BUSINESS TAXES - SPECIALIZED IN TAXES FOR SELF-EMPLOYED
V Tax Services has the expertise to provide you with the services that you need. We are excited to eliminate your tax worries and build the most efficient tax strategy for your company. Small-business tax preparation including taxes for self-employed must be combine with qualify consulting, if you are going to succeed as a entrepreneur. Our company offer round-year support to our clients, and we are happy to answer your tax questions through the year. Starting and running a small business can be very exciting, but also very challenging.
We offer Tax Planning as a part of our Business Tax Service to our clients. Tax planning is essential to helping you successfully and legally reduce the amount of your tax liabilities. In addition to making sure that your business is tax compliant, we also can suggest tax saving strategies that will maximize your after-tax income. We offer tax planning and education to assist start-ups, as well as, established businesses. We will provide you with a complete list of the most commonly overlooked deductions so that you can limit your tax liability for the following year.
We specialize in Taxes for Self-Employed individuals, no matter if you are working under your SSN or you have a single member LLC( if you haven't made a S Corp Selection) for IRS you are Sole Proprietor. We offer Tax Advance Strategies specially design for Real Estate Agents. Our strategies for Real Estate Agents, include deferral tax planning involving different IRA
accounts, benefits of 1031 Exchange, Depreciation, special Tax Planning for rental properties and many more. We offer specially design Tax Planning and Tax Strategies for your company. No matter if you are sub contractor, Self-Employed painter, construction, floor specialist, insurance agent or any other Sole Proprietor, we will develop unique Tax Strategies, so you can pay only the minimum legal tax liability.
TAXES FOR SELF-EMPLOYED
In a stringent economy like United States, multiple compliances have been set up for each form of a business by the government to ensure a strict control and order over the business activities. Apart from compliances, the mounting taxes for self-employed have always added into the burden for businesses. That is why, V-Tax, your virtual tax advisor and compliance partner has introduced premium solutions to manage your business taxes as well as the taxes for self-employed online.
Are you an individual running your own business? Are you often confused about your taxes for self-employment?
We, at V-Tax, are there to help. Our team of business tax advisors understands you and your business environment to identify applicable tax laws and devise perfect strategies to cover your business taxes. Our tax advisors specialize in taxes for self-employed, be it your online freelancing business or physical shopping store. We offer year-round advisory and not just filings. We, as your business tax advisors, know that being an entrepreneur is not easy, so we ensure to make business taxes easy for you.
Services We Offer
Our tax advisors provide complete business solutions for all your self-employment tax needs. Our tax advisors help you in planning your business tax liability effectively throughout the year. We believe that business taxes aren’t just to be paid, but carefully planned, especially, when it comes to business taxes for self-employed. Taxes for self-employed aren’t as easy as taxes for salaried individuals. Individuals tend to ignore legal provisions and fail to keep up-to-date with amendments in business tax laws. In such scenarios, it becomes extremely important to hire best business tax advisors for management of taxes for self-employed. Contrary to popular notion, benefits derived from the services of business tax advisors can often outweigh the cost involved to hire tax advisors. Therefore, it is recommended, especially in case of taxes for self-employed, to hire business tax advisors because self-employed individuals often lack knowledge and are more prone to make mistakes while calculating their taxes for self-employment. V-Tax offers best business tax advisory services across United States. Our team of US Enrolled Agents are licensed to practice at all places in country, thus, we represent our clients anywhere and anytime. We also offer special loyalty programs like V-Tax Loyalty Program to offer our bundle of tax advisory services at special rates throughout the year.
Tax Return Filing
Planning is of no use if you don’t file your business tax returns on time. Our tax advisors at V-Tax make sure that your filings are complete on time. We believe in punctuality with business taxes. Imposition of any kind of interests and penalties not just impacts you financially, but also impact your goodwill. Our business tax advisors make sure that filings are done rightly and on time because non-filing of tax returns is considered a serious offence by IRS. You just need to focus upon the nitty-gritties of your business because we understand that your business needs time and we value your time. We cover all kinds of taxes for self-employed which may include sole proprietorship, partnership, freelancers and other businesses. We do, both, state and federal income tax preparation and filing.
We also support you with ancillary activities like representations with IRS, tax document preparation and presentation. Our team of business tax advisors are highly experienced and licensed to deal with IRS Authorities. Our tax advisors resolve our client’s tax problems to give them a new lease on life. Our tax advisors also make sure that clients stay away from any kind of business tax frauds like stolen Social Security Numbers and phony returns to divert tax refunds. The tax advisors strive hard to provide you seamless digital experience, from understanding your needs through online sessions to filing your return online. V-Tax specifically specializes in taxes for self-employed. We deploy our tax advisors at your service 24X7.
What are Taxes for Self-employed
People who run their own business are liable to pay taxes for self-employment. Self-employment is the most common form of business across United States, however, it is important to have a good understanding of taxes for self-employed. Taxes for self-employed can be complex, and thus, should be planned with the help of licensed tax advisors, like us, only. As per IRS, following persons are liable to taxes for self-employed:
Member of a Partnership carrying on trade or business
Other (including part-time, if any)
How To Calculate Taxes for Self-employed?
The rate of taxes for self-employed is 15.3% which comprises of Social Security Tax @ 12.4% and Medicare tax @ 2.9%. A person need not pay taxes for self-employment on salary income. Taxes for self-employed is calculated as a percentage over net earnings i.e., business receipts less expenses. Social Security Tax is calculated on a wage base of $142,800, after that, no social security tax is levied.
Tax Return for Self-employed
Self-employed individuals are required to submit their taxes for self-employment quarterly if total taxes are more than $1000. Returns are required to be filed annually. They must figure out their net profit or losses from their business to make an estimate of taxes for self-employed. Return is required to be filed only if net earnings during the year are $400 or more.
Difference between Self-employed and W2 employee
For a W2 employee, all tax deductions are made by their employers, however, self-employed have to themselves set apart an amount from their net earnings to meet out liability of taxes for self-employed.
V-Tax Advisors helps you in estimating your liability for tax on self-employment and preparation of Balance Sheet as well as Profit & Loss A/c. Our tax advisors take care of your quarterly tax submissions and make sure to reduce your income tax liability to the least possible legitimately. When beginning a business, you must decide what form of business entity would best suit your requirements. V-Tax helps you deciding the same after analyzing your needs. Our business tax advisors provide clients with highest quality representation concerning Federal Tax issues by adhering to best practices in providing advice and in preparing or assisting in the preparation of submission to the Internal Revenue Service. Taxes for self-employed are complex until you come to us.
Types of Business Structures for Tax Purpose
Business tax calculation can differ heavily from taxes for self-employed to corporation taxes. Therefore, it becomes extremely important to decide upon the business structure before actually beginning. Your business structure affects how much you pay in taxes, your ability to raise money, the paperwork you need to file and your personal liability. Most business need to get a business tax ID number and file for appropriate licence and permits. Some of the common business structures are:
It is the most common and easiest form of self-employment structure. You are counted as a sole proprietor even if you start doing your business without any registration. There is no separate business entity and thus, the liability of Sole Proprietor becomes unlimited with respect to business taxes. It can be a good form of business for people who want low risk and want to test idea before going into more formal systems. Sole proprietors need to file Form 1040 annually as their personal tax return. Our tax advisors understand that as individuals, it is difficult to manage your taxes, especially, in initial stages of your business. Our Tax advisors will help you in all kinds of taxes for self- employed.
It is generally for joint owners. When two or more persons come together to start their business together, they generally form a partnership. Partners are liable to pay taxes for self-employed. Partnerships can be of two forms: Limited Partnership (LP) and Limited Liability Partnerships (LLP).
In Limited Partnerships, only one partner has unlimited liability while the rest of the partners have limited liability. Such partner has more rights of participation and is also liable to taxes for self-employed. Unlimited liability means that the personal assets of the partner can be used to pay off the liabilities of the partnership. Under Limited Liability Partnership, every partner has limited liability only. An LLP protects partners from actions of other partners.
Family Business Arrangements
Family members may operate a business together like a husband and a wife may be partners or may run a joint venture together. It is similar to partnership and are liable to taxes for self-employed. If a business is operated together as partners by family members, each person should report their share of the business profits as net earnings on separate self-employment returns (Schedule SE), even if joint income tax return is filed. The partners must decide the amount of net earnings each should report (like 50% by each partner). Also, a husband and wife who both materially participate in a jointly owned business, and file a joint return, can make an election to be taxed as a qualified joint venture instead of a partnership. Taxes for self-employed would be applicable. Each of them must file a separate Schedule C.
A Corporation is an entity in which the business entity is considered to be separate legal person from its owners. It is popularly known as C Corp. Corporations can make profit, be taxed and held liable. It is suitable for large and complex businesses where owners want to restrict their liability and run their business under a separate legal name. Unlike Proprietors and Partnerships, Corporations pay corporate income taxes on their profits. Profits are taxable in the hands of Corporation while income is distributed to owners in the form of dividend, which might or might not be taxable in their hands. However, taxes for self-employment are not applicable. A Corporation can be an S Corp as well. S Corp is a special type of Corporation with some special benefits over C Corp. Corporations need to file Form 1120 and Form 1120S as their annual statement.
Limited Liability Corporation
LLC is a mixture of a Corporation and a Partnership. An LLC separates the owner from the entity, thus, limiting the liability. However, members of LLC are called Self-Employed and taxes for self-employed are applicable to them. LLCs are formed with fixed number of members. LLC is one of the best forms as it limits personal liability while owner being liable for tax on self-employment. LLCs are appropriate for medium and high-risk businesses. It protects the owners from unlimited personal liability. Business taxes for LLC can be complex, and would often need you to consult your tax advisors.
Non- profit corporations are organized to do charity, education, religious, literacy or scientific work. If your primary purpose is to help society rather than to earn profit, then this business structure should be your optimal choice. Such non- profit corporations must file with IRS to get business tax exemptions. They also need to follow some special rules, otherwise, they may fall into some serious penalties and fines. They are not liable for any kind of taxes for self-employment, personal or corporation tax provided tax exemption is granted by IRS.
At V-Tax, our business tax advisors work day and night to ensure timely submission of your returns. Even in busy return seasons, our tax advisors give priority to each and every client. Taxes for self-employed are as important as business taxes for Corporations. We advise you upon best form of business to reduce your burden of taxes for self-employed. Be it any form of a business tax or tax for self-employed, we do it all and we do it better than others. Call us today and let us help you further. Messing with IRS on your own would not be a good idea, so let our tax advisors handle it.
We employ best-in-industry tax advisors and experts to make your online consultations more engaging and fruitful.
Our tax advisors deliver while you sit at your home. We focus on eliminating unnecessary hassles. Gone are the days of standing in long queues and preparing your papers for presentation in front of tax officers.
We deal in all kind of business taxes including taxes for self-employed for all kind of business structures. Thus, you get all the services under one roof.
Through our V-Tax Loyalty Program, you get year-round support from our expert tax advisors.
To make your experience more enriching, we provide ancillary services like book keeping, accounting etc. along with consultations from our tax advisors.