People who choose to work for themselves tend to like a certain amount of independence. It takes a lot of gumption to cut ties with the traditional 9-5, and the kind of person willing to take that leap is usually in search of an independent lifestyle. But, it’s hard to be truly independent when you’re chained to […]
How you handle your recordkeeping and taxes can make a big difference in your success as a small business owner. Make sure to avoid these common tax mistakes small business owners make:
The deadline for filing 2014 extended corporate and partnership tax returns is Tuesday, September 15, 2015. If you took an extension to file your corporate or partnership income tax returns, the deadline is almost here. By Tuesday, you must finish and file your return or face penalties for late filing.
If you’re like most taxpayers, you receive salary and wages from your employer and never have to worry about making estimated tax payments. Even if you receive additional income, such as interest and dividends, stock gains, or freelance income, the income tax withheld from wages usually covers your total income tax. If you have significant […]
Tax deductions are a great benefit for the average taxpayer, but they can bring even greater tax benefits to a small business owner, contractor or freelancer. Expensing business costs can help reduce taxes so you can put more money toward building your empire.
Are you among the millions of Americans who piece together a living by freelancing, contracting, or running side hustles? The so-called “gig economy” has shed light on a growing class of workers who don’t collect a steady, guaranteed paycheck from a single employer. Perhaps they run an Etsy shop while bartending on weekends. They might […]
Each week we will answer one of the most frequently asked questions on Facebook, Twitter and TaxACT’s Blog in the “You Got This” Weekly Series. Question: I invested enough to fund the expected expenses in my son’s golf business to cover 3 years as did one other investor. The account can be drawn from to cover travel, food, anything that promotes […]
How to decide if you have one or more Schedule C businesses? Self-employed individuals often have more than one activity going at once. You can report closely related activities together on one Schedule C. If you have unrelated activities, however, you must report them on separate Schedule Cs. Similar activities would include different lines of […]
As a self-employed person, you have more control over your eventual tax liability than someone who only earns income as an employee. To take full advantage of that extra control, follow these 5 year-end tax planning tips: 1. Estimate your business income It’s absolutely essential that you find out where you stand tax-wise – before […]