Business Taxes can change from year to year. These various tax updates and changes can range from minor adjustments to the complete elimination of various tax provisions so it’s important that you review the latest updates before you do your taxes. The Internal Revenue Service has released information on a number of tax changes for the 2017 tax year.
Although much is written about the length and complexity of the U.S. Tax Code, much of it doesn’t apply to the average taxpayer. In reality, taxes can be relatively straightforward for many individuals. However, you should always be on the lookout for the various tax changes that occur from year to year, especially if you are in business. These can range from minor adjustments to the complete elimination of various tax provisions. The Internal Revenue Service has released information on a number of tax changes for the 2017 tax year.
New Federal Tax Law May Affect Some Refunds Filed in Early
Some Tax Benefits Increase Slightly Due to Inflation Adjustments, Others Are Unchanged.
2017 Standard Mileage Rates for Business, Medical and Moving
You will need to have your clients fill out a different type of tax form for you as you are an independent contractor. You will also have to create these same forms for your assistant contractors. The form is not that different from a W-2 form that you would fill out if you worked in Corporate America.
What You Will Learn About Business Taxes
In the Module about Taxes for Business you will learn a number of things about what is deductible, how to file your taxes (what type of business are you: Sole Proprietorship, Limited Liability Company (LLC), Cooperative, Corporation, Partnership, or an S corporation)? The way you file your business taxes will be based on how you created and registered your business.
We will go into greater depth about this as we go through this module. We will try to simplify it for you and break it down so you can understand what type of business you want to register and why you made that choice.
It is more important than ever to be organized in business and especially when it comes to taxes.
Some of the decisions you will have to make when you begin building your business is what type of Accounting Method will you use: Cash or Accrual. How much money did you make that year? What are your capital assets and what is the depreciation? Net profit, loss and self-employment taxes.
*We are not Accountants, Bookkeepers or in any way aligned with the Tax Profession. We will obviously tell you to seek professional advice if you have questions we cannot answer. Any information we provide is just based on our 20 years of business experience.