Did you start a company recently and now you're wondering what the rules are for paying yourself as a business owner? Entrepreneurs can choose to compensate themselves with a salary, draw or both. In other words you can decide to give yourself a regular paycheck for your efforts or pay yourself based on the company's overall profits.
The IRS greets freelancers and other 1099 recipients with a wealth of business deductions, primarily in the form of Schedule C. This article provides an alert, exploring Tax deductions for a 1099 employee/freelancer likely to escape detection by 1099 recipients.
Writing Off Business Gatherings For Taxation Purposes:
It's no doubt that meals for business gatherings that include meals can become quite expensive for any company, especially a smaller-to-midsized company. Although sometimes it's important to note that there can be tax write-offs for certain business-related meal expenses. It's important to know which expenses are OK to write off, and which ones are not to keep your business in "good standing" with the IRS.
Something that every business owner has to do is decide what legal structure they want to incorporate their business with. Incorporating your business is an extremely important first step that ensures that your assets are protected, you receive tax breaks, and your business garners the legitimacy it deserves.
When thinking about selling a home, taxes are not usually the first thing most people think about. However, taxes are something to consider because they do play a role once you've sold your home. Therefore, it's best to spend some time learning about the tax implications that accompany the sale of your home. Otherwise, you could be in for a big surprise at tax time. And no one likes tax surprises, especially when it comes to the IRS!