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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6 Ways to Increase Profits For Your Small Business

Small business owners need to change their practices to focus more on profit, according to Patricia Sigmon, founder and president of David Advisory Group, a firm that specializes in helping CEOs and small- to mid-sized businesses re-engineer their business practices. Sigmon, the author of the book, "Six Steps to Creating Profit," notes that nearly two-thirds of small businesses either …

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Small Business Taxes: A Simple Guide

How to prepare for tax season The hell of tax season madness can mostly be avoided by staying organized. Here’s how to make sure everything is in its right place. Gather your business records Before you start anything, make sure you have all your relevant business records on hand. Depending on your type of business entity, …

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Which terms should be included in a partnership agreement?

Partnerships can be complex depending on the scope of business operations and the number of partners involved. To reduce the potential for complexities or conflicts among partners within this type of business structure, the creation of a partnership agreement is a necessity. A partnership agreement is the legal document that dictates the way a business is …

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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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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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How to Deduct Your Office Costs

You should have a nice office — for many reasons. It can impact employee performance, contribute to customer or client satisfaction, and affect your profitability and ultimate business success. Setting up and maintaining your physical layout entails one-time and ongoing costs. Office Expense Deductions The tax rules on how to write-off office expense deductions can …

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