- Self Employed
- Itemized Deductions
- Small Business Funding
- Mileage Deductioms
- Estimated Taxes
Self Employed :
- 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.
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
- 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.
2016 Standard Mileage Rates for Business, Medical and Moving Announced
The Internal Revenue Service today issued the 2015 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Beginning on Jan. 1, 2015, the standard mileage rates for the use of a car, van, pickup or panel truck will be:
- 57.5 cents per mile for business miles driven, up from 56 cents in 2014
- 23 cents per mile driven for medical or moving purposes, down half a cent from 2014
- 14 cents per mile driven in service of charitable organizations
The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile, including depreciation, insurance, repairs, tires, maintenance, gas and oil. The rate for medical and moving purposes is based on the variable costs, such as gas and oil. The charitable rate is set by law.
Taxpayers always have the option of claiming deductions based on the actual costs of using a vehicle rather than the standard mileage rates.
- 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.
- 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:
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.