#business accounting and taxation

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[nobossinc]

How Taxation Works

Taxes are a significant part of the financial framework, and they're not always easy to understand. In fact, many people don't fully grasp how taxes work.  

So, let's cover the basics of taxation so you can see how it fits into the bigger picture.  I'll go into just what you need to know about taxes so that you can maximize your benefits.

WHO MUST PAY TAXES?

Taxation is based on earnings. So, anyone that is making money must pay taxes. This includes:

Individuals that are employees and earn a paycheck.

Individuals that earn an income through sources other than employment like independent contracting, freelancing, self-employed, and digital nomads work online while traveling the world. These individuals receive 1099 from their clients.

Otherwise, you’re likely the owner of a registered business. Your Business earns revenue and must file a tax return to pay its taxes. 

HOW MUCH SHOULD YOU PAY?

How much in taxes a business pays largely depends on the type of taxes.  There are five major kinds of business taxes: 

GROSS RECEIPTS refers to sales. The goal is to reduce sales by taking tax deductions, thereby lowering taxes due.

EMPLOYMENT WITHHOLDING TAX is deducted from employees' wages when payroll is processed. As an employer, you are required to match some of those taxes and pay the employer withholding taxes portion.

CORPORATE FRANCHISE TAXES, also known as privilege tax, is a tax paid by certain companies that wish to conduct business in specific states.

EXCISE TAX is taxation on specific goods and services as you purchase them, like fuel or tobacco or alcohol for example.

VALUE ADDED TAX VAT is a consumption tax on goods and services, or when you the seller add value to those products and services.

HOW TO LOWER YOUR TAXES 

The process is the same for both personal and business. However, the type of deductions and other factors vary. For example, 

INCOME TAX (personal wages) - the goal is to reduce income earned by taking deductions, credits, and allowances to lower the gross income down to a Net Income amount. This lower amount (net income) is what is used to determine your tax liability based on your household. Theoretically, a single person with a $5000 net income should pay more taxes than a family of four with the same net income.

GROSS RECEIPTS TAXES (sales revenue) – is generally what is referred to for business. The goal is to reduce sales revenue by taking business deductions to lower the gross sales down to a Net Profit or Loss amount. 

Businesses are allowed to deduct expenses, fancy “allowances” like depreciation on assets, or make extraordinary purchases for example. This may seem suspect to common folk, but the fact is, this is how the wealthy can move the billions they earn into lower tax brackets. 

Make “NOBOSS Moves”

Now that you know how taxation works, you can take advantage of tax deductions and allowances too. But bear in mind that you're not operating on the same financial level as the wealthy. You must make every dollar count.

That being said, spending money just to take a deduction is NOT smart. There is even a commercial of a group of entrepreneurs fighting over the restaurant check because they can take a business deduction. This is highly misleading, and I'll give you two reasons why:

You’re spending money now so you can get it back later. What’s the benefit of that? This concept does nothing more than disrupt your cash flow.

Not all deductions are 100% deductible, specifically Food & Drink (Meals Exp) is only 50% deductible!  

You want to make some “NOBOSS moves” by investing your money into income-generating opportunities. Depending on the type of “NOBOSS moves” you make you might be able to reduce your net income, reduce your taxes, and make money too!

KEEPING GOOD RECORDS

When you start your new business, you should also set up your bookkeeping system. One of the biggest mistakes a new business can make is waiting to set up its bookkeeping system. This is a dangerous financial mistake that happens far too often.

Keeping good records is the foundation of financial management. Documenting your business activity from the first expense is critical to building your business and minimizing taxes. 

Start with a bookkeeping system that is simple and easy to update on a regular basis. No law says you must have a bookkeeper, accountant, or CPA when you start your business, so you have a few options to consider who will maintain your records properly:

Do your own bookkeeping.

Hire a bookkeeper.

Outsource to a bookkeeping service like AccountSOFT. Find out more about their implementation, bookkeeping, and training services for new business owners.

Considering you are required to pay taxes, you will ultimately make a decision by year-end so that your Tax Preparer or CPA can review your records, lower your taxes, and file business tax returns.

This information is part of the Should You Incorporate series. For more information about Legal Biz Structures, How Taxation Works, How to Pay Yourself, Starting a Business, or NOBOSS tools and resources for entrepreneurs, please visit our website at www.noboss.business

[ofinblog]

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[jmincometax]

Small Business Tax Tips: How to Minimize Your Tax Liability

Small business owners are a vital part of the economy, creating jobs, and providing valuable goods and services to their communities. However, one of the challenges they face is managing their taxes. Tax laws can be complex and confusing, and failing to comply with them can result in fines, penalties, or even legal action. In this blog post, we will provide some helpful tips for small business owners on how to manage their taxes and minimize their tax liability.

Keep Accurate Records Keeping accurate records is essential for small business owners who want to manage their taxes effectively. You need to maintain records of your income, expenses, receipts, invoices, and bank statements. This information will help you prepare your tax returns, track your deductible expenses, and identify areas where you can save money.

Understand Your Tax Obligations

As a small business owner, you need to understand your tax obligations. This includes knowing which taxes you are required to pay when they are due, and how to file your tax returns. Some of the taxes you may need to pay to include federal income tax, state income tax, sales tax, payroll tax, and self-employment tax.

Take Advantage of Tax Deductions

Small business owners can take advantage of several tax deductions that can help them minimize their tax liability. Some of the deductions you may be eligible for include:

a) Home office deduction: If you work from home, you may be able to deduct a portion of your home expenses, such as rent, utilities, and insurance, as a business expense.

b) Business expenses: You can deduct expenses that are necessary and ordinary for your business, such as office supplies, travel expenses, and advertising costs.

c) Retirement contributions: You can deduct contributions to a retirement plan, such as a 401(k) or IRA.

Hire a Tax Professional

Managing your taxes can be a time-consuming and complex process. Hiring a tax professional can help you navigate the tax code and ensure that you are complying with all applicable tax laws. A tax professional can also help you identify areas where you can save money and maximize your tax deductions.

Plan Ahead

Tax planning is an essential part of managing your taxes. By planning ahead, you can take advantage of tax-saving opportunities and minimize your tax liability. Some tax planning strategies you may want to consider include:

a) Timing your income and expenses: You can time your income and expenses to minimize your tax liability. For example, you can defer income until the next tax year or accelerate expenses to reduce your taxable income.

b) Establishing a retirement plan: Setting up a retirement plan, such as a 401(k) or IRA, can help you reduce your taxable income and save for retirement.

c) Taking advantage of tax credits: Tax credits can help you reduce your tax liability dollar-for-dollar. Some tax credits you may be eligible for include the Earned Income Tax Credit, the Child Tax Credit, and the Small Business Health Care Tax Credit.

Separate Your Business and Personal Expenses

It's crucial to separate your business and personal expenses. Mixing your personal and business expenses can make it challenging to track your deductible expenses accurately. It can also lead to errors and mistakes when filing your tax returns. Having a separate business bank account and credit card can help you keep track of your business expenses and simplify your bookkeeping.

Stay Up-to-Date on Tax Laws

Tax laws can change frequently, and it's essential to stay up-to-date on any changes that may affect your business. For example, the Tax Cuts and Jobs Act of 2017 introduced several changes to the tax code, such as a lower corporate tax rate, a newly qualified business income deduction for pass-through entities, and changes to the deductibility of business meals and entertainment expenses. Staying up-to-date on these changes can help you plan and prepare for your taxes effectively.

File Your Taxes on Time

Filing your taxes on time is crucial to avoid penalties and fines. The due date for your tax returns may vary depending on the type of business entity you have and your tax obligations. For example, the due date for federal income tax returns for sole proprietors and single-member LLCs is April 15th, while the due date for S corporations and partnerships is March 15th. Failing to file your tax returns on time can result in penalties, interest, and even legal action.

Use Tax Software

Using tax software can help you streamline your tax preparation process and simplify your bookkeeping. Tax software can help you track your income and expenses, calculate your deductions, and prepare your tax returns accurately. Many tax software programs also offer tax planning tools that can help you identify tax-saving opportunities and minimize your tax liability.

Be Prepared for an Audit

Small business owners are sometimes audited by the IRS to ensure that they are complying with tax laws. Being prepared for an audit can help you avoid penalties and fines. Some of the things you can do to prepare for an audit include:

a) Keep accurate and complete records of your income and expenses b) Respond to the audit notice promptly c) Gather all the necessary documents and information requested by the IRS d) Consider hiring a tax professional to represent you during the audit In conclusion, managing your taxes is an essential part of running a small business. By keeping accurate records, understanding your tax obligations, taking advantage of tax deductions, hiring a tax professional, and planning ahead, you can minimize your tax liability and keep more of your hard-earned money. If you need help with tax planning and preparation, consider a reputable tax preparation services company like Jmincometax. With our expertise in business accounting and taxation, We can help you navigate the tax code and ensure that you are in compliance with all applicable tax laws.

By following these tips, small business owners can manage their taxes effectively and minimize their tax liability.

[2024skin]

Trumps Tax Act already did this. He gave the 1% a tax break while increasing everybody else's taxes (meaning u and me) incrementally over an 8 year period. A lot of people complained about taxes going up during Bidens administration, not realizing that it was Trump who signed the law that changed the system.

Multiple democrats have campaigned on leveling the playing field by holding rich people to the same taxation standards that you and I are held to, but we have a nonzero number of congressmen and supreme court judges who are payrolled by the 1% (look up the Koch PAC for context, it's not even the only one), and when your paycheck comes from the 1%, you cannot support bills about taxing them. When you go against your employers interest, you get fired (losing re-election, in this case).

The more socialist a candidate is (which Kamala and Biden are not even a little bit), the less likely they are to have super-rich supporters because the super-rich cannot sustain their income in a socialist democracy. Bernie Sanders and Elizabeth Warren support taxing the rich, and they are among the most socialist presidential candidates I have seen in my short lifetime. Taxing the rich is not a scheme to hurt the poor, it is integral to ending the wealth disparity. You and I are already being taxed more than the wealthiest 1%, the democrats are just trying to do is level the playing field.