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The good news is that there are only a few forms that every home business owner needs to be familiar with. After learning about these essential forms, an entrepreneur can usually care for the rest easily. Here are three tax forms home business owners need the most.
Schedule C: Profit or Loss From Business
Schedule C is arguably the most important tax form for any entrepreneur. If you're self-employed, you must report your profit or loss on this form. After giving your pertinent company information such as your company name, business address, and EIN, you'll report your total revenue for the year in one section minus the cost of goods sold and your business expenses in another. The business expenses section is helpfully categorized according to the type of expense, which can help you keep up with which costs are deductible. Qualified deductions include advertising, supplies, office expense, payroll, and inventory.
Schedule SE: Self-Employment Tax
Yet another critical tax form for home business owners is Schedule SE. This form is used to calculate the appropriate amount of self-employment tax due along with the return. Since home business owners do not have employers, they are required to submit both parts of FICA tax, which includes Social Security and Medicare taxes. On Schedule SE, business owners take 92.35 percent of their net profit and then figure their tax by multiplying this figure by 15.3 percent. After arriving at their total, these entrepreneurs qualify to deduct an amount equal to half of their tax as an adjustment to income on Form 1040.
Form 8829: Business Use of Home
A business owner who operates his company out of his home qualifies for a special tax deduction called business use of home. To claim this deduction, he must complete Form 8829 and include it along with his tax return. On Form 8829, home business owners can calculate the square footage of their office space and then claim a portion of their home expenses as a deduction based on the office area. Qualified expenses include utilities such as electricity and water, as well as repairs, telephone charges, and even a share of the mortgage. To be eligible for this home office tax deduction, the office space must be used regularly and exclusively for business.
While this list is by no means comprehensive, the three forms listed above are the most important tax forms for home business owners. If you operate a home business and you need additional assistance, contact a qualified tax professional for help.
So, if you have IRS Problems, Owe Taxes, have Past Due UnFiled Tax Returns and need IRS HELP – Take action today! You should work with a nationwide tax relief firm. Call Advance Tax Relief (800) 790-8574
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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 and reduce your chances for an IRS AUDIT.
Advance Tax Relief is headquartered in Houston, TX with a branch office in Los Angeles, CA. We help many individuals just like you solve a wide variety of IRS and State tax issues, including penalty waivers, wage garnishments, bank levy, tax audit representation, back tax return preparation, small business form 941 tax issues, the IRS Fresh Start Initiative, Offer In Compromise and much more. Our Top Tax Attorneys, Accountants and Tax Experts are standing by ready to help you resolve or settle your IRS back tax problems.
Advance Tax Relief is rated one of the best tax relief companies nationwide.
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. We have settled millions in back tax penalties and interest for our clients nationwide.
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