Ditching the 9-5 world is something that most of us dream about. If you’ve been fortunate enough to leave the 9-5 world behind to start your own business, your tax outlook will change considerably.
Here is what to expect in starting your own business:
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Obtain an EIN (Employer Identification Number) While an EIN isn’t required if you’re a sole proprietor, it is a good idea. You’ll reduce your risk of identity theft if you use your EIN instead of your Social Security number when filing your taxes.
Choose a business structure: While it’s important to consult with an attorney prior to launching a business, there are four possible business structures to consider:
LLC (Limited Liability Corporation
C or S corporation
Each business model carries with it specific implications for your taxes, so it is vital that you enlist a qualified attorney or tax pro before starting out. They can advise you on the best business model to suit your needs and goals.
You can restructure your business as your needs and goals change over time.
SOME COMMON DEDUCTIONS
As a business owner, you may have access to tax deductions that weren’t available to your
in your 9-5 days. They can include:
Business-related meals, travel, and entertainment
Business-related auto expenses
Rent of office space or for home office use
Health insurance costs for your employees
You’ll need to keep accurate records of all income and expenses in order to claim any of these deductions. Keep all receipts related to your business deductions.
There is a variety of productivity software packages and apps that can help you keep this chore manageable over time.
MAKING QUARTERLY TAX PAYMENTS
Unlike the traditional work structure where you paid your taxes at the end of the year, as a business owner you are required to pay quarterly taxes if:
Your business is a sole proprietorship, partnership, or S-Corp shareholder
You expect to earn $1,000 or more from business activities
You are required to pay at least 90 percent of your tax balance in order to avoid significant fees and penalties. If you’re not sure how to calculate your quarterly taxes, be sure to consult with a qualified tax professional.
Starting your own business can be rewarding: no set schedules, no office politics, and the ability to perform work you truly care about.
Along with the rewards of small business ownership come a unique set of challenges: determining the ideal business structure, managing expenses and deductions, and a significant change in how and when you pay taxes.
Make the start-up phase of your business as easy as possible by consulting with a knowledgeable tax professional who can provide valuable input as you structure your business and establish yourself as a business owner.
If you have IRS back tax problems, help is available. Start right now to find out what the IRS really thinks about you. You’ll be given the foundation for success. Once you know what’s going on, you'll feel something you might not have felt in a long time.
Call us now at 800-790-8574 or email email@example.com
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So, if you have IRS Problems, Owe Taxes, have Past Due UnFiled Tax Returns – Take action today! You should work with a local tax relief firm.
Call Advance Tax Relief (800) 790-8574
GET TAX RELIEF HELP TODAY
If you think that you may need help filing your 2017 tax return and past due tax returns, you may want to partner with a reputable tax relief company who can help you get the max refund.
Advance Tax Relief has a offices in Houston, TX and Los Angeles, CA and helps many individuals just like you work with the IRS to solve a wide variety of issues, including penalty waivers. Our Top Tax Attorneys, Accountants and Tax Experts are standing by ready to help you resolve or settle your IRS back taxes.
Call our team today at 800-790-8574 for more information. For a free consultation, schedule an appointment with us online.
Feel free to also learn about us and contact us via www.advancetaxrelief.com.
However, it doesn’t matter where you live, we service taxpayers nationwide.
Over $50 million has been settled for our clients nationwide.
Advance Tax Relief is a Professional Tax Relief Organization