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As a small business owner, you can generally deduct ordinary and necessary expenses related to your business. Common deductions include office supplies, software subscriptions, professional services, travel expenses, and marketing costs. Keeping detailed records will help maximize your deductions.
Yes, if the space is used exclusively and regularly for business. Deduct a percentage of rent, utilities, and internet based on square footage.
Tax deadlines vary depending on your business structure. For S corporations and partnerships, taxes are generally due March 15. For sole proprietors, LLCs filing as sole proprietors, and C corporations, the deadline is April 15. Extensions may be available if filed in advance.
An LLC is a legal structure that offers flexibility in taxation and management. An S corporation is a tax election that allows profits to pass through to shareholders without corporate tax. LLCs can elect S corp status to reduce self-employment taxes if it aligns with their financial goals.
Keep clear, organized records, ensure deductions are properly documented, and maintain receipts for all expenses. Working with a professional can help ensure your records are audit-ready.
Strategies to reduce your tax liability include maximizing deductions, contributing to retirement accounts, leveraging tax credits, and strategic expense timing. Consulting with a tax professional can ensure you optimize your savings.
Maintain records such as receipts, invoices, bank statements, payroll records, and documentation for major purchases. The IRS recommends retaining records for at least three years, though some documents should be kept longer.
If you pay independent contractors $600 or more in a year, you must issue them a Form 1099-NEC by January 31. Ensure you collect a completed Form W-9 from contractors before issuing payments.
If you can’t pay your taxes by the deadline, file your return on time to avoid penalties and consider setting up a payment plan with the IRS. Communication is key to minimizing penalties and interest.
Most small businesses use either the cash or accrual method. The cash method records income when received and expenses when paid, while the accrual method records transactions when they are incurred. Each method has different implications for your taxes and financial tracking.
If you expect to owe $1,000 or more in taxes when you file your return, you may need to make quarterly estimated tax payments. These are typically due in April, June, September, and January.
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