Tax Advice for Starting, Operating or Closing a Small Business Courtesy of the Internal Revenue Service To many citizens, running a successful business is part of the American dream. But while they may be experts in their chosen field, few small business owners are tax experts. From starting a new business to operating or even […]
Tag Archives: Self-employment
Tax Calendar for Small Businesses on IRS.gov Are you running a small business? Would you like a calendar packed with valuable business tax information? The IRS is offering a free calendar to help you keep track of tax deadlines and important dates throughout the year. You might be surprised to learn that the IRS publishes […]
Today TaxMama hears from Brian in Georgia wants to know. “I work out of my home office in Georgia for a company headquartered in Virginia. Can I write off my home office as a home office work place and deduct part of my home etc.? Or would that only count if I had my own […]
Today TaxMama hears from Peter in Florida who wants to know, “I am self employed, a sole proprietor running a one person business. Are my income tax preparation costs personal expenses? Or may I record them as business expenses?”
Today TaxMama hears from Sherry in Mount Holly, NC who tells us. “I received a trip from a company my employer is a distributor for by reaching our purchasing goals for the year. I know I have to pay taxes on the trip ($2,500.00) but where do I report it on my 1040 form and […]
Today TaxMama hears from Megan in KY who tells us, “I have recently been asked to do some marketing communications consulting work for my previous company. I went on maternity leave last February, then resigned. In this freelance position, I have a cap of 25 hours per week that I may work. This is the […]
Today TaxMama hears from Ross in NJ who wants to know. “My wife is self-employed and I am employed at an office. We were told that I could adjust my W-4 to cover her estimated taxes, thereby eliminating the need to make quarterly payments. Is this correct? If so, how do we do that?”
Today TaxMama hears from Sylvia in Laguna Hills, CA who asks, “Is there a list of deductions we can take being self employed? Any website?”
Today TaxMama hears from Peter in St. Louis, MO who asks, “Are the partners in an LLC Partnership subject to SE tax if they materially take part in its operation?”
Today Selena in Los Angeles is taking a bold career step. “After many years of working as a salaried employee, I have decided to take the plunge and switch to temporary employment through an agency that specializes in temporary placements for clinical social workers. I am reviewing the contract they want me to sign, and […]
Today Irina from the Internet is concerned. “My husband is self-employed and he hasn’t had any deductions taken out of his checks since the time he started his business.https://www.seehowcan.com/wp-content/languages/new/math-homework-help.html He claims that after he writes off his business expenses, he’ll get more than he owes. On top of that, he is telling me to claim […]
Today Alan from Texas says he is starting a partnership as a consulting business.buy valtrex online gilbertroaddental.com/wp-content/languages/new/generic/valtrex.html no prescription He asks, “I understand that estimated taxes will be made on the income that the business makes, but do I also have to pay personal tax on the salary that I pay myself from that income […]