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Self-Employed Tax Deductions Block Advisors

Not all self-employed expenses qualify as a tax deduction (for example, entertainment expenses). There are some specific IRS rules you need to follow when … See more

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URL: https://www.blockadvisors.com/resource-center/small-business-tax-prep/freelance-small-business-tax-deductions/

Self-Employed Health Insurance Deduction Block Advisors

WEBYes, there are earned income limitations set in place for the self-employed health insurance deduction. The rule is that your deduction can’t exceed your business’ …

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Schedule H: household employment taxes Block Advisors

WEBYou must file Schedule H with your IRS Form 1040 if one or more of the following is true: You paid one (or more) household employees cash wages of $2,600 or …

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What is the FICA Tax Rate

WEBThe 2021 FICA tax rate is 15.3%: 12.4% for Social Security taxes and 2.9% for Medicare taxes. Additionally, employers must withhold 0.9% for Medicare surtax for employees …

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What Business Owners NEED to Know

WEBIn August the Inflation Reduction Act, in part a new tax bill for 2022, was signed into law. The legislation covered a myriad of topics that may impact your small …

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What is the S Corp tax deadline for 2023-2024

WEBThe S Corp tax deadline for 2023 (and beyond) is usually March 15 for most taxpayers. The S Corp tax due date may be different for small business owners who use …

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Full Tax Prep Checklist Block Advisors

WEBDocuments. Copy of the partnership agreement with any amendments and bylaws. If an LLC taxed as a partnership, copies of the LLC operating agreement and articles of …

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A guide to insurance for contractors Block Advisors

WEBContractor insurance can help protect your small business in case of lawsuits or other claims such as work-related injuries, equipment damage, business interruption, and …

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LLC vs S Corp Block Advisors

WEBAn S Corporation, or S Corp, is an IRS-recognized corporation that elects to pass its income and losses through to its shareholders. It’s sometimes referred to as a …

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Small Business Resource Center – Self-Employed Block Advisors

WEBFind tax help in your area. Make appointment. Find office. 1-800-511-9025. Find an office. Individuals running a business on their own may have unique tax …

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What is an Income Statement

WEBBlock Advisors is dedicated to meeting the tax, bookkeeping services, and payroll needs of the self-employed and small business owners. Make an appointment. …

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What is a corporation & how to form one Block Advisors

WEBBelow are common steps you may need to take in your state to form a corporation for your small business. 1. Choose a name for your corporation. The first …

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Payroll Taxes for Small Businesses Block Advisors

WEBThe FUTA wage base is $7,000 per employee per year. The FUTA tax rate is 6.0%, but employers may be able to take a credit of up to 5.4% against the FUTA tax …

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A Guide to In Home Daycare Tax Deductions Block Advisors

WEBJanine may deduct 28.54% of direct expenses. Indirect expenses may be deducted at the adjusted rate to account for the square footage regularly used for business calculated in …

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Choosing a Business Entity Structure Block Advisors

WEBThere are four types of business structure paths that an entity can take for federal tax purposes. They are: Sole proprietorships. S corporations. C corporations. …

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Federal Income Tax (FIT tax) Withholding Basics Block Advisors

WEBEmployers withhold FIT using either a percentage method, bracket method, or alternative method. The percentage method is based on the graduated federal tax …

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Business Tax Deadlines in 2024 Block Advisors

WEBJANUARY BUSINESS TAX DEADLINES FOR 2024. Tuesday, January 16, 2024. Q4-2023 estimated quarterly tax payments are due. If you pay quarterly taxes, the …

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Small Business Resiliency Series: Sarah Murray Block Advisors

WEBSarah Murray is a therapist with her own practice in Denver, Colorado – Heart Wild, LLC – Therapy & Wellness Coaching.Sarah has faced the challenges of not …

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Everything you need to know about working capital Block Advisors

WEBPositive vs Negative Working Capital. The amount of working capital your business has will often depend on the industry you operate in. For example, some …

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