what the self-employed should expect at tax time

How To Deduct Medical Insurance As An Itemized Deduction

Individuals who itemize deductions on their income tax return often maintain detailed records of their medical expenses. When the tax return is prepared, their records are reviewed to determine which expenses are deductible. In addition to the amounts paid to medical providers, the cost of certain types of medical insurance is also deductible as an itemized deduction. Unlike most other itemized deductions, medical expenses are subject to a threshold at which they become deductible.   Read More...

The Three Biggest Tax Mistakes Made By Small Businesses

One of the most common mistakes that small businesses make when handling their taxes is not deducting startup costs properly. A business cannot deduct its startup costs until it has made its first sale. These startup costs are not deducted right away but are instead deducted over the course of 15 years. Check with the IRS to make sure that all of your expenses qualify for a deduction.  Hiding Your Income   Read More...

A Quick Guide to Understanding the Basics of a Simple Trust and Its Taxation Details

Although the use and value of a trust have been evident for years, the details associated with filing the taxes for what is known as a simple trust can still be quite complex. For instance, you might be surprised to learn that in addition to the banking information and receipts for the income and outgo of that trust you might already expect to provide, you will also need to have the tax identification number for the trust.   Read More...

Lessen The Burden Of Uncle Sam's Demands With These Often Overlooked Expenses For Writers

When you imagined you wanted to be a writer, what is it that you had in mind? If you are like a lot of professional writers, you will say you envisioned sitting in your well-put-together office space, sipping coffee, and tapping out masterpieces on your computer. If there is one thing you did not anticipate along with your prose-creating profession, it was Uncle Sam constantly looming over your shoulder. The fact is, as a writer, you are a sole-proprietor business entity.   Read More...

4 Reasons To Get Professional Help For Your Business Tax Needs

If you're a small business owner, you may be stressing out about having to handle your own taxes. It can be a complicated process and the rules can be confusing, especially if you're a brand new business. The good news is there are tax professionals who are willing and able to help you with your tax needs. They can make you feel more confident and can offer personalized advice. Keep reading to better understand the reasons as to why you should hire a tax professional for your business tax needs.   Read More...