• Self Employed
  • Investment
  • Itemized Deductions
  • Small Business Funding
  • Mileage Deductioms
  • Estimated Taxes

 

Self Employed :

      Forms 1099-NEC

  • Forms: 1099-misc, 1099s.
  • Records of the Expenses .
  • Business Use Assets Information, ejm: cost, date placed in services, etc.
  • Office in Home Information, if applicable.

If you use part of your home exclusively and regularly for conducting business, you may be able to deduct expenses such as mortgage interest, insurance, utilities, repairs, and depreciation for that area. You need to figure out the percentage of your home devoted to your business activities, utilities, repairs, and depreciation.

 

Itemized Deductions:

In most cases, your federal income tax will be less if you take the larger of your itemized deductions or standard deduction.

Profecionals of Start Star tax wiil help you To figure your itemized deductions

 

Mileage Deductions:

  • One or more vehicle is used daily in the course of your business. You could be eligible for mileage and use deductions; You must keep accurate records in order for the deductions to be allowed. Consult our tax information center to get more information about what you can and can't deduct for your business.
  • Bring Receipts, or totals for oil, licenses, gas, car washes, lease, personal property, etc.
  • Amount of tolls paid, parking.
  • Miles driven for the year. or bigininng - ending Odometer reading.

 

Standard Mileage Rate for Business use increase for 2025. 

 

The standard mileage rate for vehicles driven for business will increase by 3 cents in 2025. The mileage rates for vehicles used for other purposes will remain unchanged from 2024.

The updated standard mileage rates for the use of a car, van, pickup or panel truck are:

  • 70 cents per mile driven for business use.
  • 21 cents per mile driven for medical purposes.
  • 21 cents per mile driven for moving purposes for qualified active-duty members of the Armed Forces.
  • 14 cents per mile driven in service of charitable organizati

Investments:

  • Income from sales of stock or other property, Forms: 1099-B, 1099-S.
  • Interest, Dividend income: 1099-INT, 1099-DIV, 1099-S, etc.
  • Dates of acquisition and recordsof your cost or other basis in you property sold.

Depreciable or Not Depreciable The kinds of property that you can depreciate include machinery, equipment, buildings, vehicles, and furniture. You cannot claim depreciation on property held for personal purposes. If you use property, such as a car, for both business or investment and personal purposes, you can depreciate only the business or investment use portion. Land is never depreciable, although buildings and certain land improvements may be.

 

Estimated Taxes:

  • You can pay your estimated tax four times a year, based on the IRS dates specified for payment, or each month.
  • Estimated taxes are tax payments made to the IRS on income you have that is not subject to withholding.
  • People who are self-employed pay estimated taxes, as do those with large stock dividends, interest or assets.
  • If you are a salaried employee and you don’t have enough tax withheld, you may want to pay estimated taxes to avoid paying a penalty.
  • To pay estimated taxes, you need to figure out how much your adjusted gross income will be for the year.
  • Take into account your taxable income, deductions, taxes and credits.

 

Small Business Health Care Tax Credit and the SHOP Marketplace

If you are a small employer, there is a tax credit that can put money in your pocket.

The small business health care tax credit benefits employers that:

  • have fewer than 25 full-time equivalent employees

  • pay an average wage of less than $50,000 a year

  • pay at least half of employee health insurance premiums

To be eligible for this credit, you must have purchased coverage through the small business health options program, also known as the SHOP marketplace.

For information about insurance plans offered through the SHOP Marketplace, visit Healthcare.gov.