topic What is a good tax tool to use if I manage my own business? in Business & farm

What is a good tax tool to use if I manage my own business?

trueservant777 — Mon, 05 Aug 2019 18:01:44 GMT

Re: What is a good tax tool to use if I manage my own business?

Carl — Tue, 06 Aug 2019 15:53:35 GMT

Your question is unanswerable because it's just to broad. It's like me asking what is the best alternator to purchase for my vehicle. You have no idea what kind of vehicle I have either. a 4 passenger car? A truck? A 10-wheel semi?

There is no tax tool for "managing" any business. The key thing is to keep good finely detailed records of every single transaction that occurs with the business for any reason - down to the penny. If you're new to this then it's best to seek professional help for at least the first year of business. This can be particularly important from the tax point of view if your state also taxes personal income.

Re: What is a good tax tool to use if I manage my own business?

VolvoGirl — Tue, 06 Aug 2019 15:55:34 GMT

If you have self employment income.....

To report your self employment income you will fill out schedule C in your personal 1040 tax return and pay SE self employment Tax. You will need to use the Online Self Employed version or any Desktop program but the Desktop Home & Business version will have the most help.

For the future, You can use Quicken or there is a QuickBooks Self Employment bundle you can check out which includes one Turbo Tax Online Self Employed return....
http://quickbooks.intuit.com/self-employed

Re: What is a good tax tool to use if I manage my own business?

VolvoGirl — Tue, 06 Aug 2019 15:58:14 GMT

Here is some IRS reading material……

IRS information on Self Employment
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employed-Individuals-Tax-Center

Publication 334, Tax Guide for Small Business
http://www.irs.gov/pub/irs-pdf/p334.pdf

Publication 535 Business Expenses
http://www.irs.gov/pub/irs-pdf/p535.pdf