• 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.

2023 Standard Mileage Rates for Business, Medical and Moving Announced

 The Internal Revenue Service today issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning on January 1, 2023, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

• 65.5 cents per mile driven for business use, up 3 cents from the midyear increase setting the rate for the second half of 2022.
• 22 cents per mile driven for medical or moving purposes for qualified active-duty members of the Armed Forces, consistent with the increased midyear rate set for the second half of 2022.
• 14 cents per mile driven in service of charitable organizations; the rate is set by statute and remains unchanged from 2022.

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