The Ultimate Tax Guide for Small Business Owners

Whether you are self-employed or own a small business, we have the answers to your tax questions. Here you’ll find detailed articles on how to file your small business taxes, claim small business tax deductions, and business finance tips to help you succeed.

What to know before you file

• 7 Commonly Asked Small Business Tax Questions – What business expenses are tax-deductible, and how do I know if I qualify for them? This article answers these common questions and more.
• Don’t Be Afraid to File Your Own Taxes If You’re Self-Employed – Being self-employed doesn’t mean you have to say goodbye to DIYing your taxes. It’s not as scary as it sounds! Learn more about TaxAct’s services for small business owners.
• 5 Big Tax Mistakes Small Business Owners Make – Learn about common mistakes new small business owners make and how to avoid them as you get your business up and running.
• Key Tax Deadlines for Small Business Owners – There are some crucial tax deadlines to remember if you own a business. Here are all the essential dates to mark on your calendar.
• What You Need to Know About Small Business Taxes – From choosing your business structure to understanding your taxes, this article takes a deep dive into the ins and outs of business tax filing.
• Your Guide to Filing a Business Tax Extension in 2023 – Instead of scrambling to file your business taxes before the deadline, why not file a tax extension? Here’s everything you need to know before you do so.

Tax deductions for the self-employed and small businesses

• 16 Small Business Tax Deductions – Don’t miss out on any tax deductions this year. Learn more about popular business deductions and how to claim them.
• What’s New About the Home Office Deduction for 2023? – Do you qualify for the home office deduction? That depends on how you use your office for your business. Here’s what you need to know.
• How to Claim Mileage Deductions and Business Car Expenses – Car and mileage expenses can quickly add up. Thankfully, there’s a deduction available if you travel for business purposes. Read up on how to qualify and claim this tax break.
• 6 Common Small Business Tax Deductions – These common costs could be written off as deductible business expenses on your tax return.
• What Is QBI and How Does It Work? – QBI can be a complex topic. Let’s take a deeper look at the qualified business income deduction and go over some examples of eligible expenses.
• Tax Deductions for Independent Business Consultants – You must track your income and expenses to maximize your tax deductions as an independent business consultant. These are the top tips to keep in mind.
• Deducting Bad Business Debt – Being stuck with bad business debt is a frustrating experience, but the IRS offers some relief through a tax deduction. Here’s what you need to know.
• Mileage Reimbursement Calculator – You can deduct vehicle expenses depending on the annual standard mileage deduction rates set by the IRS. Just enter your miles driven during the tax year, and we’ll calculate the math for you.
• Top Tax Deductions for Freelance Tutors – Freelancing can be a great way to be your own boss and set your own hours. While you might not have the same perks W-2 employees have, there are some tax deductions you may be able to claim.

Self-employment tax information

• Self-employment Tax Calculator – Need help calculating your Social Security and Medicare taxes? Not to worry — this calculator can help you crunch your numbers.
• How to Calculate the Self-Employment Tax – No matter what self-employment looks like for you, you’re responsible for paying SE tax to the IRS. Let’s break it down together.
• 3 Things to Know About Self-Employment Taxes – Being an independent contractor or freelancer comes with new tax responsibilities. Here are three essential things to know about self-employment tax.

Structuring your business

• Small Business Owner vs. Self-Employed: What’s the Difference? – Your formal business structure determines how you are taxed. Learn more about the differences between being self-employed and operating as a small business owner.
• Make It Official: How and When to Convert Your Sole Proprietorship to an LLC – Are you outgrowing your role as a self-employed sole proprietor? It might be time to upgrade your business to a limited liability company. Here are some examples of why and how to do so when the time comes.
• LLCs vs. Corporations: Which Is Best for Your Small Business? – Let’s revisit the differences between corporations and LLCs and how to determine which is best for your small business.

Reporting income from side hustles

• How to File Taxes for a New Side Gig – As side gigs become more prevalent, many of us are wondering, “How do I report this income on my taxes?” Here’s everything you need to know before you file.
• Attention Gig Economy Workers: You Have to Pay Taxes! – As a freelancer, you may not have taxes withheld from your paychecks, but you still need to pay them. Let’s look at some common side hustle FAQs.
• Hobby Income vs. Business Income: What’s the Tax Difference? – Is your income derived from a hobby, or do you actually own a business? The IRS ultimately gets to decide. Here’s how to tell the difference.
• Expectation vs. Reality: Deducting Work From Home Expenses – You’ve heard about the home office deduction, and now you’re wondering if you qualify. Learn more about how to know if your home office expenses are deductible.

Taxes and finances for freelancers

• How to Track Self-Employed Expenses All Year Long – Here are some tips on diligently tracking your self-employment expenses to help you navigate owning your own business.
• 4 Tax Tips for First-Time Freelancers – New to the freelancing world? This article covers four helpful tips to ensure you’re prepared for the upcoming tax season.
• The Skinny on Freelancer Taxes – From the self-employment tax to common tax deductions, let’s look at five important things to know about your tax situation as a freelancer.
• 6 Tax Tips for a Self-Publishing Author – It’s easier than ever to become a self-published author — but it also comes with tax implications. Here’s what you should expect.
• Tips for Filing Taxes as a Freelance Graphic Designer – It doesn’t matter if you do graphic design work on the side or as a full-time freelance gig — it’s going to have an impact on your taxes. Let’s look at some tax basics to keep in mind.
• A Freelancer’s Guide to Organizing Finances – Staying organized will help immensely when filing your freelance taxes and staying on top of your finances. Here are some essential things to keep in mind.
• 3 Tips for Freelancers to Build an Emergency Savings Fund – Stashing enough money away for an emergency fund may sound daunting, especially as a freelancer. We’ve put together three impactful steps to help you get started.
• Real World Tax Guidance for a Freelance Blogger – Freelance blogging, whether full-time or on the side, can come with some ambiguous tax responsibilities. Learn more about how to track your earnings and report them correctly on your tax return.

Saving for retirement

• How to Save for Retirement When You’re Self-Employed – When it comes to saving for retirement as a self-employed worker, it can be hard to know where to begin. Here are some tips to get you started, as well as a quick look at the options available to you.
• Self-Employed? Check Out These Retirement Plans – Need a more in-depth look at retirement plan options for small business owners and self-employed workers? Check out this article for more information.

Business finances

• 16 Business Finance and Tax Terms You Should Know – New to owning a business or working for yourself? Take some time to familiarize yourself with these useful business finance and tax terms.
• How to Pay Yourself as a Business Owner – Determining how to pay yourself as a business owner is an important decision. Here’s what you need to know and how to choose the correct salary method for your situation.
• Why You Should Be Separating Your Personal & Business Finances – We all know it’s not wise to mix business with pleasure, especially regarding finances. Separating the two immediately can spare you countless headaches during tax season. Learn some tips to help you succeed.
• How to Build Credit for Your Business – Do you know how to check your business credit score? What about how to increase it? This article goes over how to do these things and more.
• How to Change Your Business Name – Sometimes, changing the name of your business is necessary. But what are the implications, and how can you get the ball rolling? Here are our tips and answers to common questions.
• Smart Small Business Purchases to Make Before the End of the Year – Timing is everything when making intelligent small business purchases. How do you know when it’s better to purchase now versus later? Here are some factors to consider.
• How to Make an Income Plan as a Freelancer – While the financial side of freelancing can be overwhelming, you can be a successful freelancer if you take the time to map out an income plan. Check out our tips for getting started.
• 5 Tips to Get Your Freelance Business Up and Running – As a freelancer, there is no steady paycheck, so you must be able to manage your finances and workload successfully. Learn how to get started.

This article is for informational purposes only and not legal or financial advice.

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