If you're a real estate agent, you need to plan for your taxes and know your tax burden. Real estate agents are categorized as self-employed and sole proprietors. They are liable to payroll deductions, but they have the opportunity to maximize tax deductions. Essentially, real estate agents require practical tax planning services to compute their taxes correctly. You should consult tax planning specialists to leverage tax breaks and minimize deductibles. Here are additional reasons why you need tax planning services as a realtor.
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If you are looking to start a business and working with a bootstrap budget, you will no doubt be looking for areas where you can cut costs. Doing the accounting function yourself if you have no accounting background is not one of the areas you should consider. Instead, hire a small business accountant and see what an asset the accountant will be to your business.
Here are some top ways a small business accountant can help during this start-up or infancy phase of your business.
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As the year starts to wrap up, it is time to make sure you have done all you can to ensure you took care of your taxes this year. You can do many things to help your financial situation in regards to your taxes this year and next with the right planning.
Tip #1: Be Smart About Expenses
First, you will want to examine what tax bracket your small business falls into this year and where you fall within that bracket.
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If you are one of the many individuals who found themselves pursuing self-employment or a variety of freelance jobs where you work as an independent contractor, doing your taxes is going to be a little different this year. There are different deductions you can qualify for and use on your taxes when some or all of your income comes from self-employment activities.
Self-Employment Tax
As a self-employed individual, you have to pay both the employee and the employer portion of your required Social Security and Medicare tax.
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Are you starting a business? Among the myriad other decisions you will have to make, you'll need to choose a tax year. What is a tax year? And how can you choose the right one? Here are a few questions to answer.
Is a Specific Year Required?
The tax year is simply the 52-week cycle that you will use to report your income and expenses for tax purposes. While most individuals use a standard calendar year, businesses often have the freedom to choose any 52-week period.
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