What is Sales Tax?

What is Sales Tax? Sales tax is a consumption tax on goods and services. State governments, along with county and local governments, set the sales tax; however, not every state has sales tax. The purpose of sales tax is to fund government projects. The revenues from sales tax are used to fix roads, improve communities, … Continued

I’ve Filed a Tax Extension, What now?

Tax day has come and gone and you didn’t have time to file your taxes. As long as you filed a tax extension, you have an extra six months to get your tax return to the Internal Revenue Service (IRS.) The IRS will allow you to file an extension for any reason, as long as … Continued

How Many Years Can I Take a Loss on My Business?

If you’re wondering, “How many years can I take a loss on my business?” then you’re probably reaching a point where you’ve been claiming too many losses on your taxes. The Internal Revenue Service (IRS) only allows your business to be in the negative for a certain number of years before it declassifies it as … Continued

How to Calculate Estimated Quarterly Taxes

When you have income that isn’t subject to withholdings then you must pay estimated quarterly taxes. This is the Internal Revenue Service’s (IRS) way of collecting taxes from people who don’t have them withheld from their paychecks. Our guide on estimated quarterly taxes will help you understand who needs to pay them, how to calculate … Continued

FAQ – Is Office Furniture Tax Deductible?

Furnishing an office is a necessary, but expensive endeavor. The Internal Revenue Service (IRS) understands that office furniture is a vital aspect of running a business, so they allow business owners to deduct those expenses on their taxes. Office Furniture There are rules when it comes to deducting office furniture. First, the IRS only allows … Continued

What are My Mileage Deduction Options? Plus a Free Mileage Log

If you’re a small business owner who drives a lot for work, then claiming a mileage deduction on your taxes is a great way to save money. There are two options when you’re claiming a deduction for mileage. You can choose to claim a standard mileage deduction or you can calculate the actual costs of … Continued

3 Ways Spend Your Tax Return on Your Small Business

A personal or business tax return can be used in any way. However, if you’re serious about building your business this year, we suggest spending your tax return on your small business. There are obvious benefits to spending your tax return on your business. The first benefit is that the more you put into your … Continued

Everything You Need to Know for the 2016 Tax Season

The 2016 tax season began in January when the IRS started accepting tax returns. The IRS made changes to when your taxes are due, when you may receive your tax return. and what you need to file your taxes for the 2016 tax season. 2016 Taxes due April 18, 2017 You’ll have a couple more … Continued

Do I Need to File My Self Employment Taxes on My Gross or Net Income?

  When you are self employed, you are responsible to pay taxes towards social security, income and Medicare. Usually, these taxes are covered in part by an employer; however, if you are self-employed you are responsible to pay them yourself. You should set aside 30% of your income for self employment taxes. What is the difference … Continued

2017 Important Tax Dates (Free Printable)

As a small business owner, it is critical that you are aware of your tax responsibilities. We’ve gathered all of the important 2017 tax dates and created a free printable so that you can keep track of everything. Your biggest responsibility, as a business owner, is to pay your self employment taxes. Most businesses pay … Continued