With only 69 days left until the April 15 tax filing deadline, now is the time for independent contractors to begin preparing their returns. Filing taxes can be a daunting task for anyone, but it can be especially challenging for independent contractors. To ease this often stressful process, we suggest following our simple tax tips for independent contractors.
For real estate agents, their vehicle is used much more than the office. Many could even stretch that to say, “The only ones in the car more than us are Dale Earnhardt Jr. and truck drivers. Running house to house and office to property, the amount of driving for work that real estate agents do is incredible, that’s why vehicle tax deduction for real estate agents is so important.
Because real estate agents are considered self-employed, independent contractors they are entitled to certain tax deductions and the vehicle tax deduction for real estate agents is the big one. It is important to remember it’s just for gas mileage. Because of the expected business use, vehicle tax deductions for real estate agents also include insurance, parking, repairs, maintenance, license, loan interest and depreciation. To maximize your business profits you need to be aware of the tax breaks and deductions, but first let’s outline available vehicle tax deductions for real estate agents.
When you think “outsourced accounting” you might think yet another industry has abandoned the United States of America for cheaper prices abroad. Cheaper prices that leave you, the customer, sitting on a phone line for hours wondering, “Why can’t I just speak to my accountant face-to-face? Like in the good old days!” Luckily, outsourced accounting has nothing to do with exporting accounting resources to other countries and has everything to do with giving you the best accounting services money can buy. Here’s how a bit of outsourcing could save your small business.
Previously we discussed what didn’t qualify as a deduction for business travel – but now we will discuss what you can use for business travel expense deductions. I bet a few will surprise you. So whether you are trying to make the most of a business trip or looking for a new job away from home, understanding what you can deduct at tax time will save you some coins along the way.
If your duties require you from the general area of your tax home for a period substantially longer than an ordinary day’s work, and you need to get sleep or rest to meet the demands of your work while away – you are traveling away from business.
Having travel expenses happens when you leave your general area for business. Many people end up paying at the end of this travel because they do not have a clear understanding of what is considered a business travel expense deduction.
If your duties require you from the general area of your tax home for a period substantially longer than an ordinary day’s work, and you need to get sleep or rest to meet the demands of your work while away – you are traveling away from business. However there are many situations when you travel that are not business travel expense deductions. Here are some situation that you should be aware of that are not deductible.
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More Ways a Buy-Sell Agreement Will Help Buy Out a Partner
Retirement
Suppose that Steve decides that after years of hard work and dedication, he wants to retire so that he can travel the world while he’s still fit. Leonard plans to stay at the sandwich shop and actively continue to run the business.
When you don’t have any partners in owning your business, it’s far less complicated to shut down or sell off the business if you’re ready to move on to something else. However, for businesses with more than one co-owner, one of the most important agreements to establish early on is a buy-sell agreement. This outlines the protocol for what should happen if a partner wants out of the business for any reason, helping all parties to navigate these transitional periods. There are a number of reasons that an owner would no longer be able to participate in a company—these are often called “trigger events.” Here are some common trigger events that require businesses to call upon their buy-sell agreements, and how these events may wind up being handled.
Company owners need to be especially cautious in preventing employee theft when their operations involve the use of small business expense reports. According to the Association of Certified Fraud Examiners (ACFE), expense account fraud by employees was estimated at an alarming $600 billion in 2002! While many types of occupational frauds have been declining since 2008, the ACFE reports that incidents of expense reimbursement fraud are climbing.
There’s no doubt that in order to make money, you need to spend money. However, when it comes to taxation, the way that companies choose to spend their money can make a huge difference. Depending on how a company structures their work-related expenses will affect not only how the company is taxed on those expenses, but how employees are reimbursed for the money they spend.
