Entrepreneurs – DougFreemanCPA.com

9 tax considerations if you’re starting a business as a sole proprietor

Entrepreneurs, Medical Deductions, Quarterly Estimated Tax Payments, Self Employment Tax, Small Business, Small Business Owners, Small Business Tips, Sole Proprietors / Douglas Freeman

When launching a small business, many entrepreneurs start out as sole proprietors. If you’re launching a venture as a sole proprietorship, you need to understand the tax issues involved. Here are nine considerations: 1. You may qualify for the pass-through deduction. To the extent your business generates qualified business income, you’re currently eligible to claim […]

9 tax considerations if you’re starting a business as a sole proprietor Read More »

Starting a business? How expenses will be treated on your tax return

Business Start Ups, Entrepreneurs, Small Business, Tax Deduction / Douglas Freeman

Government officials saw a large increase in the number of new businesses launched during the COVID-19 pandemic. And the U.S. Census Bureau reports that business applications are still increasing slightly (up 0.4% from April 2023 to May 2023). The Bureau measures this by tracking the number of businesses applying for Employer Identification Numbers. If you’re

Starting a business? How expenses will be treated on your tax return Read More »

Entrepreneurs and taxes: How expenses are claimed on tax returns

2021 Tax Return, Business Start Ups, Entrepreneurs, Federal Taxes, Small Business, Tax Record Retention / Douglas Freeman

While some businesses have closed since the start of the COVID-19 crisis, many new ventures have launched. Entrepreneurs have cited a number of reasons why they decided to start a business in the midst of a pandemic. For example, they had more time, wanted to take advantage of new opportunities or needed money due to

Entrepreneurs and taxes: How expenses are claimed on tax returns Read More »

Getting a new business off the ground: How start-up expenses are handled on your tax return

Business Deductions, Business Expenses, Business Start Ups, Entrepreneurs, Small Business, Tax Return / Douglas Freeman

Despite the COVID-19 pandemic, government officials are seeing a large increase in the number of new businesses being launched. From June 2020 through June 2021, the U.S. Census Bureau reports that business applications are up 18.6%. The Bureau measures this by the number of businesses applying for an Employer Identification Number. Entrepreneurs often don’t know

Getting a new business off the ground: How start-up expenses are handled on your tax return Read More »

Launching a business? How to treat start-up expenses on your tax return

COVID-19, Deductions, Entrepreneurs, Small Business, Tax Deduction, Tax Planning / Douglas Freeman

While the COVID-19 crisis has devastated many existing businesses, the pandemic has also created opportunities for entrepreneurs to launch new businesses. For example, some businesses are being launched online to provide products and services to people staying at home. Entrepreneurs often don’t know that many expenses incurred by start-ups can’t be currently deducted. You should

Launching a business? How to treat start-up expenses on your tax return Read More »

Using your financial statements during an economic crisis

Accounting, Assets, Business Expenses, COVID-19, Entrepreneurs, Financial Statements, Small Business / Douglas Freeman

The economic fallout from the coronavirus (COVID-19) pandemic has forced business owners to reevaluate their operations and make difficult decisions. One place to look for the information you need to make rational, reasonable moves is your financial statements. Under U.S. Generally Accepted Accounting Principles, these typically comprise a statement of cash flows, a balance sheet

Using your financial statements during an economic crisis Read More »

How entrepreneurs must treat expenses on their tax returns

Accounting, Bookkeeping, Business Start Ups, Deductions, Entrepreneurs, Income Tax, Internal Revenue Service, Tax Deduction, Tax Planning, Tax Savings / Douglas Freeman

Have you recently started a new business? Or are you contemplating starting one? Launching a new venture is a hectic, exciting time. And as you know, before you even open the doors, you generally have to spend a lot of money. You may have to train workers and pay for rent, utilities, marketing and more.

How entrepreneurs must treat expenses on their tax returns Read More »