How does owning a business affect my taxes?
Answer: It depends on what kind of business you
own. Generally, your taxes will be affected in the following
ways: you will have to file a separate form for your
business income and pay self-employment tax on that income
(in addition to your income tax); but you will also be able
to take a greater number of deductions as well as take
advantage of certain “breaks” for small business owners. For
example, did you know that as a self-employed person, you
can deduct the monthly premium on your health insurance? Or
that you can set up a retirement fund for yourself and
contribute almost 1000% more to it than you can to your
Traditional or Roth IRA?
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I just started freelancing/started a business and
I’m not sure what to do next. What should I be
doing?Read
Answer >
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I’m about to hire my first employee. What do I need
to do?
Read Answer
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How does owning a business affect my taxes?
Read Answer
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Why is bookkeeping important to me and my business?
Read Answer
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I already have an accountant. Do I still need a
bookkeeper?
Read Answer
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Do I need bookkeeping for myself as an individual or
just my business?
Read Answer
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Will I still have access to my statements and
records?
Read Answer
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If you are
interested in TrueBooks, please call (800) 893-7551
or visit our
Contact
page to email us > |
