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Archive for Taxes

10 Tax Tips for Work-at-Homers

by NellieAkalp
May 10th, 2013

By: Eric

If you just started your home-based business in the last year, you may be apprehensive about your first time filing and paying small business taxes. Never fear: these tips will make tax season easier for you.

1. Know Your Deductions. 

You might be surprised at all the expenses you can write off with your home-based business. Your office, for example, is a legitimate business deduction. A few others include:

  • Office supplies
  • Computers or printers
  • Business trip expenses
  • Advertising or marketing

So don’t be afraid to spend money on your business. It will help reduce your taxable income come April. Continue reading “10 Tax Tips for Work-at-Homers” »

Categories Starting a Business, Taxes
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Filing Taxes as a Sole Proprietor? What You Need to Know

by NellieAkalp
April 8th, 2013

More Americans are working for themselves than ever before. Call them freelancers, contractors, micro business owners, entrepreneurs…a recent report says that there are now 17 million full-time independents in the U.S.

Even if this is your first year as self-employed, you probably already know that your income taxes are more involved than your colleagues who only have a W-2. However, the complexity also brings opportunity, as freelancers can deduct a lot of their expenses, such as the cost of a computer, office supplies, and work-related travel. Continue reading “Filing Taxes as a Sole Proprietor? What You Need to Know” »

Categories Taxes
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6 Questions to Ask Yourself Before Filing Your Taxes

by CorpNet
March 29th, 2013

This is a guest post from Jason Sager of  Corporate Tax Network.

Filing taxes with the IRS is something we all have to do. Before moving forward with this process, however, it’s important to ask yourself some simple questions to ensure you enjoy a stress-free tax-filing experience. Corporate Tax Network recommends that you consider the following questions:

1) What is your tax-filing status?

Your filing status should be easy to determine, unless you’ve had a recent life-changing event. If you are single with no children, you should file your taxes individually. If you are married, you can file either jointly or separately. Another option is the head-of-household status, which can apply to single parents or married couples with one or more dependents. On the other hand, a divorce or the birth of a child could change your status, so make sure you know what it is prior to filing your returns. Continue reading “6 Questions to Ask Yourself Before Filing Your Taxes” »

Categories Legal Tips For Small Businesses, Taxes
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4 Must-Know Small Business Tax Tips

by CorpNet
March 15th, 2013

This is a guest post from Patrick Finkelstein of Dawson & Associates.

When it comes to lowering your taxes, there is no simple path. The tax code is highly complex and voluminous. What works for one person might not work for someone else. However breaking down how individual taxpayers can lower their taxes can be simplified by knowing and understanding a few fundamental concepts.

Taxes are reduced in one of two ways through deductions and/or credits. A deduction reduces taxable income thereby lowering the amount that would be subject to tax while a credit reduces your taxes directly dollar for dollar. For this reason tax credits are more effective in lowering taxes. Below, we outline four broad tax tips that all taxpayers should know regardless of whether or not they prepare their own tax return. It is important to note that most deductions and credits are subject to income limitations. This means that while you may qualify for a specific credit or deduction you might not be able to take advantage because your income is too high. The majority of credits and deduction phase out as well, which means that you could qualify for a partial deduction or credit. Each credit and deduction have different limitation levels and phase outs. This is important to know before you make financial decisions with tax motivations.

Tip #1: Know your filing status – Head of Household

Taxpayers receive a standard deduction based on their filing status. Filing statuses include married filing joint, married filing separate and single. The standard deduction reduces income and the amount of the deduction varies by filing status. Married filing joint taxpayers receive $11,900 of deduction while single and married filing separate taxpayers receive 5,950 of deduction. Additionally, filing status dictates tax bracket thresholds as well. Continue reading “4 Must-Know Small Business Tax Tips” »

Categories Taxes
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CorpNet.com CEO Nellie Akalp Shares Her Tax Tips and Expert Business Insight on KTLA’s ‘Money Smart

by CorpNet
March 11th, 2013

Check out the news about Nellie Akalp being on KTLA!

Nellie Akalp, Founder and CEO of online document filing company CorpNet.com, is pleased to announce her recent appearance on Los Angeles’ Leading News Station KTLA-TV. Akalp appeared on the special ‘Money Smart’ segment during the station’s award-winning 10 o’clock evening newscast. The segment received such an overwhelming response that the 2-part series was replayed during the weekend edition. Continue reading “CorpNet.com CEO Nellie Akalp Shares Her Tax Tips and Expert Business Insight on KTLA’s ‘Money Smart” »

Categories Events & Announcements, Taxes
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5 Commonly Missed Tax Deductions

by CorpNet
March 8th, 2013

This is a guest post from Jason Sager of  Corporate Tax Network.

As a small business owner, you can take advantage of numerous tax deductions to reduce your tax bill and keep more of the hard-earned income you make. Many deductions are often overlooked and go unclaimed. Corporate Tax Network recommends that you consider these five commonly missed deductions when filing your taxes:

1) Home office deduction

The home office deduction is a very beneficial tax deduction if you have a home office. You can write off a portion of the bills you pay that are directly related to conducting or starting a business. These deductible expenses include mortgage interest, insurance, rent, power, Internet access, and home repairs. The caveat is that these expenses must be directly tied to running a business. They must be part of a specific room or area in your home that is designated for business activities. For tax year 2013, the IRS plans to simplify the calculation of this deduction. Taxpayers will be able to easily take a standard deduction of $1,500 for their home office expenses. Continue reading “5 Commonly Missed Tax Deductions” »

Categories Legal Tips For Small Businesses, Taxes
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What You Need to Know About the S Corp Deadline

by NellieAkalp
March 5th, 2013

Choosing the right business structure for your small business can seem like a daunting task. After all, the decision can have pretty significant implications, from how much you pay in taxes to how much paperwork you need to contend with.

March 15th is the deadline for existing businesses to elect S Corporation status, making it a good time to examine this business entity.

Double taxation

You may have heard that the traditional C Corporation is overkill for most small businesses and results in higher overall tax payments through something known as double taxation. That’s because when it comes to taxes, a C Corp is a separate taxpayer that files its own federal and state (where applicable) tax returns.

This means that profits are first taxed with the corporation. Then if the corporation decides to take that profit and distribute dividends to shareholders, the dividends are taxed again (this time, on each shareholder’s personal tax statement). Continue reading “What You Need to Know About the S Corp Deadline” »

Categories Business Filings, Taxes
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How to Avoid Double Taxation: LLC or S Corp?

by NellieAkalp
February 28th, 2013

Creating a legal entity for your startup will establish much-needed separation between you and your business. Shielding your personal assets is the first and foremost reason to think about incorporating.

But let’s face it. When it comes down to choosing a business structure, small business owners are typically concerned about one thing: taxes.

There are a whole host of reasons to incorporate as a C Corporation. For example, the C Corp is the preferred structure if you intend on seeking VC funding or taking the company public. But forming a C Corp involves more paperwork, legal fine print and potential double taxation. Continue reading “How to Avoid Double Taxation: LLC or S Corp?” »

Categories Business Filings, Business Finance, Taxes
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S Corp Deadline Approaches: Is It Right For You?

by NellieAkalp
February 27th, 2013

If your business is a corporation, you’re already aware that March 15th is the most critical tax deadline of the year. But March 15th is an important deadline for another reason…it’s the deadline for electing S Corporation status.

Choosing the right business structure is a significant issue, one you’ll want to consider carefully from all angles. The S Corporation is a popular way for small businesses to optimize their tax treatment and with the S Corp election deadline approaching, it’s a good time to examine this business entity.

If you’re launching a new business or are considering switching your corporate status, read on to learn if the S Corporation is right for you. Continue reading “S Corp Deadline Approaches: Is It Right For You?” »

Categories Business Finance, Taxes
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5 Accounts New Year Resolutions To Save You Money

by Sian Phillips
January 8th, 2013

Every year after starting a small business, you always plan to keep your accounts in order. It lasts a week or so and then it all goes wrong. When it comes time to give your paperwork to your accountant it’s a huge chore that you put off until the last minute making it even worse.

Or maybe you have done something through the year that maybe you’re not sure is correct and your accountant may have to tell you in hindsight. Continue reading “5 Accounts New Year Resolutions To Save You Money” »

Categories Business Finance, Taxes
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