Collecting and Paying Taxes for Your Arts/Crafts Business
Information about federal and state income, sales and payroll taxes. Find out what taxes you are liable for, when they are due and how to pay them.
Double Taxation and Corporate Distributions
There are few instances of double taxation in USA Internal Revenue Code. However, the taxation of corporate dividends and S-Corporation distributions is handled differently. Find out how to handle each one and why in the final analysis, neither is a tax-free transaction to you.
There are few instances of double taxation in USA Internal Revenue Code. However, the taxation of corporate dividends and S-Corporation distributions is handled differently. Find out how to handle each one and why in the final analysis, neither is a tax-free transaction to you.
Selecting a Schedule C Activity Code for an Arts / Crafts Business
Sole proprietors fill out a Schedule C to report arts / crafts business taxable income. This form asks for a activity code. Find out what this is and where to find it.
Sole proprietors fill out a Schedule C to report arts / crafts business taxable income. This form asks for a activity code. Find out what this is and where to find it.
Sole Proprietorship 1040-ES Tax Deposit
Kind of confused on how to figure a 1040-ES deposit amount? Here's an example walking you through the calculation for a sole proprietorship.
Kind of confused on how to figure a 1040-ES deposit amount? Here's an example walking you through the calculation for a sole proprietorship.
1040-ES
Every attempt should be made to send in Form 1040 tax returns with a balance due of less than $1,000. To achieve this goal, the sole proprietor uses IRS Form 1040-ES to make tax deposits throughout the year. Here's a quick way to figure your estimated tax deposit amount.
Every attempt should be made to send in Form 1040 tax returns with a balance due of less than $1,000. To achieve this goal, the sole proprietor uses IRS Form 1040-ES to make tax deposits throughout the year. Here's a quick way to figure your estimated tax deposit amount.
Tax Considerations for Self-Employed Arts and Crafts Vendors
Handling the tax obligations of self-employed arts/crafts businesses can be confusing. Federal, state and local government can assess taxes. These taxes can show up in the form of income, sales, and use taxes. Find out more about the different type of self-employment taxes and which ones you may be liable for.
Handling the tax obligations of self-employed arts/crafts businesses can be confusing. Federal, state and local government can assess taxes. These taxes can show up in the form of income, sales, and use taxes. Find out more about the different type of self-employment taxes and which ones you may be liable for.
How to Organize Tax Information
Simple tips to use when organizing your tax information.
Simple tips to use when organizing your tax information.
Maximize Your Business Income Tax Deductions
This three part article on small business tax deductions covers keeping track of your business expenses throughout the year, tax deductions related to the cost of doing business, and home business tax deductions.
This three part article on small business tax deductions covers keeping track of your business expenses throughout the year, tax deductions related to the cost of doing business, and home business tax deductions.
Sales Tax Versus Income Tax
Definition of the the Fair Tax plan and how it may affect US businesses.
Definition of the the Fair Tax plan and how it may affect US businesses.
Reporting Corporate Total Income on Federal Tax Returns
If you operate as a corporation or S-Corporation, report your arts and crafts taxable gross income in Part 1 of the Form 1120 or 1120S respectively. Calculate it by subtracting your cost of goods sold from your arts and crafts business revenue. Check out these step-by-step instructions on how to transfer amounts from your income statement to the applicable corporate federal tax returns.
If you operate as a corporation or S-Corporation, report your arts and crafts taxable gross income in Part 1 of the Form 1120 or 1120S respectively. Calculate it by subtracting your cost of goods sold from your arts and crafts business revenue. Check out these step-by-step instructions on how to transfer amounts from your income statement to the applicable corporate federal tax returns.
Understanding Payroll Taxes
Every business must pay payroll taxes regardless of number of employees. Learn the different kind of taxes and who's responsible for paying them.
Every business must pay payroll taxes regardless of number of employees. Learn the different kind of taxes and who's responsible for paying them.