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Home Business Tax Deductions

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  • Transcript

    • 1. SMALL BUSINESS TAX DEDUCTIONS ...and saving money on your tax return As told by Fred, the TaxCat
    • 2. If you own a company, you mustcomplete annual tax returns.If you run a home business and do nothave any employees besides yourself,taxes immediately became mucheasier.
    • 3. Even though your job justbecame easier, there is basic butimportant tax information youshould know before you getstarted, plus tips on how to makethe job simpler.
    • 4. HOMEBUSINESS TAXDEDUCTIONS
    • 5. HOMEBUSINESS TAXDEDUCTIONSWhen launching a start-up, many business ownerswonder what costs theycan and can not deduct.
    • 6. HOMEBUSINESS TAXDEDUCTIONSA simple rule to follow isthat deductions have to beboth ordinary expenses andnecessary expenses to thebusiness.
    • 7. HOMEBUSINESS TAXDEDUCTIONSThere are a variety ofplaces whereentrepreneurs can deductcosts. For instance...
    • 8. HOMEBUSINESS TAXDEDUCTIONSA few areas are supplies,advertising, travel andentertainment, insurance, repairs,rental fees, worker pay, etc. Alsodeductible is the business use ofyour home and car.
    • 9. HOMEBUSINESS TAXDEDUCTIONSThe IRS website has additionalinformation on write offs.If you maintain documented receiptsand excellent records of expendituresregularly, tax returns will be easier tocomplete.
    • 10. HOMEBUSINESS TAXDEDUCTIONSUse a business credit cardfor business expenses.Do not mingle personal andbusiness accounts.
    • 11. HOMEBUSINESS TAXDEDUCTIONSFor people who dont use anaccountant, you may want totake advantage of a simpleaccounting software program likeQuick Books Pro or Quick BooksSimple Start..
    • 12. HOMEBUSINESS TAXDEDUCTIONSThese programs organizeboth income and expensesso that preparing income taxreturns does not becomeoverwhelming
    • 13. TAX RETURNDOCUMENTS
    • 14. TAX RETURNDOCUMENTSThe income tax forms needed fora particular business will vary,depending on the way thecompany is organized (a soleproprietorship, corporation, scorporation, LLC or partnership).
    • 15. TAX RETURNDOCUMENTSYou can access the requiredforms from the IRS site, withdirections for filling them out.
    • 16. TAX RETURNDOCUMENTSAccording to the IRS website, thosewho run a sole proprietorship orLLC complete a 1040 individualincome tax return form with aSchedule C Attachment, profit orloss from business.
    • 17. TAX RETURNDOCUMENTSCorporate entities use form1120 while S corporationsuse form 1120-S. Companiesthat are partnerships useform 1065.
    • 18. TAXPREPARATIONSOFTWARE
    • 19. TAXPREPARATIONSOFTWAREA tax professional can bepaid to fill out businessreturns, or you can dothem yourself.
    • 20. TAXPREPARATIONSOFTWAREJust like individual taxsoftware, there is do-it-yourself tax preparationsoftware for smallbusinesses.
    • 21. TAXPREPARATIONSOFTWAREYou can even find home andbusiness software packageswhich include both programs forpreparing personal returns andcorporation business returns.
    • 22. TAXPREPARATIONSOFTWAREBuying a multi-softwarepackage most times ismarked down and can be agreat deal for small internetbusinesses on a budget.
    • 23. TAXPREPARATIONSOFTWARERecognized companies suchas H&R Block and Intuitoffer home and businesssoftware together that youcan buy for under $100.
    • 24. TAXPREPARATIONSOFTWAREFor people who do not like todownload and install software,Tax Act offers a web-basedprogram that is accessible onlineand you dont have to hassle withany software.
    • 25. TAXPREPARATIONSOFTWARETax returns filled out by atax professional can set youback $500 or more, so thereis a big cost savings to doingthe work yourself.
    • 26. TAXPREPARATIONSOFTWAREHowever, tax pros typically haveknowledge of little-knowndeductions that non-professionals miss out on, andprofessionals can of course saveyou the work completing returns.
    • 27. Fred, the TaxCatC H E C K L I S T S , F O R M S , S O F T WA R E A N D M O R E . . . www.HomeBusinessCenter.com/tax.html