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Home Business Tax Consulting Washington DC

This page provides useful content and local businesses that can help with your search for Home Business Tax Consulting. You will find helpful, informative articles about Home Business Tax Consulting, including "Small Business Tax Issues for Self-Employed Individuals", "Home Business for Tax Purposes", and "Tax Strategies for Self Employed". You will also find local businesses that provide the products or services that you are looking for. Please scroll down to find the local resources in Washington, DC that will answer all of your questions about Home Business Tax Consulting.

Semira Asfaha
(202) 637-8894
1001 PENNSYLVANIA AVE NW OFFICE BLDG
WASHINGTON, DC
Specialties
Business, Financial Markets And Services, Tax, Corporate, Investment Fraud
Education
Howard University School of Law,George Washington University
State Licensing
DC

George P. Barsness
(202) 637-5788
Hogan & Hartson, 555 13th St. N.W.
Washington, DC
Specialties
Business, Financial Markets And Services, Tax, Corporate
Education
Brown University,University of Texas System, Austin,University of Texas System, Austin
State Licensing
DC, Pennsylvania

Paul D Jacokes
(404) 853-8438
1275 Pennsylvania Avenue Nw
Washington, DC
Specialties
Tax
State Licensing
DC

William L Neff
1001 PENNSYLVANIA AVE NW OFFICE BLDG
WASHINGTON, DC
Specialties
Employee Benefits, Employment, Tax
Education
Georgetown University Law Center,Harvard University Law School,University of Missouri―Columbia
State Licensing
DC

David A Roby Jr
(202) 383-0137
1275 PENNSYLVANIA AVE NW OFFICE BLDG
WASHINGTON, DC
Specialties
Tax, Corporate, Mergers & Acquisitions, Partnership, Financial Markets And Services
Education
University of Florida, Fredric G. Levin College of Law,University of Georgia School of Law,Florida S
State Licensing
DC

Jennifer D Auchterlonie
(202) 224-9505
199 Russell Senate Office Building
Washington, DC
Specialties
Tax, Government
State Licensing
Washington

Susan A Cobb
901 NEW YORK AVE NW FL 3
WASHINGTON, DC
Specialties
Education, Tax, Antitrust
Education
University of Dayton School of Law,Harvard University,University of New Hamp
State Licensing
DC

Carey W Smith
(202) 942-5538
1001 PENNSYLVANIA AVE NW OFFICE BLDG
WASHINGTON, DC
Specialties
Tax, Estate Planning, Real Estate, Government
Education
Yale Law School,Amherst College
State Licensing
DC, Maryland

Nicole L Welch
(202) 662-5191
1201 Pennsylvania Avenue Nw
Washington, DC
Specialties
Tax
State Licensing
DC

Mansoor Bharmal
(202) 639-6534
1455 Pennsylvania Nw, Suite 600
Washington, DC
Specialties
Litigation, Criminal Defense, Tax
State Licensing
DC

Home Business for Tax Purposes

Home Business for Tax Purposes

As many know, a home business can generate significant tax deductions. Starting a home business for tax purposes, however, is something the IRS does not like.

A home business is simply a for profit effort you run from your home. Many people turn their hobbies into home business, particularly with the advent of the Internet, which makes reaching a large audience much easier than it used to be.

As a home business, you can take advantage of tax laws that allow you to deduct numerous expenses related to the running of the business. These expenses often overlap those associated with simply living in the home. Common write-offs include phone lines, a percentage of your cable bill that applies to any high speed Internet hook-up, a percentage of the utilities and even a percentage of your monthly home payment. As you might imagine, these expenses can add up fairly quickly and put a significant dent in the amount of tax you owe for tax purposes. If you start and run a home business in an effort to make a legitimate profit, you should have no problems with the IRS.

Given the significant tax deductions available, many people consider starting a home business for tax purposes. In this situation, the goal is to maximize tax deductions, not pursue a profitable business venture. In fact, there are more than a few companies promoting this strategy and offering a variety of business plans that they claim will allow you to claim massive tax deductions without really having to do anything business wise. This approach is a huge mistake and many have paid heavily for it.

The IRS will come after you if you start a home business for purely tax purposes. The laws allowing home business deductions are there to promote small business, not tax strategies. The IRS takes this distinction very seriously. If you run a business solely for tax purposes, the IRS is like to come after you. To escape such a situation, your home business must have a legi...

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Small Business Tax Issues for Self-Employed Individuals

Small Business Tax Issues for Self-Employed Individuals

The United States is a nation of entrepreneurs. There are literally tens of millions of self-employed individuals that enjoy pursuing their dream business. Of course, few of you enjoy the paperwork and confusing tax issues that arise from owning your own business.

Many self-employed individuals are considered "sole proprietors" or "independent contractors" for legal and tax purposes. This is true regardless of whether you are turning a hobby into a business, selling an indispensable widget or providing services to others. As a self-employed person, you report business revenue results on your personal income tax return. Following are a few guidelines and issues you should keep in mind if you are pursuing your entrepreneurial spirit.

Schedule C - Form 1040.

As a self-employed person, you are required to report your business profits or losses on Schedule C of Form 1040. The income earned through your business is taxable to you as an individual. This is true even if you do not withdraw any money from the business. While you are required to report your gross revenues, you are also allowed to deduct business expenses incurred in generating that revenue. If your business efforts result in a loss, the loss will generally be deductible against your total income from all sources, subject to special rules relating to whether your business is considered a hobby and whether you have anything "at risk."

Home-Based Business

Many self-employed individuals work out of their home and are entitled to deduct a percentage of certain home costs that are applicable to the portion of the home that is used as your office. This can include payments for utilities, telephone services, etc. You may also be eligible to claim these deductions if you perform administrative tasks from your home or store inventory there. If you work out of your home and have an additional office at another location, you also may be able to convert your commuting expenses between the two locations into deductible transportation expenses. Since most self-employed individuals find themselves working more than the traditional 40-hour week, there are a significant number of advantageous deductions that can be claimed. Unfortunately, we find that most self-employed individuals miss these deductions because they are unaware of them.

Self-Employment Taxes - The Bad News

A negative aspect to being self-employed is the self-employment tax. All salaried individuals are subject to automatic deductions from their paycheck including FICA, etc. In that many self-employed individuals often do not run a formal payroll for themselves, the government must recapture these taxes through the self-employment tax. Simply put, you are required to pay self-employment taxes at a rate of 15.3% on your net earnings up to $$106,800 in 2009. 

In an interesting twist that reveals the confusing nature of the tax code, you are allowed a parti...

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Tax Strategies for Self Employed

Tax Strategies for Self Employed

Self employed individuals always cringe at the amount of taxes the pay to the IRS and state. Here are tax strategies for self employed individuals that reduce those tax amounts.

The good news is being self employed is one of the best tax strategies out there. Unlike a salaried employee, the full scope of tax credits and deductions available in the tax code are now available to you. The key, of course, is understanding the available deductions and organizing your business in a manner that allows you to maximize the write-offs.

The number one tax strategy for self employed individuals is to keep receipts for every business expense and write them off. Practically anything can be deducted, so do it. Acceptable expenses include cell phone usage, business mileage, office supplies, home office deductions including part of mortgage or rent and so on. If you've filed a tax return while self employed, you are probably already aware of this so lets move on to more specific tax strategies for self employed individuals.

Maximizing you non-capital losses can result in major tax savings. If your expenses exceed your income for a year, you obviously will not have to pay taxes for that year. What most people don't realize, however, is that such losses can be carried forward for seven years and deducted against future income. Alternatively, the same losses can be carried backward three years to recover past taxes paid. The end result of this situation is you can turn a bad business year into an income generator by applying the losses to taxes in other years which effectively wipes out your tax bill for those years.

Another tax strategy is to look at your side businesses. If you have one business, you'll often have a second one that is tailored to making some money off a personal interest. While you are in it mostly because you like it, you may not realize it qualifies as a business and can help you reduce your taxes. Let's assume you are primarily a self-employed consultant, but also write travel articles on the side. You may view the travel articles as a hobby, but it is in fact a business. If you've sold or even tried to sell any of your articles to a publication, all of your expenses related to travel writing can be deducted from your taxable income. This includes trips and so on. These, deductions can significantly reduce your taxable income from the consulting business. Make sure to get a grasp of your overall business eff...

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