© 2016, 2017, 2018 by The LM Company, Inc. Tax and Accounting Services

    Self-Employed

    This is the starting point for any individual wishing to pursue a new journey as an entrepreneur. Most individuals will begin their self-employment business in the kitchen table, in the garage, or simply in a little corner space in the living room or bedroom.

    Whichever is the case, as soon as an individual becomes self-employed, the tax situation changes. It becomes more complex and more filing requirements are now needed depending on the product or service the individual is now engaged in.

    A business tax specialist will help you on your journey from the very start to ensure that as self-employed, your business runs smoothly and is compliant with all requirements. The following is just a brief list issues that a self-employed individual may encounter:

    • What taxes to pay as self-employed?

    • What expenses can I deduct?

    • How and when to keep records

    • What business and legal issues can I encounter?

    • I'm using my home for business use. What tax issues exist?

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    How To Audit Proof Your Schedule C

    In recent years the IRS has been keeping self-employed individuals under the audit radar. It is known that many self-employed individuals do not keep proper records, deduct excess expenses, or deduct expenses in the wrong categories.

    In this guide we will go line by line on the Schedule C which is the tax form used by all self-employed individuals to determine what expenses are deductible in each category. Then we will emphasize which expense categories are more likely to be audited and the best technique to claim expenses in such categories.

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    The Entrepreneur Tax Guide

    Becoming an entrepreneur is an up and down journey but it can become more burdensome if certain business issues are left unattended, and tax issues is one of them.

    What should an entrepreneur be aware of when starting a new business or acquiring an established one? What pitfalls to look out for when incorporating? When and why should a business incorporate?

    In this guide we will go over the basics for four types of entrepreneurs: self-employed individuals, start-ups with no business plan, start-ups with a business plan, and established businesses. The guide will list the basic tax items that need to be addressed in each category to ensure that the entrepreneur avoids major headaches down the road.

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