By Mike Piper
Find all the following, defined in plain-English without criminal jargon:Business Taxation 101: a quick primer on tax themes normally, specifically as they follow to businesses.
Home place of work Deduction: how one can make sure you qualify for it and the way to calculate it.
Estimated Tax Payments: whilst and the way to pay them, in addition to an effective way to calculate each one payment.
Self-Employment Tax: What it really is, why it exists, and the way to calculate it.
Business Retirement Plans: What the differing kinds are, and which one is healthier for you.
Numerous enterprise Deductions: a number of deductions defined intimately, together with the way to ensure you can qualify to take them and the way to maximise them.
Audit Protection: examine what documents you want to retain (and how lengthy to maintain them) on the way to guard yourself in case of an audit.
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Additional info for Surprisingly Simple: Independent Contractor, Sole Proprietor, and LLC Taxes Explained in 100 Pages or Less
As the money technique is by means of a long way the most-used accounting procedure for sole owners (and as the comparative complexity of the accrual approach places it a bit past the scope of this book), our dialogue will specialise in the reporting of source of revenue and expenditures utilizing the money approach. funds process Reporting of source of revenue below the money technique, you document source of revenue for those who “actually or constructively” obtain it. “Constructively receiving” source of revenue implies that the money (or estate) has been made on hand to you with no limit. instance: In December of 2013, you obtain a money for prone you played prior that month. no matter if you don't deposit or funds the money until eventually 2014, you want to nonetheless file the thing as source of revenue in the course of 2013 since you have constructively got it. it may even be famous that taxpayers can't put off taking ownership of estate for the only goal of delaying the similar source of revenue tax until eventually the subsequent 12 months. money approach Reporting of expenditures lower than the money strategy, you deduct costs within the yr within which you pay them. (Note: whilst utilizing a bank card, charges are thought of paid in case you cost them to the cardboard, despite in the event you truly repay the stability. ) there's, despite the fact that, one exception: when you pay an fee upfront, you could merely deduct it within the yr to which it applies. instance: In December 2013, you pay an coverage top class for a coverage that’s potent from 1/1/2014 to 12/31/2014. The top class can simply be deducted in 2014. bankruptcy three easy precis less than the money approach to accounting, source of revenue is stated within the 12 months during which it's “actually or constructively” obtained. source of revenue is constructively got once it's been made to be had to you with out restrict. lower than the money approach to accounting, bills are in most cases deducted within the yr within which they're paid. If an cost is paid prematurely, it has to be deducted within the interval to which it truly applies instead of the interval within which it used to be paid. bankruptcy 4 The Self-Employment Tax The self-employment tax (SE tax) is a tax that will get additional on your basic source of revenue tax. The SE tax is calculated by way of multiplying your gains from self-employment by way of nearly 15%. Why the Self-Employment Tax Exists first and foremost look, it kind of feels unfair that entrepreneurs—the most crucial motive force in the back of our economy—would be pressured to pay an extra tax. actually, notwithstanding, sole vendors are easily paying this actual tax rather than one other one. If you’ve had a role the place you have been paid a wage or an hourly salary, you’re most likely conversant in the truth that a part of your source of revenue was once withheld for taxes. A component of the quantity withheld from an employee’s wages is going to pay the Social safeguard and Medicare taxes. the best way those taxes are based, the weight is shared both among the worker and the agency. The employee’s percentage is calculated as 6. 2% of the employee’s wages for Social defense tax and 1. forty five% for the Medicare tax. while, the supplier additionally will pay either taxes, calculated on the related expense.