7 Tax Tips for Independent Realtors
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xendoo Team
Editor’s Note: This post was originally published in November 2016 and has been revamped and updated for accuracy and comprehensiveness. As a self-employed realtor, you face some unique challenges when tax season comes knocking at your door. Since you don’t have taxes withheld from a regular paycheck, it’s up to you to lessen your tax […]
Sunshine Tax: Taxes for Small Business in Florida
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xendoo Team
Florida is among the most tax-friendly states in America and has seen huge growth, especially in their tech economy. If you have a small or midsize business in the state of Florida, you may be shielded from many typical forms of small business taxes. But how can you know which tax laws apply to your business? […]
Eight Tax Tips for Restaurant Owners
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xendoo Team
Between accounting for all of your potential deductions and reporting them all accurately, it’s important to have a professional who can help make sure you don’t miss anything. Here’s seven tips to help you get everything mise en place come tax time.
Why You Should Hire an Experienced Florida Accountant
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xendoo Team
As a small business owner, you want to keep your head in the game. After all, you started your business because you’re passionate about the work you do, and you want to connect your products and services to customers. So why are you trying to juggle your own books? We understand the pressures that small […]
2021 Tax Deadlines: how to be tax ready all-year long for your small business
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xendoo Team
Keep this chart handy or copy the relevant parts of it into your calendar so you won’t miss a due date throughout the year. February 1, 2021: W-2 Filing: Wage and tax statement for full- and part-time employees. These are normally due on January 31st, but since this is a Sunday, the deadline will fall […]
Pass-Through Deductions: What It Is and Who Qualifies
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xendoo Team
One of the best small business-friendly aspects of the Tax Cuts and Jobs Act (TCJA) is the 20% deduction you can take on your income tax if your business is a pass-through entity. Here’s what you need to know about it. What Is the Deduction The TCJA was passed in 2017 and first applied to […]
Self-Employed? Calculate Your Quarterly Estimated Income Tax
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xendoo Team
Authors Note: This has been updated on Nov 10, 2021 with updated information, links, and resources. If you’re an independent contractor, sole proprietorship, partnership or S-corporation, you’re probably required to pay your income tax in four installments throughout the year. Why? Because you have no employer taking that tax out of every paycheck and sending […]
Sales Tax on Services by State
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xendoo Team
When state legislatures in the United States implemented the first sales tax laws to boost revenues in the 1930s, the American economy depended on the manufacture and sale of physical goods. Typically, early sales tax laws allowed only the taxation of “tangible personal property” (TPP), rather than taxing services. As the United States has shifted […]
How to Reduce Self-Employment Taxes
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xendoo Team
If you’re like most small business owners, you started out as a sole proprietor. And if you came from being employed by someone else, you were totally shocked the first time you saw on your income tax return what you owe in self-employment tax. “What is that huge amount?” you asked. You were answered, it’s the […]
Income Tax Q & A: IRS Form 1065 for Partnerships
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xendoo Team
What is Form 1065? The IRS name for this form is “U.S. Return of Partnership Income.” This is an information return for partnerships to report the income, gains, losses, deductions, credits, etc. of the business. The partnership itself does not pay tax on its income. Instead, the profits or losses are “passed through” to the […]