Author Archives: Wayne Davies
Self-Employed Tax Questions – How Much Self-Employment Tax Must You Pay?
Are you self-employed and wonder how much of the dreaded self-employment (SE) tax you’ll be required to pay this year? Read on to get the answer. Generally speaking, the SE tax rate is about 15.3% of your self-employment profit. The … Continue reading
Small Business Tax Questions: What Tax Deductions Are Available For S Corporations?
Perhaps you own an S corporation and are wondering what tax deductions are available for your business? You came to the right place – read on to find out. First, the good news: virtually all tax deductions that other business … Continue reading
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Self-Employed Tax Questions: What Tax Forms Are Needed For the Self-Employed?
Are you self-employed and need to know what tax forms you must file on your income tax return? Read on to find out. By “self-employed”, I am referring to a person who is compensated for selling goods and/or services as … Continue reading
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Small Business Tax Deductions: How Much Car Expense Is Tax Deductible?
If you use your vehicle in your small business or self-employment activity, how much car expense can you write off on your income tax return? Read on to find out. Vehicle deductions operate on this basic principle: your car-related expenses … Continue reading
Small Business Tax Questions: How Much Tax Will I Pay On S Corporation Profits?
If you own a profitable S corporation, are you wondering how much income tax you’ll pay on those profits? This article will answer that question. S corporation profits are reported on Schedule K-1. This K-1 is prepared as part of … Continue reading
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Why Do Some Small Businesses Pay Less Tax?
Can I make a rather bold statement? Here it is: Given the same amount of profit, not all businesses pay the same amount of taxes. Think about that. It’s probably something that you’ve always wondered about, maybe were even a … Continue reading
What Is The Best Time of Year to Incorporate?
If you’re a sole proprietor, have you considered incorporating your small business or self-employment activity? If so, maybe you’ve been wondering, “Does it matter what time of year I form a corporation?” From a legal standpoint, any time is the … Continue reading
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Self-Employed Tax Questions: What Federal Taxes Do I Have To Pay?
If you are running your small business or self-employment activity as a sole proprietorship, are you wondering what federal taxes you are required to pay? Read on to find out. Here’s an overview of the three most common types of … Continue reading
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Self-Employed Tax Questions: How Much Income Tax Will I Pay On My Self-Employment Income?
If you’re self-employed (which means you are a sole proprietor and file Schedule C as part of your personal income tax return), are you wondering how much federal income tax you may have to pay? This article will help you … Continue reading
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Is Our Tax System Corrupt?
Here’s an intriguing statement from an article in Time magazine: “Most Americans believe that the federal tax code is highly complex and fundamentally corrupt.” Certainly our tax code is “highly complex.” There’s an understatement! As the article indicates: “The federal … Continue reading
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