Xpert Tax Service LLC

If your small business is structured as a C-corporation, your business is legally separate from you as the owner. C-corporations are subject to what is called double taxation. To start, C-corporations are subject to a flat income tax rate of 21%. Then, shareholders are taxed on their personal tax returns when profits are distributed as dividends. The primary income tax form for C-corporations is Form 1120. Shareholders who actively participate in the work of the corporation... are considered employees. Only the employee’s salary is subject to self-employment taxes. Dividends are subject to a different dividend-specific tax rate. Many corporate business owners save on self-employment taxes by paying themselves a smaller salary and taking more money out of the company in distributions. (However, the IRS requires you to pay yourself a reasonable salary given your job title, industry, and qualifications.) There are several other tax advantages to C-corporations as well. Contact www.xperttaxservices.com

So many business owners don’t keep track of their cash flow. It is important that you know what is coming in and going out of your business. Many taxpayers miss deductions because they have not kept adequate bookkeeping on their business. Book your virtual tax consultation today https://www.xpertbusinesstaxsolution.com/services

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If you use part of your home for business, you may be able to deduct expenses for the business use of your home. These expenses may include mortgage interest, insurance, utilities, repairs, and depreciation.

If your business manufactures products or purchases them for resale, you generally must value inventory at the beginning and end of each tax year to determine your cost of goods sold unless you are a small business taxpayer (defined below). Some of your expenses may be included in figuring the cost of goods sold. The cost of goods sold is deducted from your gross receipts to figure your gross profit for the year. If you include an expense in the cost of goods sold, you cannot... deduct it again as a business expense. The following are types of expenses that go into figuring the cost of goods sold. The cost of products or raw materials, including freight Storage Direct labor costs (including contributions to pensions or annuity plans) for workers who produce the products Factory overhead See more

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Tax News! #xperttaxservice https://www.taxprotoday.com//lawmakers-question-irs-readin

Generally, you cannot deduct personal, living, or family expenses. However, if you have an expense for something that is used partly for business and partly for personal purposes, divide the total cost between the business and personal parts. You can deduct the business part. For example, if you borrow money and use 70% of it for business and the other 30% for a family vacation, you can deduct 70% of the interest as a business expense. The remaining 30% is personal interest and is not deductible.

Generally, you should keep all receipts and tax records for 3 years. Keep in mind length of time you should keep a document depends on the action, expense, or event the document records. You must keep your records as long as needed to prove the income or deductions on a tax return.

You may choose any recordkeeping system suited to your business that clearly shows your income and expenses. Except in a few cases, the law does not require any special kind of records. However, the business you are in affects the type of records you need to keep for federal tax purposes.

Good records will help you monitor the progress of your business, prepare your financial statements, identify sources of income, keep track of deductible expenses, keep track of your basis in property, prepare your tax returns, and support items reported on your tax returns.

If you want to deduct business travel on your taxes it is two criteria that it has to meet according to the IRS. The two criteria is ordinary and necessary. Some example of ordinary and necessary is below: Travel by plane, car, bus or train between your home and the destination... Transportation at the destination (i.e., a shuttle ride from the airport to your hotel; a taxi trip from your hotel to the convention; the cost of a rental car) Actual or standard mileage costs of using your own or business vehicle for the trip Parking, tolls and other costs associated with use of the vehicle Lodging Meals (either the actual cost of the meal or the IRS standard per diem) Dry cleaning or laundry services Tips related to the services above See more

You do have to report any tips that you earn from your job. If you make more than $20 in tips it is good practice to report those tips to your employer so that they are already reported when you receive your W2. If you do not report your tips to your employer, you are supposed to report them on your tax return on Form 4137. The IRS assumes that if you work in a restaurant or similar industry, you will earn tips at an average of 8%. If you regularly report tips under this amount or do not report any tips, the IRS will be suspicious. For this reason, it is important to report your tips.

Below are the things you need to know to get your taxes prepared if you drive for Uber/Lyft Know what taxes you must pay Uber will file IRS Form 1099-MISC and/or 1099-K with the IRS and your state tax agency if you were paid over $600 during the year Be ready to pay estimated quarterly taxes... Keep track of your miles and expenses The mileage deduction can save you major dollars at tax time but only if you have proper records Know what deductions you can take File the proper tax forms See more

The amount of money you are able to earn before you're required to submit a tax return to the IRS depends on your filing status. If you would file as single, you do not have to submit a tax return unless your gross annual income is at least $12,400, or $14,050 if you are 65 and up.

Nonemployee compensation is the money you pay to an independent contractor who performs work for you. Nonemployee compensation includes fees, commissions, prizes, and awards for services. ... You do not withhold taxes for an independent contractor because they are not on your payroll.