Mileage tracker apps help “road warriors” like freelancers, real estate agents and sales reps track mileage and expenses for tax purposes or for expense reimbursement. We looked at a range of options and found the 5 best mileage tracker apps for you. Take a look at the features, costs, and who each is right for….
How to Create an Invoice Using SAP Crystal Reports
SAP Crystal Reports is a universal reporting tool that can read data from many different database formats and present it in an organized and professional manner. For most of the widely used database formats, Crystal Reports includes the drivers needed to read them; and if not, most database vendors can provide it. In this article,…
How to Calculate CAGR Using SAP Crystal Reports
SAP Crystal Reports is a universal reporting tool that can read data from many different database formats and present it in an organized and professional manner. For most of the widely used database formats, Crystal Reports includes the drivers needed to read them; and if not, most database vendors can provide it. In this article,…
5 Best Small Business Tax Software Providers 2018
Tax software helps small businesses prepare & file their tax returns for a fraction of the cost of an EA/CPA. We looked at a range of possible tax software providers and found the top 5 best small business tax software providers. Read on for our complete comparison, including pricing and who each is right for….
IRS Form 1120S: Definition, Download & Filing Instructions
Form 1120S is the annual tax form S Corps and LLCs taxed as S Corps must complete to report net earnings to the IRS. Similar to partnerships, net earnings pass through to shareholders of an S corp and are reported on each shareholder’s personal tax return. All income, deductions, and credits are reported on Form…
S Corp Taxes: The Ultimate Guide to Filing Taxes as an S Corp
S Corps have a number of tax advantages. For example, similar to an LLC, they protect a business owner’s personal assets in case the business is sued. In addition, they are not subject to double taxation and do not pay self employment taxes on net income. S Corps are required to file form 1120S and…
How To Complete Form 1065 With Instructions
Form 1065 is used by partnerships and LLCs taxed as partnerships to report business income and expenses. Since a partnership is not a taxable entity, net earnings pass through to the partners and reported on their personal tax return. Form 1065 is necessary to report all partnership income, deductions, and credits for the tax year….
Self Employment Tax Rates 2017 & How to Lower Your Tax Bill
As a self employed person, you have to pay both the employer and employee portion of your Social Security and Medicare taxes, known as “self employment taxes.” If you make $400 or more in self employment income, you will pay between 15.3%-16.2% in self employment tax on up to 92.35% of your income. You can…
IRS Form 1099 Reporting for Small Business Owners
Small business owners who pay independent contractors $600 or more between January and December must file form 1099. This form shows the total payments you made to a contractor during the year. You don’t have to pay any taxes, but you must provide this form to contractors by January 31 so they can report their…
Form 941 Instructions & FICA Tax Rate 2018 (+ Mailing Address)
FICA taxes include Social Security and Medicare taxes with employer rates of 6.2% and 1.45%, respectively. Form 941 is a quarterly tax form that tracks FICA tax payments made by employers throughout the year. FICA taxes are typically due monthly or semiweekly, and Form 941 is due quarterly. You can download Form 941 here. However,…
IRS Schedule C Instructions Step-by-Step (Including C-EZ)
Schedule C, also known as “Form 1040, Profit and Loss,” is a year-end tax form used to report income or loss from a sole proprietorship or single-member LLC. You must file a schedule C if the primary purpose of your business is to generate revenue/profit and if you’re regularly involved in your business’s activities. Schedule…
2018 FICA Taxes, Unemployment Insurance, & Workers Comp for Owners
When you hire employees, you not only have to pay their wages but will also have to cover the associated payroll taxes and workers comp. Payroll taxes include Social Security and Medicare taxes (FICA taxes) and unemployment taxes. In addition, if you operate in a state other than Texas, you have to purchase workers compensation…
