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    Taxes for Small Business: The Ultimate Guide to Small Business Taxes Including LLC Taxes, Payroll Taxes, and Self-Employed Taxes as a Sole Proprietorship
    Taxes for Small Business: The Ultimate Guide to Small Business Taxes Including LLC Taxes, Payroll Taxes, and Self-Employed Taxes as a Sole Proprietorship
    Taxes for Small Business: The Ultimate Guide to Small Business Taxes Including LLC Taxes, Payroll Taxes, and Self-Employed Taxes as a Sole Proprietorship
    Ebook120 pages1 hour

    Taxes for Small Business: The Ultimate Guide to Small Business Taxes Including LLC Taxes, Payroll Taxes, and Self-Employed Taxes as a Sole Proprietorship

    By Greg Shields

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    About this ebook

    Say goodbye to scratching your head in confusion

    This book on taxes could be the answer you're looking for...
    Filing taxes is something every business in America needs to do and there is a lot that needs to be learned in this process. It does not matter if you are self-employed or own a limited liability company (LLC). You need to know what the difference is regarding taxes and how to get the most out of your return.
    Payroll taxes may seem scary. However, you will start to see how simple they are as you read through Chapter 2 of this book. Do you know what deductions you can make as an individual taxpayer and as a business? There are so many tax breaks for a small business that you need to consider. You will see the updated information for deductions and credits that are available to you based on the new GOP tax bill. Best of all, learn how to make the new tax bill work for you so you can maximize your deductions.
    With the help of this book, you will learn how you can get through those grueling audits and survive the pressure of Uncle Sam and his squad of tax informants. If you have not filed the previous year's taxes, then you may want to check out Chapter 5 as we discuss IRS survival and this particular issue. In chapter 6, you will learn how to make your business taxes work for your business. As a special bonus, in chapter 7, you'll get examples of each of the IRS forms discussed throughout the chapters so you can see what they look like and their purpose.
    Here are just some of the topics that are discussed within this book:

    • Differences Between LLC and Self-Employed Taxes
    • Payroll Taxes and How to Best Manage Them
    • Knowing Your Tax Deductions, Exemptions and Credits
    • Capital Gains and Losses
    • Your Business and the IRS
    • Making Your Business Taxes Work for You
    • Forms for Success

    So, what are you waiting for? Start your learning now by downloading this magnificent book

    LanguageEnglish
    PublisherGreg Shields
    Release dateJun 16, 2020
    ISBN9781393262541
    Taxes for Small Business: The Ultimate Guide to Small Business Taxes Including LLC Taxes, Payroll Taxes, and Self-Employed Taxes as a Sole Proprietorship

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      Book preview

      Taxes for Small Business - Greg Shields

      Introduction

      Filing taxes is something every business in America needs to do and there is a lot that needs to be learned in this process. To get the most out of your tax return for you and your business, it should be a job that is looked at several times a year.

      It does not matter if you are self-employed or own a limited liability company (LLC). You need to know what the difference is regarding taxes and how to get the most out of your return.

      Payroll taxes may seem scary. However, you will start to see how simple they are as you read through Chapter 2. Do you know what deductions you can make as an individual taxpayer and as a business? There are so many tax breaks for a small business that you need to consider. On December 2017, President Trump signed and passed the Tax Cuts and Jobs Act. You will see the updated information for deductions and credits that are available to you based on the new GOP tax bill. Best of all, learn how to make the new tax bill work for you so you can maximize your deductions.

      With the help of this book, you will learn how you can get through those grueling audits and survive the pressure of Uncle Sam and his squad of tax informants. If you have not filed the previous year’s taxes, then you may want to check out Chapter 5 as we discuss IRS survival and this particular issue.

      If you take anything away from this book, I want you to focus on one chapter. Read Chapter 6 and learn how to make your business taxes work for your business. Once you have read that chapter, I know you will want to continue reading. I encourage you to start from the beginning and learn how everything in this book will bring you full circle and help you file your taxes. The aim of this book is to show you what you need to do so your business not only survives but also thrives.

      As a special bonus, check out Chapter 7 to get examples of each of the IRS forms discussed throughout the chapters so you can see what they look like and their purpose.

      Chapter 1 – Differences Between LLC and Self-Employed Taxes

      All small businesses have one thing in common. They need to file taxes. It does not matter if you are self-employed or have a limited liability company (LLC), the IRS will still expect you to file your taxes every year.

      Self-Employed or Sole Proprietorship Taxes

      When you are self-employed or unaffiliated, you are taxed strictly on your own income. Therefore, when you file taxes you are simply calculating your total income and subtracting your total expenses or damages. This makes it easy to figure out your net income.

      Being a Sole Proprietor, you are responsible or liable for everything that happens in your business. Sole proprietorship can be businesses such as freelancing, home-based or a retail trade business. As you are the only person involved, all expenses, debts and income are yours only. That means that anything that happens with your business will be on your shoulders. You are the boss and there is no one above you.

      As all income and expenses pass through you as the owner, you need to declare those on your personal tax return. Make sure that when filing your taxes, you are filing or registering the business portion on a Schedule C or C-EZ and include it with your Form 1040.

      If you work for a company as an employee or clerk you receive a W-2. This W-2 is a record of all your earnings and the employer has already subtracted your taxes from your paycheck. However, when you go into business for yourself things get a bit trickier. It does not matter if you own a bakery, drive for Uber, or have a consulting firm, you are your own boss and you must file your taxes.

      Limited Liability Company (LLC) Taxes

      Through an LLC you can be taxed as either a sole proprietorship, a partnership or a corporation. This is based on the number of members. The owner of the LLC is taxed individually only on their share of the company. When the LLC is set up you will determine the size of each member’s responsibility and as elected, you will be responsible for any losses or gains of the company.

      If you are planning to form an LLC, you should know that the IRS recognizes a single-owner as a sole proprietorship when filing taxes. Therefore, you would file your taxes on a Schedule C for a sole-owner LLC.

      Through a multi-owner LLC, taxes start to become different when filing. Each owner will receive their portion of the business profits. These will be filed on a Schedule E and be attached to your individual tax return. As you have an LLC formed, you will need to file a form 1065 with the IRS. This form is also used by a partnership. It is to ensure you are reporting the correct amount of income. As an LLC you will need to provide a Schedule K-1 to each of the members. The Schedule K-1 is a breakdown of the profits and losses for each member share in the LLC.

      Differences

      One of the major differences between being self-employed and forming an LLC is that when you are self-employed you are responsible for all gains and losses of the company, whereas, if you form an LLC, you are only required to report the portion of the company you are responsible for. This gives

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