Form 1040 – 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 […]

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2023 Q2 tax calendar: Key deadlines for businesses and employers

2022 Tax Return, 2023 Tax Calendar, Business Income Tax, Corporations, Estimated Tax Payments, Federal Taxes, FICA, Quarterly Estimated Tax Payments, Small Business, Small Business Tax Tips / Douglas Freeman

2023 Q2 tax calendar: Key deadlines for businesses and employers C Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re

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2022 Q2 tax calendar: Key deadlines for businesses and other employers

2022 Tax Calendar, Corporations, Federal Income Tax, FICA, Income Tax, Small Business / Douglas Freeman

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing

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Important tax aspects of operating your business as a sole proprietor

Business Deductions, Business Expenses, Health Care Insurance, Home Office Deduction, Itemized Deduction, Past-Through Entities, Self Employment Tax, Small Business, Small Business Owners, Sole Proprietors / Douglas Freeman

If you’re in business for yourself as a sole proprietor, or you’re planning to start a business, you need to know about the tax aspects of your venture. Here are eight important issues to consider: 1. You report income and expenses on Schedule C of Form 1040. The net income is taxable to you regardless

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New law: Parents and other eligible Americans to receive direct payments

AGI (Adjustable Gross Income), American Rescue Plan Act, Child Tax Credit, Income Tax / Douglas Freeman

The American Rescue Plan Act, signed into law on March 11, provides a variety of tax and financial relief to help mitigate the effects of the COVID-19 pandemic. Among the many initiatives are direct payments that will be made to eligible individuals. And parents under certain income thresholds will also receive additional payments in the

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Launching a small business? Here are some tax considerations

Business Deductions, Business Expenses, Employees, Qualified Business Income Deducton (QBI), Retirement, Simples, Simplified Employee Pension (SEP), Small Business, Sole Proprietors / Douglas Freeman

While many businesses have been forced to close due to the COVID-19 pandemic, some entrepreneurs have started new small businesses. Many of these people start out operating as sole proprietors. Here are some tax rules and considerations involved in operating with that entity. The pass-through deduction. To the extent your business generates qualified business income

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Do you want to go into business for yourself?

Deductable Expenses, Past-Through Entities, Retirement, Self Employment Tax, Simples, Simplified Employee Pension (SEP), Small Business, Social Security & Medicare (FICA) taxes / Douglas Freeman

Many people who launch small businesses start out as sole proprietors. Here are nine tax rules and considerations involved in operating as that entity. 1. You may qualify for the pass-through deduction. To the extent your business generates qualified business income, you are eligible to claim the 20% pass-through deduction, subject to limitations. The deduction

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The tax implications of being a winner

Deductions, Documentation, Doucment Retention, Federal Income Tax, Gambling Taxation, Income Tax, Individual Income Tax, Internal Revenue Service, Itemized Deduction, Tax, Tax Deduction, Tax Planning, Tax Record Retention / Douglas Freeman

If you’re lucky enough to be a winner at gambling or the lottery, congratulations! After you celebrate, be ready to deal with the tax consequences of your good fortune. Winning at gambling. Whether you win at the casino, a bingo hall, or elsewhere, you must report 100% of your winnings as taxable income. They’re reported

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Why you shouldn’t wait to file your 2018 income tax return

2018 Tax Return, Income Tax, Individual Income Tax, Internal Revenue Service, Tax, Tax Cuts and Job Acts (TCJA), Tax Identity Theft, Tax Planning / Douglas Freeman

The IRS opened the 2018 income tax return filing season on January 28. Even if you typically don’t file until much closer to the April 15 deadline, this year consider filing as soon as you can. Why? You can potentially protect yourself from tax identity theft — and reap other benefits, too. What is tax

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