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Managing all of the different aspects of your small business is a complicated and challenging task, and taxes are particularly difficult. An accounting professional can provide you with advice on what type of business entity you should form and what accounting software is best for your business. An account will also help you with your [...]
Wed, September 26 2007 » Taxes » 1 Comment
Your earnings will be taxed according to your company’s business structure and income amount.
If your business is a sole proprietorship, you will report your business gains or losses on your personal income taxes. The form that you will need is your usual IRS Form 1040 with a Schedule C, Profit or Loss from Business, attached [...]
Wed, September 26 2007 » Taxes » 1 Comment
As a small business owner, it is important that you understand how the tax system works—it will have a direct affect on how much money you take home. Even if you choose to hire an accounting professional to prepare your taxes, you should know the general principals of taxation.
What Items or Expenses are Deductible?
Any assets [...]
Wed, September 26 2007 » Taxes, Tips » 1 Comment
For a single-owner LLC, you just need to add a Schedule C, “Profit or Loss from Business,” (available at http://www.irs.gov) and submit it with your tax returns. For a multi-owned LLC, you will need to file Form 1065, “U.S. Return of Partnership Income” (same as with partnerships). Furthermore, the members of the multi-owned LLC need [...]
Wed, September 26 2007 » Business Structures, Limited Liability Company, Taxes, Tips » 1 Comment
An S-Corporation’s earnings will pass through to your income taxes (no double taxation). However, you will have to maintain all the business records and comply with state regulations.
Owners of an S-Corporation pay FICA on shareholders’ salaries, but do not pay for distribution of profits and earnings. The S-Corporation shareholder does not pay self-employment taxes on [...]
Tue, September 25 2007 » Business Structures, Corporation, Taxes » 2 Comments
Tax Forms for Corporations
For informational purposes only, always consult your tax professional!
Your corporation will have to file separate taxes; a corporation will be viewed as a separate entity by the IRS and will pay taxes independently, so company earnings will be subjected to double taxation—one time at the company level, and another at the personal [...]
Tue, September 25 2007 » Business Structures, Corporation, Taxes » 1 Comment
You will report your business income or losses on your income taxes. The partnership must file an IRS Form 1065, which defines each partner’s share of profit and loss in the business, and an additional return each year. Furthermore, each partner must make quarterly estimated tax returns.
Tax Forms for Partnerships
This is a partial list of [...]
Tue, September 25 2007 » Business Structures, Partnership, Taxes » 1 Comment
Owners of sole proprietorships need to add IRS Schedule C, “Profit or Loss from Business,” to their personal tax return. Some owners opt for IRS Schedule C-EZ, “Net Profit from Business,” form instead.
Sole proprietors are also responsible for the Social Security and Medicare taxes for employer and employees. The owner needs to fill out IRS [...]
Tue, September 25 2007 » Business Structures, Sole Proprietorship, Taxes » 1 Comment
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