The year was 2016, and everything was going great for entrepreneur Adam Watson. His furniture business, Design 55, was generating $3 million in annual sales and on track to double in size in the year ahead.
A typical small business owner is deeply involved in the day-to-day operations of their company. They are concerned with things like customer service, innovation, new client acquisition, hiring, conserving resources and making money to keep the doors open. Not surprisingly, when tax season rolls around, it throws a wrench in their entire workflow.
If you run your own business or work as an independent contractor, you know that handling your taxes can be stressful. You may be asking yourself: What is my tax rate? How should I calculate my taxes?
In the following article, we’ll outline all you need to know about filing self-employment taxes. We will cover how to determine if you’re self-employed (SE), how to calculate SE taxes and your next steps when it comes to small business tax preparation.
Many small business owners run their operation from home because it’s easy to set up and maintain. However, when it comes to keeping track of expenses for tax purposes, things can get a little complicated.
The IRS doesn't always make it simple to figure out personal vs. business expenses. And this makes the whole process of small business tax preparation challenging for home-based businesses.
With these considerations in mind, we’ve put together the following guide to walk you through the key home business tax deductions and best practices to help you survive tax season.
When it comes to your small business tax preparation strategy, you may be asking yourself questions such as, “What additional savings am I missing out on?” Or, “How can I reduce my chances of being audited by the IRS?” And, “Should I hire a professional or do my taxes or prepare them myself?”