Tax Topics

Sole Proprietor/Self Employed

If you have a business you run either as a primary or secondary source of income, there are many items to consider. Aside from the obvious need for record keeping of income, detailed records of expenses are equally important because these all reduce the amount of taxable income you may have. Knowing what is a legitimate expense and how to claim it are important considerations.

In addition there are tax considerations for your business such as:

• quarterly payments to IRS, State and Local tax agencies
• saving for and paying Social Security and Medicare Tax
• State and Local sales taxes and payment - monthly/quarterly/semi-annually
• whether to form a partnership with someone else

You may also consider whether to register with the state; whether to incorporate (perhaps as a LLC - Limited libilty corporation); whether to have insurance for your business. And of course there is the separate issue of promoting your business and setting up web sites and social media links.

We have experience and can help with these issues.