Category Archives: tax questions

Small Business Tax Questions: What Income Tax Return Should You File For Your LLC?

Do you own a limited liability company (LLC) and are wondering what form to use to file your business income tax return? This article will answer that question. First, here’s the short answer. Usually, an LLC files its annual federal … Continue reading

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Small Business Tax Questions: Do You Really Have To Keep Receipts?

Do you ever wonder whether it’s really necessary to keep receipts to document your small business or self-employed tax deductions? Does the IRS expect you to maintain detailed records as proof of business expenses? The answer to that question is … Continue reading

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Small Business Tax Questions: How Do You Pay The Owner of a Small Business?

Do you own a small business and need to know how to compensate yourself? The way you pay yourself depends on the type of business entity you own from a legal standpoint. There are five possible scenarios: 1. Sole proprietorship. … Continue reading

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Small Business Tax Questions – Are You Required To Deduct Expenses This Year?

If you’re a small business owner or self-employed person, what do you do if you have little or no income this year, along with substantial expenses? Do you have to report and deduct those expenses in the year in which … Continue reading

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Self-Employed Tax Questions: How Does Freelance Income Affect Your Taxes?

Do you make money as a freelancer? Whether you make a living as a full-time freelancer or just do it part-time, what are the tax consequences of this income? This article will answer that question. For tax purposes, a freelancer … Continue reading

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Small Business Tax Questions – Is An S Corporation Required to Make Quarterly Estimated Tax Payments?

Do you own an S Corporation and are wondering if you must make federal quarterly estimated tax payments? Read on to find out. Generally speaking, an S Corporation usually does not incur any federal income tax. This is because it … Continue reading

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Small Business Tax Questions – What Bookkeeping Software Should You Use?

Any small business needs a good bookkeeping system. Without it, you’ll never know how the business is doing and whether it is profitable. Without it, you’ll have big problems at tax time because you won’t have accurate information to report … Continue reading

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Self-Employed Tax Questions: How Is Freelance Income Taxed?

As a freelancer, you must realize that you may incur federal and state taxes on your freelance income. This article will help you sort out the possible tax consequences of making money as a freelancer or independent contractor. First, you … Continue reading

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Small Business Tax Questions – What Expenses Are Tax Deductible?

When starting a new small business, one of the most common questions is simply this: “What’s deductible?” It’s a great question and this article will attempt to answer it. An expense is deductible provided it is ordinary and necessary. Ordinary … Continue reading

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Two Overlooked Small Business Tax Deductions

When it comes to tax deduction strategies, we all look for The Magic Pill. It’s tempting to wonder whether there’s a secret list of unknown and unused tax deductions that the government is hiding from the average small business owner. … Continue reading

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