Tax season is the most stressful time of year unless you are an accountant or CPA. This is the time of year that business owners must hand over their hard-earned dollars to the government. Understanding the IRS forms and determining what you owe is one of the most challenging parts. At the end of the month, you’ll be rewarded for running and growing a successful business.
Enjoy these GIFs to make the tax season less painful. They speak of the trials and tribulations involved in filing your return.
Late filing of your taxes comes with severe penalties. If you need to catch up, you can request an Extension until October.
Many. Many. Tax forms. You need to fill out several forms depending on your location and type of business. You can use this quick guide for help:
- Single-member LLCs Schedule A is part of Form 1040.
- Multi-member LLCs Form 1065; each partner must complete a schedule K-1.
- S Corporations: Form 1120 S and a Schedules K-1.
- The 1040EZ comes with 33 pages of instructions. Use a tax program to help you claim your deductions and expenses. The Clover App Market makes tax time easier with its synchronization to your tax software. Automatically applies tax rates for each transaction.
- The Tax Cuts and Jobs Act impacts your return this year. Some itemized job costs have been eliminated for the 2018 tax season, including the deduction for unreimbursed expenses. You can still claim other deductions, such as tax preparation fees or donations for volunteer work. Check out This list from Entrepreneur. You may be eligible for certain tax deductions.
- What is 1099? Quickbooks states that if you pay contractors more than $600 for business-related payments and you have to issue IRS Form 1099, you are subject to a penalty.
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