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.
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.
As a self-employed individual, you have to pay both the employee and the employer portion of your required Social Security and Medicare tax.
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.
If you run a small business, the accounting portion is important to master. For this, you'll need to understand how to use accounting software. This won't be difficult, if you take advantage of accounting software online training, which offers the following benefits.
As a business owner, you probably have a lot of tasks to manage each day. This can make it difficult to find the time to fit in this type of training.
When you are in business, there is no end to the number of ways you can be advised and the number of professionals who can advise you. If you are stuck somewhere in the length of your business journey to ultimate success, you do not need to look any further than some of your local financial businesses and institutions. The following examples are just a few of the many professionals that frequently offer "