Getting Your Just Deductions

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Presentation transcript:

Getting Your Just Deductions

Getting Your Just Deductions Three Categories of Taxes Federal State Local SLIDE 1

Getting Your Just Deductions Business Structures Sole Proprietorship Partnership Corporation S Corporation Limited Liability Corporation (LLC) SLIDE 2

Getting Your Just Deductions Tax Filing Who How to file When Estimated Taxes How long to hold SLIDE 3

Getting Your Just Deductions Schedule C Form 1040 SLIDE 4

Getting Your Just Deductions Schedule C Sections General Information Part 1 – Income Part 2 – Expenses Part 3 – Cost of Goods Sold Part 4 – Information on Your Vehicle Part 5 – Other Expenses SLIDE 5

Getting Your Just Deductions Tax Issues for Small Businesses Sole Proprietorship Depreciation Meals and Entertainment Transportation Travel SLIDE 6

Getting Your Just Deductions Employees and Small Businesses Employer Identification Numbers (EIN) Wages of Family Members Employees SLIDE 7

Getting Your Just Deductions Recordkeeping for Employees Federal Withholding Social Security / Medicare Taxes Federal Unemployment Taxes State Unemployment Taxes Earned Income Credit (EIC) SLIDE 8

Getting Your Just Deductions Useful IRS Tax Guides Publication 15 – Circular E – Employers Tax Guide #463 – Travel, Entertainment, and Gift Expenses #334 – Tax guide for Small Business SLIDE 9

Getting Your Just Deductions Useful IRS Tax Guides #334 – Tax Guide for Small Business #583 – Information for Business Tax Payers SLIDE 10

Getting Your Just Deductions Deductible Home Office Expenses Mortgage Interest Property Taxes Home Insurance See IRS Pub #587 – Business Use of Your Home SLIDE 11

Getting Your Just Deductions Figuring the Home Office Deduction Measure the square footage of your home Measure the square footage used for office space Home Square Footage _________________________________________________________ Office Square Footage = Total Business Square Footage SLIDE 12