says, " I never knew I had to pay taxes for this work." I'm going to explain several things about this. He goes on to say if he pays tax, it will really damage his business. He also is asking about if he has licensing and insurance. I'm going to try and answer this question with some details.
Views: 11054 Lawn Care Millionaire
Reducing Your Self-Employment Taxes -- Small Business Tax Tip
http://www.nchinc.com/ If you're self-employed, you'll usually have to pay higher Social Security and Medicare taxes, collectively known as self-employment taxes, than if you were an employee of a company. One way to help avoid these higher taxes is to organize your business as an S-corporation. Whether you're self-employed or an employee, you'll have to pay Social Security and Medicare taxes to the government. When you work for someone else, you're only responsible for part of these taxes, while your employer pays the balance. However, if you're self-employed, you have to pay both portions of this tax. If you organize your business as an S-corporation, you can classify some of your income as salary and some as a distribution. You'll still be liable for self-employment taxes on the salary portion of your income, but you'll just pay ordinary income tax on the distribution portion. Depending on how you divide your income, you could save a substantial amount of self-employment taxes just by converting to an S-corporation. For more information on small business taxes, contact a Nevada Corporate Headquarters representative at 1-800-508-1729.
How to Prepare the Tax Return for a Sole Proprietorship in less than one hour
Step by step demo of how to prepare the tax return of a sole proprietorship in less than one hour. Disclaimer: This is a free educational demo intended primarily for educational purposes. If you use this demo to prepare your taxes you agree to not hold Sanz Virtual Enterprise and its affiliates liable for any errors you commit and any consequences arising from such errors. Consult all current tax laws and seek proper interpretation of those laws when preparing your taxes at all times.
How to Pay Quarterly Estimates Online
Welcome to Abacus CPA Trucking Online video resources! This video will walk you through step by step on how to pay your quarterly estimates to the IRS online. Thanks for watching and good luck making your payments!
Views: 7352 Abacus Trucking
How to Organize Receipts for Your Small Business
The key to successfully and consistently organizing your receipts is to lay a strong foundation from the start. Particularly, you want to follow an approach that simplifies tax deduction calculations, ensures you're audit-proofing your business and most importantly, is a sustainable way to keep your financial documents in one place. In this webinar, you'll learn to: - Use the cloud to store and manage your receipts - Create a filing structure to maximize tax deductions - Audit-proof your business in a sustainable way For more helpful tips, check out our blog at: http://blog.hubdoc.com Have a question about this Webinar or Hubdoc? Never hesitate to reach out at [email protected]
Views: 18400 Hubdoc
Business income (Schedule C)
Business income (Schedule C) After alimony, you'll have to report any business income or losses you may have. If you have a small business, you should report your income and losses separately on Schedule C or Schedule C-EZ. So if you have a small, unincorporated business, you should fill out one of these schedules. For example, if you're a college professor and do consulting work during the summer, you should fill out Schedule C. You also should fill out Schedule C if you work at home as an Avon Lady, for example. Although Schedule C businesses can be large enterprises, most Schedule C operations are small. They might even be something like a hobby. Hobbies and Schedule C Suppose, for example, that you like woodworking. You've got some tools in your shop, and you sell your products at local arts and crafts fairs. You may think that you've only got a hobby that pays for itself through your sales, but you also might have a business. What you probably should do is report your sales on Schedule C, and then deduct the cost of materials and equipment on Schedule C as well. If you start doing this, you may find that your business actually generates a loss. This loss flows from your Schedule C into your 1040, and reduces your taxable income, resulting in tax savings to you. So a Schedule C business can reduce your taxes, and after the Tax Reform Act of 1986 it's one of the few ways to really cut your tax liability. In fact, I've seen a number of books that tell people that they should turn almost any hobby into a Schedule C business. They say, for example, that by starting a so-called fishing "business", you can write off that big yacht that you just bought. This is probably stretching it. Hobby loss rules The IRS is aware of the potential for abuse of Schedule C businesses, and the IRS has so-called hobby loss rules to prevent people from continually writing off hobbies that are masquerading as businesses. There are several provisions about the hobby loss rules, but the main one is that you should show a profit in your business for three of five years. If you don't, and can't otherwise prove that you're trying to make a profit, you won't be able to fully deduct the expenses in your enterprise. Also, by starting a Schedule C business, you'll probably increase your chances of an audit. The IRS audits about 1 percent of all taxpayers, but it audits nearly 4 percent of Schedule C filers. So although some people advise you to turn any hobby into a tax-sheltering small business, and others counsel you to avoid these enterprises completely, I'd advise a middle course. If, for example, you're already employed but are interested in free-lancing, by all means seek out jobs and file a Schedule C. Keep records of your expenses and report your income. Also try to separate your business money from your personal money. And if you happen to do something you enjoy, who cares? That shouldn't be against the law. And who knows, the enterprise that you started as a side business may grow into your full-time job, or it might be a life saver if you lose your regular job. Copyright 1996, David Luhman.
Views: 2382 TaxHop.com
Tax Filing Tips for Small Business Owners from a #GuardianCPA
The Affordable Care Act and extensions of certain business tax incentives can effect small business tax obligations. A #GuardianCPA highlights these issues. More on IneedaCPA.org/tax. Special thanks to #GuardianCPA Jerry Maginnis.
Views: 418 PaInstituteofCPAs
How to do Self-Employed Tax Return in Canada
This video educates the viewer on the general subject of Canadian Income Tax Return preparation for the Self-Employed individual. The instructions that appear on the right side of the screen are also available at: http://ontariotaxmen.ca/self-employed.htm along with the Tax Return file that was prepared in this video.
Views: 10256 ontariotaxmen
Tax Year  -- Small Business Tax Tip
http://www.nchinc.com/ When you start your own business, knowing the income tax implications of your decisions can save you money and headaches. Do you know when your tax year is? You must figure your taxable income on the basis of a tax year and file an income tax return. A "tax year" is an annual accounting period for keeping records and reporting income and expenses. If you have never filed an income tax return, you adopt either a calendar tax year or a fiscal tax year. You have not adopted a tax year if you merely did any of the following. Filed an application for an extension of time to file an income tax return. Filed an application for an employer identification number. Or paid estimated taxes for that tax year. If you file your first tax return using the calendar tax year and you later begin business, you must continue to use the calendar year unless you get IRS approval to change it. For more information on small business taxes, contact a Nevada Corporate Headquarters representative at 1-800-508-1729.
How do I pay tax as a business in Australia?
Listen to Westpac SME State GM for Vic/Tas give you an understanding in quick 2 minutes, of how to pay tax as a small business owner in Australia.
Views: 1297 Westpac Banking
How to File Taxes on your Home Based Amazon Business!!!
http://adventuresontheriver.com/ - This website was built to teach you step by step how to earn a full time income from home using Amazon!!! We are going to use a story scenario and talk about how to file taxes on your new home based amazon business. The IRS accepts a "contemporaneous" log one that is written immediately at each purchase point, and has a sewn binding to prevent later page additions/deletions. You can buy them at most stationary stores/departments. Make sure you don't leave any blank areas on any pages. Keep records of your mileage there, too. related search terms: as small business sell amazon how to start your own business from home amazon business modle percent of book business amazon control amazon local business login amazon business model ppt daily business breakfast news read amazon customer service number business amazon how to start a home car detailing business wall street amazon business warehouse news amazon business history business web super services read amazon will amazon put walmart out of business how to start a small business from home rewards gold business amazon card prime how to start a small business at home business read amazon publishing news posted amazon tepper business sscholl case competition amazon web services transfer redshift business business envelopes amazon how to start home business how to start a work from home business news business amazon markets shares yield will amazon go out of business business news amazon union practically workers amazon business pay back amazon business phone number quicken home and business amazon how to start a cake business from home how to start a home bookkeeping business how to start a home based business how to start a home delivery business how to start an online business from home how to use amazon and ebay for business how to start a home soap-making business business and human rights amazon uk amazon online business model how to file taxes on home based business
Views: 10143 zerofatzreturns
How to Fill Out Form 1065 for Partnership Tax Return
This video will show you the basics involved with form 1065 for partnership tax returns. I highly recommend hiring a qualified CPA to do this for you, but this video will help if you want to give it a try yourself or if you just want to understand the form better to make tax time easier. If you are looking for a CPA we are currently accepting new clients and work with entrepreneurs from anywhere in the US. If you are interested please email us at [email protected] or see our list of services on our website at cpajdb.com.
Views: 109249 Josh Bauerle
Top Startup Mistakes: Messing Up Taxes
Watch the latest from New Venture Mentor: "How to Beat Your Bigger Competitors in Attracting and Retaining Top Talent" https://www.youtube.com/watch?v=b4OD44N7a6k --~-- Some of the top tax mistakes that new entrepreneurs make when filing for their startups or small businesses. See the full post here: LINK Are you an entrepreneur or aspiring entrepreneur who needs help turning your fabulous idea into a profit-generating startup or small business? Visit www.CateCosta.com for more tips to help you take the first step. Need personalized help? Make an appointment http://goo.gl/sr4M7b. New clients get 50% off the first session.
Views: 453 Cate Costa
How to Save Tax Receipts
You don't need to keep paper receipts for the IRS. Scanning your receipts to keep an electronic copy is just as good for them and can simplify your recordkeeping. http://www.llcwizard.com/how-to-save-tax-receipts
Views: 16841 LegaLees
Small Business Vehicle Tax Write-Off
Laura from Toyota of Bozeman shows you the 4 Toyota vehicles that qualify for a tax write off for the full purchase price for qualifying small businesses. Section 179 IRS Tax code read more here: http://www.lauradrives.com/small-business-bonus-write-off-vehicle-cost/ contact your CPA with specific questions. Laura can be reached by calling 406.548.5060 or email [email protected] LauraDrives.com
Views: 12132 Laura Madison
Taxation of an LLC
An LLC can choose how to be taxed based on what will be best for the company's bottom line. This choice needs to be made shortly (immediately) after you set up your LLC. Read more at http://www.legalees.com/llc-tax-election/
Views: 64546 LegaLees
IRS Webinar: Payments to Independent Contractors (Small Business)
Payments to Independent Contractors - Webinar (May 13, 2014) You don't need to be a tax expert when running a business, but knowing the basics helps you stay tax compliant so your business can thrive. Webinar Description: Payments to Independent Contractors Form 1099 filing requirements Backup withholding and how to avoid being liable for it CP2100 Notices for payee name/TIN mismatches
Views: 2007 Joan Ferreira
Towanda, PA Tax Services - Small Business Tax Return
Bradford City, Pennsylvania Small Business Tax Return http://www.totaltaxpros.com/ If you're looking for a Bradford County accounting firm to prepare your taxes or help you file back taxes, call Total Tax Service Inc. today. Our tax preparation services are designed to help you keep more of what you earn and to find ways to minimize your tax liability through careful tax planning strategies. Click here now for a free consultation http://www.totaltaxpros.com/contact_intro.htm Link to this video on Youtube http://www.youtube.com/watch?v=aI-GYxJ7CZQ&feature=youtu.be
Views: 20 Total Tax Services
IRS Form 941 - Employers Quarterly Federal Tax Return
IRS Form 941 - Employers Quarterly Federal Tax Return This payroll tax form is due at the end of each quarter. Every employer must submit this form to detail the payroll tax liabilities for the quarter. This is the form that the IRS uses to reconcile your payroll taxes so please make sure that it is correct. Step by step examples are given in the video.
Views: 55335 Karin Hutchinson
Avoiding Hobby Classification -- Small Business Tax Tip
http://www.nchinc.com/ The IRS allows you to take a tax deduction for legitimate losses incurred in the operation of your business. However, if your business claims a net loss for too many years, or fails to meet other requirements, the IRS may classify it as a hobby, which would prevent you from claiming a loss related to the business. If the IRS classifies your business as a hobby, you'll have to prove that you had a valid profit motive if you want to claim those deductions. Running a hobby as a business could very possibly trigger an IRS audit. If your business is legitimate, keeping accurate and extensive records could help prevent the classification of your business as a hobby. In addition, a written business plan is often a prerequisite for indicating intent for profit, and it can also show ways in which you are modifying your business to cope with losses. For more information on small business taxes, contact a Nevada Corporate Headquarters representative at 1-800-508-1729.
Paying workers - Superannuation: Tax basics for small business
This video explains how to determine whether you have a super obligation in your business and how to meet that obligation. For more information, visit https://www.ato.gov.au/TaxBasicsVideos
Small-Business Tax Tips - PICPA Money & Life TV
Ken Yoder, manager of corporate tax at ParenteBeard, discusses independent contractor vs. employee, the Affordable Care Act tax credit, and repair regulations.
Views: 233 PaInstituteofCPAs
Paying Estimated Taxes -- Small Business Tax Tip
http://www.nchinc.com/ Generally speaking, anyone who owes more than $1,000 in a given tax year, after subtracting withholding and refundable credits, is required to pay quarterly estimated taxes. Traditionally this applied to high income taxpayers because of revenues from sources such as interest, dividends or rent. Salaried individuals and those paid hourly wages typically do not pay estimated taxes. Their federal income taxes are withheld from their wages throughout the year by their employers. Self-employed individuals, however, are solely responsible for ensuring that their federal income taxes are paid at the right time. The IRS requires that individuals estimate what their total income tax for the year will be and divide it into four equal installments. The installments must be paid on April 15, June 15, September 15 and January 15, unless the 15th falls on a weekend or federal holiday, in which case the due date becomes the first business day following the 15th. For more information on small business taxes, contact a Nevada Corporate Headquarters representative at 1-800-508-1729.
Small Business Owner Fight New IRS Rules On Obamacare - Napolitano: Damnably Unconstitutional!!!
Small Business Owner Fight New IRS Rules On Obamacare - Napolitano: Damnably Unconstitutional!!!! Rep Issa Considers Contempt Charge Against Lois Lerner Black Caucus Wants Rep Issa Stripped Of Cmte Chairmanship - The Real Story ==============================­=========­=­=== **Please Click Below to SUBSCRIBE for More "Mass Tea Party" Videos: http://goo.gl/Z5ShLs ==============================­=========­=­===
Captive taxation issues and trends - IRS tax audits of small business 831(b) captive arrangements
Online webinar video highlighting hot captive tax topics today and increased IRS audit of small business 831(b) captive arrangements.
Views: 186 CaptiveExperts
Employment Taxes -- Small Business Tax Tip
http://www.nchinc.com/ The responsibility for payroll taxes continues even after paychecks have been issued to employees. Companies are responsible for paying their portion of payroll taxes. These payroll taxes are an added expense over and above the expense of an employee's gross pay. When you have employees, you as the employer have certain employment tax responsibilities that you must pay and forms you must file. Employers must deposit and report employment taxes. Employment taxes include the following: Federal Income Tax, Federal Unemployment Tax, Social Security and Medicare taxes. Employers also have requirements to file reports with various state and local agencies. Accurate and timely compliance is the key to avoiding payroll tax penalties. For more information on small business taxes, contact a Nevada Corporate Headquarters representative at 1-800-508-1729.
Business deductions - Depreciation: Tax basics for small business
This video explains what is depreciation and how to work out the amount you can claim on your business assets. For more information, visit https://www.ato.gov.au/TaxBasicsVideos
Small Business Tax Saving Ideas & Tips
If you run a small business, this video will help you reduce your tax bills. It contains some basic tips every small business owner can apply when completing their tax returns. Although the examples given are aimed at UK tax payers, a number of countries around the world, e.g. USA, Australia, India, etc. have similar tax legislation to the UK and therefore the video may also be helpful to non-UK tax payers.
Views: 1100 S Najam