Owning a home comes with the advantage of being able to write off mortgage interest payments. By adjusting the withholding on your W-4, you can reduce the amount of taxes …
How to Report Patent Income on a Tax Return
Reporting patent income on a tax return can be a complex process. This article provides a step-by-step guide on how to accurately report patent income to the Internal Revenue Service …
Tax Implications for a Sole Proprietorship
Operating a business as a sole proprietorship comes with unique tax implications. From calculating business revenue and expenditures to understanding self-employment tax, it is essential for sole proprietors to be …
Filing Your Own Taxes for a Small Business
Filing your own taxes for a small business can be a daunting task, but with the right information and guidance, it can be made easier. This article provides a step-by-step …
Filing Taxes for a Hobby Farm: Guide
Filing taxes for a hobby farm can be a daunting task, but with proper organization and knowledge of the process, it can be done with confidence and ease. This article …
Filing Income Taxes for a Fictitious Name Business
Filing income taxes for a fictitious name business can be a straightforward process if you follow the right steps. By understanding the unique tax requirements for this type of business …
Submitting Estimated Taxes for Corporations to the IRS
Submitting estimated taxes for corporations is crucial to avoid any last-minute surprises when it comes to tax payments. This article provides a comprehensive guide on how to submit estimated taxes …
Deduction of Workers’ Compensation from Federal Tax Form 1040
Small businesses have the opportunity to deduct workers’ compensation costs from their federal and state taxes. However, the rules and requirements for these deductions vary from state to state. This …
Filing Self-Employment Income for Hair Stylists
As a self-employed hair stylist, it is crucial to understand the tax obligations, bookkeeping practices, and legal aspects that come with running your own business. This article provides a brief …
How to Update the Address of a Sole Proprietorship for the IRS
As a sole proprietor, it is important to keep your business information up to date with the IRS. This includes updating the address associated with your sole proprietorship. Whether you …
Business Incurs a Loss: How to Handle Taxes?
Running a business comes with its fair share of challenges, and sometimes, your business may experience a negative profit. However, there is a silver lining – you won’t have to …
Understanding the Taxation of a Professional LLC
A professional limited liability company (PLLC) is a popular business structure among professionals such as doctors, lawyers, and accountants. While it offers personal asset protection, understanding how a PLLC is …
How to Claim Losses From a Small Business on Taxes
If you operate a small business and have experienced losses, you may be eligible to claim those losses on your taxes. By following a few simple steps, you can offset …
Tax Filing Requirements for a LLC
When it comes to tax filing, it is important for limited liability companies (LLCs) to understand their obligations. Depending on the number of members and the desired tax treatment, an …
A Guide to Filing Taxes for Owner-Operators: Guide
Filing taxes as an owner-operator can be a complex process, but with the right knowledge and preparation, it can be done efficiently. This article will provide a step-by-step guide on …
The Impact of Taxation on Entrepreneurs’ Net Profit
Taxation can have significant implications for entrepreneurs, as it can lower their overall net profit. Factors such as the type of business, number of employees, location, and revenue generated all …
Federal Adjusted Gross Income (AGI): Maximizing Your Tax Savings
Understanding your federal adjusted gross income (AGI) is crucial for minimizing your tax liability. By carefully calculating your AGI, which is your total income minus deductions and credits, you can …
Filing Taxes When Hiring Freelance Software Developers
Filing taxes can be a complex process, especially when you’re hiring a freelance software developer. In this article, we will provide you with a comprehensive guide on how to file …
The Advantages of Tax Benefits in a Limited Liability Partnership
Limited liability partnerships (LLPs) have gained popularity among business professionals, particularly lawyers, due to their unique business structure. While LLPs may not offer the same level of liability protection as …
Difference Between Gross and Net Income Taxes for Businesses
When it comes to filing taxes for your small business, it is important to understand the distinction between gross and net income. The Internal Revenue Service (IRS) requires businesses to …