Articles from Article Alley, tagged with "schedule c" http://www.articlealley.com en-us editorial@articlealley.com Personal Income Tax For The Small Business Owner It's surprisingly easy to start your own business, but once you're filing as the sole proprietor for a business, how does your personal income tax situation change? Only an expert can help you understand the exact details of your situation under the struc... http://www.articlealley.com/http://artjones.articlealley.com/personal-income-tax-for-the-small-business-owner-2423033.html 28th March 2012 Business Entity Forms. Part I: Sole Proprietorships and Partnerships. SOLE PROPRIETORSHIP A sole proprietorship is owned and run by one individual (although a husband and wife can qualify as sole partnership) who is personally liable for all losses and debts. It is the most common form of starting a new business because ... http://www.articlealley.com/http://attorneysergeitokmak.articlealley.com/business-entity-forms-part-i-sole-proprietorships-and-partnerships-2409086.html 26th January 2012 Step 7 in the IRS Process and You're Dead The following represents the steps a tax form takes at the IRS office. Step 1. Mail enters the IRS mail room and gets gennerally sorted by mail room employees. Step 2. Mail gets opened by other employees who then sort the forms onto a cart and run... http://www.articlealley.com/http://rockinjay.articlealley.com/step-7-in-the-irs-process-and-youre-dead-2408245.html 24th January 2012 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 they are paid or incurred? Or can you... http://www.articlealley.com/http://waynemdavies.articlealley.com/small-business-tax-questions--are-you-required-to-deduct-expenses-this-year-2399460.html 20th December 2011 Employee vs Independent Contractor If you own a small business or are thinking about starting one, you will need to have a good understanding of the difference between a regular W-2 employee and a 1099 independent contract. It is usually more beneficial for an employer to have a contracto... http://www.articlealley.com/http://will41981.articlealley.com/employee-vs-independent-contractor-2381898.html 24th October 2011 Small Business Tax Tips - How To Prepare Form 4562 In 5 Simple Steps If you buy equipment for your business such as a computer or a printer, you can deduct those items on your business income tax return. Usually that means tackling Form 4562 and entering one of the most complicated areas of tax law -- the dreaded world kno... http://www.articlealley.com/http://waynemdavies.articlealley.com/small-business-tax-tips--how-to-prepare-form-4562-in-5-simple-steps-2368476.html 06th October 2011 Self Employed - The IRA Solution Small business owners make up the backbone of the American workforce. Whether a sole proprietorship or a small business with just a few employees, these types of companies keep America running.Small business owners make up the backbone of the American wor... http://www.articlealley.com/http://caseytrillbar.articlealley.com/self-employed--the-ira-solution-2291008.html 21st June 2011 Schedule C Tax Deductions - "E" Is For Employees, Education And Entertainment Looking for legitimate tax deductions for your small business income tax return this year? Here are three common expenses you can deduct on Schedule C, all starting with the letter "E". Employees. There are several legal deductions related to your e... http://www.articlealley.com/http://waynemdavies.articlealley.com/schedule-c-tax-deductions--e-is-for-employees-education-and-entertainment-2287029.html 19th June 2011 Schedule C Tax Tips - What Payroll Tax Forms Should You File? If you own a sole proprietorship and have employees, what payroll tax forms are you required to file? This article will answer that question. First things first. Let's check to make sure you really have employees. Take a look at Schedule C, Line 26, Wa... http://www.articlealley.com/http://waynemdavies.articlealley.com/schedule-c-tax-tips--what-payroll-tax-forms-should-you-file-2253848.html 27th May 2011 Schedule C Tax Deductions - How To Deduct The Cost Of Goods Sold Are you a sole proprietor who sells a product? Then you need to know how to deduct expenses related to the sale of those products. The purpose of this article is to give you an overview of what is potentially your biggest tax deduction. First, let's di... http://www.articlealley.com/http://waynemdavies.articlealley.com/schedule-c-tax-deductions--how-to-deduct-the-cost-of-goods-sold-2253698.html 27th May 2011 Schedule C Tax Tips - Why Filing Schedule C-EZ May Be A Big Mistake For Your Small Business Are you a sole proprietor who files the shorter Schedule C-EZ rather than the traditional (and longer) Schedule C? If so, please read on to find out why you may be making a big mistake. First, a quick review of the qualifications for using Schedule C-E... http://www.articlealley.com/http://waynemdavies.articlealley.com/schedule-c-tax-tips--why-filing-schedule-cez-may-be-a-big-mistake-for-your-small-business-2228584.html 13th May 2011 Schedule C Tax Tips - 3 Easy Ways To Reduce The Dreaded Self-Employment Tax Frustrated with the amount of self-employment (SE) tax you pay each year? You should be. The sole proprietor pays twice as much in SE tax (15.3%) as the employee pays in federal payroll taxes (7.65%). What's a Schedule C filer to do? Here are three ways t... http://www.articlealley.com/http://waynemdavies.articlealley.com/schedule-c-tax-tips--3-easy-ways-to-reduce-the-dreaded-selfemployment-tax-2228089.html 13th May 2011 How to Find Investors for Real Estate Finding cash, whether your own or from other investors, is the biggest obstacle to developing a real estate investment business. Though new investors have invariably heard about no-money-down deals, buying properties for pennies on the dollar, and walking... http://www.articlealley.com/http://roosestembridge.articlealley.com/how-to-find-investors-for-real-estate-2226928.html 13th May 2011 IRS Audits: How to Reduce Risk Fear of an IRS audit is a tangible thing in the lives of many people. Even if they have diligently paid all their taxes and reported every penny they still have a fear of an audit. Audits can lead to loss of income, seized property and sometimes even a ja... http://www.articlealley.com/http://patlindle.articlealley.com/irs-audits-how-to-reduce-risk-2200311.html 28th April 2011 Tax Breaks for Business Owners Here we are, deep in the midst of tax season. If you haven’t filed your business tax return yet, now is the time to kick it into high gear. To help you finish strong, here are more valuable business deductions to help you save money on your taxes. Tax... http://www.articlealley.com/http://ronideutch.articlealley.com/tax-breaks-for-business-owners-2199392.html 28th April 2011 How to Prepare the Easy Part of Schedule C Are you a sole proprietor who faces the daunting task of filling out Schedule C every year? If you break out into a sweat just thinking about, you came to the right place. To get the most out of this article, get a copy of Schedule C and have it in front ... http://www.articlealley.com/http://waynemdavies.articlealley.com/how-to-prepare-the-easy-part-of-schedule-c-2102742.html 09th March 2011 How to Prepare Part IV of Schedule C If you are a Sole Proprietor who is deducting Car and truck expenses on Schedule C, Line 9, you may be required to complete Part IV of Schedule C, "Information on Your Vehicle." The purpose of this article is to explain how to complete this section of Sch... http://www.articlealley.com/http://waynemdavies.articlealley.com/how-to-prepare-part-iv-of-schedule-c-2090197.html 04th March 2011 How to Prepare Part V of Schedule C For Sole Proprietors, Schedule C can be either your best friend or your biggest nightmare. There are parts of this two-page form that you will learn to love or grow to hate. There are five parts to Schedule C, and the purpose of this article is to help yo... http://www.articlealley.com/http://waynemdavies.articlealley.com/how-to-prepare-part-v-of-schedule-c-2087835.html 03rd March 2011 How to Prepare Part III of Schedule C If you are a sole proprietor, you must file Schedule C, Profit or Loss From Business. And if you are a sole proprietor whose business involves sale of a product, you must complete Part III of Schedule C, Cost of Goods Sold. The purpose of this article is ... http://www.articlealley.com/http://waynemdavies.articlealley.com/how-to-prepare-part-iii-of-schedule-c-2081127.html 01st March 2011 How to Prepare Part II of Schedule C Do you need help reporting expenses on your Schedule C? Are you wondering whether you've accurately captured all deductible business expenses for your sole proprietorship? Then this article is for you. Preparing Schedule C is an integral part of any So... http://www.articlealley.com/http://waynemdavies.articlealley.com/how-to-prepare-part-ii-of-schedule-c-2074389.html 26th February 2011 Top 10 Tax Deductible Expenses for Musicians The IRS defines a business expense as something that is common, accepted, helpful, and appropriate to your trade or business. Most musicians operate as sole proprietors, thus they are considered a business that can make deductions from their expenses... http://www.articlealley.com/http://distrophonix.articlealley.com/top-10-tax-deductible-expenses-for-musicians-2052630.html 21st February 2011 I Own and Operate a Small Business – Does the AMT Apply to Me? Among the many paperwork burdens small business owners must endure is the filing and paying of income taxes for the business. Even if no taxes currently are due because of losses, accurately computing and tracking of tax losses is a must. And, as if the... http://www.articlealley.com/http://georgebauernfeind.articlealley.com/i-own-and-operate-a-small-business--does-the-amt-apply-to-me-2044642.html 17th February 2011 The Much More Simpler 1040 Form It's effortless to file the 1040 Form yourself. It's not hard to do whatsoever, as most people's tax circumstances are reasonably straight-forward: they work for a company that offers salaries or wages - end of story. The form is a sort of beginner form... http://www.articlealley.com/http://paulwise.articlealley.com/the-much-more-simpler-1040-form-2043040.html 17th February 2011 The VA Loan Application Process Explained If you are a veteran and have served 181 consecutive days in peacetime or 90 consecutive days in wartime, you may be eligible for a government guaranteed $0 down VA home loan. What is so great about the VA loan program? The interest rates are better, the ... http://www.articlealley.com/http://vahomeloan.articlealley.com/the-va-loan-application-process-explained-2020744.html 09th February 2011 2009 New Vehicle Sales and Excise Tax Deductions Your business activity must be included on a federal tax return. Which return and when it's due will depend on your choice of entity selection. If you are a sole proprietor or a single member LLC, put it on schedule C of your individual tax return (form 1... http://www.articlealley.com/http://abrahamwilliams.articlealley.com/2009-new-vehicle-sales-and-excise-tax-deductions-2002758.html 02nd February 2011 Using an Online Mortgage Loan Calculator….”How Much Home Can I afford?” Many sites offer a variety of mortgage loan calculators for use by web surfers and visitors. There are monthly payment calculators, rent versus buy calculators, refinance calculators and on and on. I am taking aim in this series of articles to help you ... http://www.articlealley.com/http://hctanner.articlealley.com/using-an-online-mortgage-loan-calculatorhow-much-home-can-i-afford-1902204.html 14th December 2010 Year-End Small Business Tax Planning: Is It Too Late To Incorporate Your Sole Proprietorship? As the year comes to an end, perhaps you're wondering whether you should form a corporation for your sole proprietorship. Or perhaps you're planning to form a limited liability company and having it taxed as a corporation. You've probably heard about the ... http://www.articlealley.com/http://waynemdavies.articlealley.com/yearend-small-business-tax-planning-is-it-too-late-to-incorporate-your-sole-proprietorship-1874057.html 29th November 2010 Why you need to have a successful home based business Unless you are a butterfly who hasn't been born yet or are a larva stuck in that cocoon you may have noticed a insurgence of people starting a successful home based business in the last few years. Coincidence? Why is this happening? If you look at the... http://www.articlealley.com/http://markmanderville.articlealley.com/why-you-need-to-have-a-successful-home-based-business-1857648.html 22nd November 2010 How Your LLC's Tax Entity Construction Can Affect Your Bottom Line Deciding on the correct entity structure is a concept that many LLC's and small enterprise owners often overlook in their attempt to reduce their tax bill, as opposed to extra generally used methods like deducting enterprise bills and depreciating assets,... http://www.articlealley.com/http://aronwhitney.articlealley.com/how-your-llcs-tax-entity-construction-can-affect-your-bottom-line-1832401.html 10th November 2010 Preparing Profit and Loss Statement for the IRS The IRS offers several programs to taxpayers with past-due federal income tax liabilities. The purpose of these various programs is to offer different ways for taxpayers to resolve their tax liabilities based on their unique financial situation. Some of t... http://www.articlealley.com/http://ronideutch.articlealley.com/preparing-profit-and-loss-statement-for-the-irs-1774518.html 02nd October 2010 Valuable Deductions for Self-Employed Taxpayers Self-employed taxpayers can take advantage of a handful of special tax deductions, such as those available for health insurance coverage and retirement plans. Many of these deductions – including the self-employment retirement contribution deduction – are... http://www.articlealley.com/http://ronideutch.articlealley.com/valuable-deductions-for-selfemployed-taxpayers-1710959.html 19th August 2010 Choosing the Right Business Entity Choosing the form of entity under which a business will operate is one of the first, and often the most important, decisions a business owner will make. Although the legal details underlying each entity type are inherently complex, exploring three major v... http://www.articlealley.com/http://walidpetiri.articlealley.com/choosing-the-right-business-entity-1680990.html 05th August 2010 How to Reduce your Arizona Business Taxes and Keep More of Your Money with Business Deductions This time of the year we like to remind business-owners of the many tax-advantages and deductions that are available to them. Many times people start businesses but don't realize the tax implications until they are hit with big tax liabilities or audits, ... http://www.articlealley.com/http://christian8.articlealley.com/how-to-reduce-your-arizona-business-taxes-and-keep-more-of-your-money-with-business-deductions-1661506.html 19th July 2010 Introduction of tax 720 Tax720.com Highlights Tax720.com is an IRS authorized e-file provider for Form 720 enabling excellent online tax filing facilities to taxpayers. With Tax720.com online tax return filing provisions, taxpayers get the following benefits: IRS - Instant... http://www.articlealley.com/http://thinktrade.articlealley.com/introduction-of-tax-720-1543489.html 12th May 2010 Are Massage Therapists Taxed by Your State If you are thinking about becoming a full time massage therapist, you may be wondering, "Are massage therapists taxed?" Well, the answer is not so simple, as the state tax laws depend on where you live. You will need to look up the state laws regarding t... http://www.articlealley.com/http://bildaddavid.articlealley.com/are-massage-therapists-taxed-by-your-state-1478041.html 30th March 2010 When to Incorporate Your Small Business If you're a sole proprietor, perhaps you've considered incorporating your small business or self-employment activity. And so maybe you've been wondering, "When is the best time to incorporate?" From a legal standpoint, any time is the best time. The... http://www.articlealley.com/http://kendrickayers.articlealley.com/when-to-incorporate-your-small-business-1434732.html 05th March 2010 More about suboxone rehab for opiate addiction treatment Skeptical scenario of narcotic addiction is seen everywhere around the world. Nowadays, newspapers are busy reporting about the widespread of addiction. Addiction can take place, sometimes unintentionally and often if in abuse. There are several clinics f... http://www.articlealley.com/http://josephwarner.articlealley.com/more-about-suboxone-rehab-for-opiate-addiction-treatment-1396338.html 15th February 2010 Beware the Single Member LLC Tax Problem The limited liability company, better known as an LLC, is a favorite business entity among small businesses because of the incredible flexibility involved in running it and the simplicity of the tax situation that arises. Well, that is unless you are the ... http://www.articlealley.com/http://markpwarner.articlealley.com/beware-the-single-member-llc-tax-problem-1362859.html 25th January 2010 Reviewing S Corporation Disadvantages and Drawbacks CPAs love S corporations--and for good reasons: Typically, the S corp choice annually saves clients thousands of dollars in Social Security, Medicare and income taxes. Unfortunately, an S corporation disadvantages its owners with several problems (as e... http://www.articlealley.com/http://stephenlnelson.articlealley.com/reviewing-s-corporation-disadvantages-and-drawbacks-1296572.html 15th December 2009 What is the essence of LLC to the Landlords If you are into rental property business, either for residential or commercial space, it is best to form a LLC to handle your property. It is unavoidable that such type of business is very volatile. If you are not knowledgeable about the trend and basic... http://www.articlealley.com/http://flynnasarahemolina.articlealley.com/what-is-the-essence-of-llc-to-the-landlords-1248637.html 24th November 2009 How to Be Eligible For A Home Loan as a Self-Employed Borrower Getting a mortgage loan for loan applicants who are self employed is based on the businesses net profit from their federal taxes. There are new rules and laws that mandate lenders to confirm a borrower's ability to repay the loan by this method. ... http://www.articlealley.com/http://ray3.articlealley.com/how-to-be-eligible-for-a-home-loan-as-a-selfemployed-borrower-1225891.html 11th November 2009 Mortgages: How Self Employed Borrowers Can Qualify for a Home Loan Getting a mortgage loan for borrowers who are 1099'd independent contractors is based on the businesses net profit from their federal taxes. There are new rules and laws that stipulate lenders to confirm a borrower's ability to repay the loan by this met... http://www.articlealley.com/http://ray3.articlealley.com/mortgages-how-self-employed-borrowers-can-qualify-for-a-home-loan-1225887.html 11th November 2009 Corporate Gifts – To Give or What to Give! Standard monthly expenses for your Business are transferred from you to your Tax Professional to be put on your Schedule C. No problem, most people get this part right. It's the thousands of dollars in miscellaneous receipts that many people forget when u... http://www.articlealley.com/http://michielvankets.articlealley.com/corporate-gifts--to-give-or-what-to-give-1163825.html 09th October 2009 Pay Self-Employment Tax… Who must pay self-employment tax? If you are self-employed, you will be responsible for self-employment tax. For the purpose of determining self-employment tax, you are self-employed if you are a sole proprietor, an independent contractor, a member of a p... http://www.articlealley.com/http://mastansagaciti.articlealley.com/pay-selfemployment-tax-1116504.html 23rd September 2009 Tax Issue: Do You Have A Hobby or Business? Many people pursue hobbies that can easily become small businesses. Since they do it for love, they tend to not realize they have a business when they start selling the fruits of their labor. This can lead to problems when the IRS makes a determination yo... http://www.articlealley.com/http://thomasajava2.articlealley.com/tax-issue-do-you-have-a-hobby-or-business-1079490.html 11th September 2009