by Beth McGuire | Aug 13, 2017 | Business Tip of the Day |
A. $15; B. $10; C. $5. Answer: C. You can deduct $5 per square foot with a maximum of 300 sq. feet with the Simplified home office deduction.
by Beth McGuire | Aug 12, 2017 | Business Tip of the Day |
Little known secret: A retirement plan that works well for agents is the Solo 401(k). You can save up to $54,000 ($60K for agents over 50) a year and deduct it from your taxes.
by Beth McGuire | Aug 11, 2017 | Business Tip of the Day |
Whether you’re doing your taxes yourself or you have an accountant. Understanding which expenses are allowed, like mileage and entertainment, will help you avoid overpaying on your quarterly and year-end taxes.
by Beth McGuire | Aug 9, 2017 | Business Tip of the Day |
Determine net income. Calculate self-employment tax. Determine itemizations. Subtract personal exemption. Determine federal tax rate. Subtract tax credits. Divide the tax due by the four IRS quarters. Don’t want the hassle? Download QuickBooks...
by Beth McGuire | Aug 8, 2017 | Business Tip of the Day |
Sept. 15 — Quarterly taxes are due Oct. 16 — Tax extension deadline
by Beth McGuire | Aug 7, 2017 | Business Tip of the Day |
For every 1,000 miles driven, $500 in tax deductions can be produced, but the IRS needs documentation of business and personal trips to get these deductions. The automatic mileage tracker on QuickBooks Self-Employed can help.