DIY Home Business
Home Page Work from Home Getting Started Free Home Business Software Form a Company Marketing & Advertising Home Business Tips
Start Your Company

Register your Business

Home Business Taxes

 

As a home business owner, you may be required to file estimated tax returns and pay estimated taxes quarterly. If you have employees, you also have to submit taxes withheld from employee paychecks. Here are some of the taxes you may be responsible for:

Employment taxes -- Federal income taxes, Social Security and Medicare, federal unemployment and state income taxes.

Federal self-employment tax--Required by those who work for themselves to cover Social Security and Medicare contributions.

Sales tax--Each state requires a sales tax number for any company involved in selling tangible items. Sales tax is collected, reported and paid to the state either monthly or quarterly.

Unemployment insurance tax -- You are required to pay federal and state unemployment taxes if you have more than one employee on the books for at least 20 weeks in a calendar year, or if they have paid more than $1,500 in gross wages in a calendar quarter.

A home business qualifies for all of the same tax deductions regular businesses do. In the eyes of the IRS, the only difference between most home businesses and Fortune 500 Companies is their size, and the fact that home businesses can also deduct many household and living expenses. Owning a home business will entitle you to deduct thousands of dollars in every day expenses. After all, why pay more in taxes than you have to?

Listed below are just some of the items you are allowed to deduct:

  • Your car and car expenses.
  • Your mileage.
  • Your home computer, printer and other office equipment.
  • Your home. If you're not a homeowner, you are allowed to deduct the area where your home office is set-up.
  • If you're a homeowner, you may deduct a portion of your property taxes and utilities.
  • Your travel expenses.
  • Your restaurant meals, entertainent, dinner parties.
  • You may pay wages, tax free, to two of your children, if they are involved with the business.
  • You may deduct your families health insurance.

Arthor and Source: Dean Phillips

 

 

Sounds easy, well it is. First, get to know who your investors are going to be. If you are looking for a small business loan you are most probably going to borrow the money from a bank. A bank will look at you and your business and ascertain if it is a sound investment. They examine your risk potential and make a verdict on whether or not to move forward with approving your loan request.

Small business software is a booming industry. Nowadays, every type of business needs to manage its movements and record every action using computer software. Business software is designed to help with the administration and maintenance of a business. Of course, small businesses are no exception to the rule.

Download Free Small Business Software



DOWNLOAD
FREE BUSINESS SOFTWARE

DOWNLOAD

Accounting

DOWNLOAD

Inventory

DOWNLOAD

Payroll

DOWNLOAD

Website Design

DOWNLOAD

Shopping Cart

DOWNLOAD

Credit Card

DOWNLOAD

Keyword Tools

DOWNLOAD

Blogging

DOWNLOAD

Google Software

DOWNLOAD

3D Home Design

EIN - Employer ID Number
DBA - Doing Business As
LLC - Limited Liability
INC - Incorporated
Women Owned Business
Tax Advantages
Business Loan
Work from Home Jobs
Blogging
Customer Service
Data Entry
Freelance Design
Google Adsense
Online Jobs
Paid Survey
Medical Transcription
Typing at Home
Website Design
Free Software
Accounting Software
Credit Card Software
Inventory Software
Payroll Software
Web Design Software
Website Statistics
SEO Keyword Tool
Blogging Software
Google Software
3D Home Design Software
Home Business Tips
Guaranteed Success
Helpful Tips
Increase your Income
Right for You?
Things to Avoid
Things to Remember
Perfect Work Environment
Frequently Asked Questions
Network Marketing
Free Advertising Guide
Search Engine Optimization
Google Marketing
Online Internet Marketing
Facebook Marketing
Twitter Marketing
Google Marketing
Free Google Advertising
Google AdSense
Google AdWords
Google Analytics
Google Certification
Google Local Business
 
Home | Work at Home Jobs | Free Business Software | How to Start a Company | Marketing | Helpful Tips | Contact Us | Privacy Policy | Site Map

DIY Business Network © 2009 - A Digital Design Space Company - All Rights Reserved

DIY Home Network | DIY Home Business