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TAXES
Savvy strategies to help reduce your taxes
Sole Prop Taxes
In trying to clear up some of the tax confusion for sole proprietors, the IRS has released a fact sheet about deducting “other” business expenses on Schedule C, Profit or Loss from Business. Although many common expenses are deducted on designated lines of Schedule C, some expenses may not fit into a particular category. The fact sheet gives examples of some of the costs you can deduct as “other expenses,” such as:
- Bad debts
- Amortization of certain costs
- Business startup costs
The Tax Matrix
Don’t know which tax forms your small business should file – or when? Turn to the IRS matrix Which Forms Must I File? The matrix matches the type of tax, the form and the due date. It includes forms for sole proprietors, S corporations, partnerships, corporations and limited liability companies. Types of taxes shown include self-employment, quarterly estimated, federal unemployment and more.
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