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Ioogo.com Bookkeeping and Tax Preparation Services in Texas USA (1) Ioogo.com Tax and Accounting for Startups and Small Businesses. Blog.ioogo.com Know This Before Applying for a Refund Anticipation Loan. Ioogo.com Tax and Accounting for Startups and Small Businesses (1) Ioogo.com Tax and Accounting for Startups and Small Businesses (2) Ioogo.com Tax and Accounting for Startups and Small Businesses (3) Ioogo.com Tax Solutions for Individuals Individual Tax Preparation. Ioogo.com Tax Solutions for Individuals Individual Tax Preparation (1) Ioogo.com Tax Return Amendment. Ioogo.com Our Story. Ioogo Service www.ioogo. Ioogo Service www.ioogo. Ioogo Bookkeeping www.ioogo. Ioogo www.ioogo. Ioogo www.ioogo. How did your uncle really become a tax "pro"? - IOOGO - Blog. Consider This Before You Start a Business - IOOGO - Blog. Starting a business is the biggest roller coaster you will ever ride.
There are more downs than ups, and the ups never last long. In the show Mad Men, Bert Cooper tells Don Draper when they re-launch their ad agency, “You’re going to need a stronger stomach if you’re going to be in the back kitchen seeing how the sausage is made.” In other words, you need to have a strong stomach to handle the downs, even if it means you aren’t collecting a paycheck or payout until you reach the next “up”. Therefore, it is important to understand WHY you want to start a business. At IOOGO, our “why” is to simplify processes that other companies have made complicated in the spirit of making money. How Your Business Structure Affects Your Taxes - IOOGO - Blog. There are many decisions you need to make when starting a business.
One such decision is deciding the business structure for your business. To select the right structure, you must understand what it is and how it can benefit your business. A business structure is a legal category that defines how you and your business pay taxes. The benefits include the following: – Tax benefits, – Separation of personal and business assets, and – Legitimizing your “gig” into a business. Sole Proprietorship Most businesses start as a sole proprietorship. The most critical factor to consider is that you and the business are the same entity. We recommend the sole proprietorship structure if all the following apply: 1. To apply as a sole proprietorship, register your business as a DBA (Doing Business As) at your county or city office. LLP or LLC The LLP structure is typical for a law office, doctors, architects, investment funds or any professional that requires state licensing.
Corporation. Working for yourself can make taxes even more complicated - IOOGO - Blog. Are you putting enough money aside to pay taxes for your side gig or small business at the end of the year?
If you are starting a business, you might not be thinking about taxes due at the end of the year. Postponing tax planning is a common mistake entrepreneurs and growing companies make. Taxes are there at every turn, right next to the possibility of failure. Taxes can get complicated and scary, but only if you ignore it. Some businesses play the game of “if I don’t see it, it’s not there.” Money Tips for Real Estate Agents - IOOGO - Blog. The real estate profession is a desirable sought-after career.
It provides flexibility to create your own schedule, has unlimited income potential, and you get to help make dreams come true. But like any freelancer career, you have to track your income and expenses. The good news is that most independent contractor real estate agents don’t have to concern themselves with many income and expense categories in their bookkeeping.
Most real estate agents can get by with just the following six categories: Commission incomeReal estate fees and duesReal estate education expensesOffice expensesMarketing and advertising expensesVehicle mileage and costs You may have more, or you may want to break these down into sub-categories. The ideal bookkeeping system allows you to spend less than ten minutes a day updating your records. Top 5 tax changes affecting small businesses - IOOGO - Blog. There are some changes to the tax law that will affect your 2019 business return.
We have identified the top five changes that you need to be aware of for your business. Top 2019 Tax Changes You Should Know About - IOOGO - Blog. The Trump Tax Cuts went into effect in 2018, and the world did not end.
The Tax Cuts and Jobs Act Bill, as it is formally known, is the most significant change to our tax code in the last few decades. It put more money in the pockets of everyday people, and also in the bank accounts of large corporations. Some of the most significant changes in 2018 include: Increase in paycheck take-home Doubling the Child Tax Credit, therefore increasing the amounts of some refunds. Increase in the standard deduction, benefiting those with a lower income by reducing most, or all, of their tax billSmall businesses paid less in taxes and received an additional net income deduction. More changes will take effect in 2020. The ObamaCare penalty for not having health insurance is GONE. If you need help with your taxes, books or want to create a plan to save on taxes, schedule a free consultation with one of our experts today.
Top Five Reasons You Overpay Taxes Every Year - IOOGO - Blog. We all grew up thinking that taxes are complicated and that an expert was needed to calculate them.
Or we thought that by merely making a mistake, the IRS would take everything we had and throw us in jail. Refusing to pay taxes can still land you in the slammer. You could also end up in legal trouble if you cheat or knowingly defraud the government. You won’t, however, go to jail if you make a simple math error that cannot be corrected. And the IRS will work with you if you are unable to pay taxes owed. Recordkeeping - IOOGO - Blog. If I had a nickel for each time I heard business owners and taxpayers say “taxes are so complicated” or “filing my taxes just takes too long,” I would not be writing this article.
I know, I know. Our parent’s accountants always told us that bookkeeping and accounting are way too complicated, and only they knew how to do it. So stop asking questions because you won’t understand the explanation. Are you deducting the business use of your home on your tax return? - IOOGO - Blog. Do you use your home for your business?
Do you want to claim the expenses associated with this business on your tax return? Like any corporation, you can claim a deduction for the use of space used for business, even if it’s in your home. If you are a bookkeeper, hair stylist, graphic designer, massage therapist, virtual assistant, web designer, call center representative, blogger, personal chef, personal stylist, pet sitter, have an online store, run a daycare… you get the idea… this blog is for you.
To qualify for this business tax deduction, you must determine if the space used for your business meets IRS requirements. Those requirements include: The company must be legitimate; The space must be used as your principal place of business, like meeting clients or doing business paperwork; andThe are must be used “regularly and exclusively” for business. Self-Employed: Are you claiming all of your expenses? - IOOGO - Blog. If you are a freelancer, sole proprietorship, Uber driver, contractor, subcontractor, you work for yourself, receive a 1099-MISC, you get the idea, and you have more than $5,000 in business expenses, then you will need to file Form Schedule C as part of your next tax return.
Do not fret, though. We will break down the Schedule C for you. Schedule C is about reporting your income (e.g., 1099-MISC or cash), and your expenses. Reporting expenses can be challenging because you may not know which expenditures are reportable. To help you better understand, ask yourself these three questions: 1. You can report expenses like advertising, car and truck usage, and meals and entertainment, to name a few of the most common costs. If you are still not sure what expenses to claim, consider the following example for an Uber driver: Tax Season Start Date - IOOGO - Blog. Tax and Accounting for Startups and Small Businesses. Tax and Accounting for Startups and Small Businesses. Affordable Tax Return Amendment Service in USA.
Tax Solutions for Individuals - Individual Tax Preparation. Tax Solutions for Individuals - Individual Tax Preparation. Bookkeeping and Tax Preparation Services in Texas, USA.