Self-Employment Tax: Understand & Calculate It in 2019-2020

Self-employment tax is a combination of Social Security and Medicaid taxes. Here's how much it is, how to calculate it and how to pay the bill. If you’re a freelancer, independent contractor or small-business owner, you may need to pay self-employment tax. Here’s what it is, how it works and how you can save. What …

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6 Tax Tips for Small Business Owners

AT THE END OF THE YEAR, small business owners are often looking for ways to minimize their companies' tax liability for the current tax year, says accountant Vinay Navani, of Wilkin Gutten plan. This year’s conversation with your tax professional could be an important one, as many accountants more fully grasp provisions of the Tax …

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4 Ways to Get Ready Now for Tax Season

The holiday season is fast approaching, and before you know it, 2019 will have come to a close. Tax season for preparing your 2019 tax return won't be far behind, with a typical start coming in late January. To be ready -- and to save as much as you can on your taxes -- it pays to …

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7 Basic Bookkeeping Habits to Help You Secure Financing

Does the thought of bookkeeping fill you with uncontainable excitement? Probably not. What about money in the bank to make your business ambitions a reality? Now we’re talking.  It turns out that boring ol’ bookkeeping and business capital have more in common than you might think. You need cash to grow your business, but as …

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The ultimate guide to tax deductions for the self-employed

Filing your taxes as a W-2 employee can be overwhelming. But when you’re self-employed, the labyrinth of paperwork and potential tax deductions creates a tax situation that’s enough to give even the most laid-back freelancer heartburn. Whether you’re filing your business taxes as a self-employed worker for the first time or the 20th, there are …

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Here’s Everything Your Accountant Needs to File Your Business Tax Returns

The basics You’ll need to provide your accountant with these documents and records, regardless of what kind of business entity you operate: Your previous year’s federal, state, and/or local tax returns Provided you’ve filed them before, these will contain most of what your accountant will need to get things rolling, including: Your legal name, Social …

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Can You Use a Business Bank Account for Personal Use?

Business owners should not use a business bank account for personal use. It’s a bad practice that can lead to other issues, including legal, operational and tax problems. As the company grows, the problems will also grow. That is, if the company is able to grow. Many businesses operated in a fiscally-lax fashion don’t grow …

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6 Tips for Hiring the Right Bookkeeper for Your Business

A bookkeeper can be one of the most important hires your organization ever makes. A good bookkeeper can keep you on the straight and narrow. A bad one can take you off the rails. There are key skills and attributes you should look for when hiring a bookkeeper; here are 10 of the most important: …

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5 Accounting Tasks All Small Business Owners Should Do

If you are a small business owner, you may think your accountant or bookkeeper is responsible for all book and financial related services. While their responsibility is to handle this, it doesn’t mean you are resolved from all responsibility. As a business owner, if you don’t understand your books, how can you grow your business? …

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