How can I minimize business tax?
338784
Besides the obvious of having more expenses than revenue you can try a sub-s corp.  A sub-s will allow you to pay yourself a salary and benefits.  You do get taxed on the profits as a pass-through.  This also would allow you to setup SEP-IRA or other pension benefits and the corp would contribute.
1123909
Five steps to business cost reduction \nBanish office supply anarchy: Avoid buying only name-brand items in small quantities. Shop for bargains online. Superstores like Office Depot, Staples and Office Max offer “store brands” at reduced prices. And when you establish an online account, they’ll often send coupons worth $10 or $20 off orders of $100 or more. \nFoil photocopying follies: Don’t photocopy high-volume items that you can print for less. Copies typically cost five to fifteen cents each, even if you do them yourself, including paper, toner, labor and maintenance. Printing can lower costs to three cents or less. Biggest cost culprits are forms, flyers and form letters that you think you use in small quantities. But if you photocopy a few dozen per week, that can be thousands per year and you could save by having it printed. One great online source for printing is PrintingForLess.com. \nBe an inventory maniac: Think of your inventory - raw materials as well as finished goods - as company cash sitting on a shelf or in a warehouse doing nothing. Costs include storage, insurance and taxes, among others. Keep good records and regularly root out dead items. \nKick the overnight habit: Express shipments for next morning delivery are costly. Consider next afternoon or maybe two- or three-day service. \nReview everything annually: Review vendor relationships at least annually for internet services, phone, wireless, DSL, shipping, legal, printing and other day-to-day expenses. Prices and package deals change, and you may be overpaying.
1107186
I would talk with the "Small Business Administration" and "SCORE" in my local community (They in the Phone Book Blue/Government Pages). They may be able to help and it Free advise. You just determine what important for you.\nAlso, you may want to call the IRS. They offer Free Tax Classes to help you know what Forms and stuff would be important for your Business, plus, they usually answer some important questions you may have as to Deductions. They real important and it FREE!!!! Then talk to your State Revenue Department and find out what you need to get your Tax ID etc. for your Business. Usually it just your Social Security Number for a Small Business. But, you need this Form to Buy Wholesale and not pay Sales Tax on your Stock. You charge the Tax when it sold.\nThere is a lot to cover, but, do not feel overwhelmed, take each part, step by step. You not in a hurry! AND those guys/gals @ SCORE can tell you most of this and help you. They Retired Business Owners Volunteering their time for something to do.
987168
Yeah, but if you also use it for personal use, you can't make the car expense a total business deduction.  Let's say you use the car 20% for personal use.  You might have to say 80% is a business expense and 20% is for personal use.  \n\nCheck with an accountant b/c you can get in a lot of trouble for evading taxes if you don't know for sure.
23576
You can deduct all reasonable business expenses you incurred. Read: http://www.irs.gov/pub/irs-pdf/i1040sc.pdf
378795
not if you are looking at as a "deduction"\nit's a flat rate up to a ceiling, based on taxable gross income. best way to reduce it is, pretax deductions (401, pretax med insurance, fsa, etc)
471753
1. Make sure you maximize your tax deductions. Plow more money back into the business - marketing, new computers, etc. and claim them as deductions\n\n2. Open a Self Employment 401K http://www.powerhomebiz.com/vol149/401k.htm and maximize it. You can put in as much as $16,000 per year + 25% of business profits. It is tax deferred so you don't pay taxes now, but at least you can use it to save for your retirement.
502754
First, it depends on which state you live in.\n\nThere are a variety of taxes that phone (and other utilities) like to pass down, especially excise taxes.  I would plan to pay anywhere from 10% to 15% in taxes.
1014188
Unless you register your business, it's called self-proprietorship. Don't forget to do your taxes.
538299
It is possible if used for business to deduct the cost from your taxes.
252278
Only a business will get to deduct business expenses from income to adjust the income that taxes are caluclated on.\n\nStart a sole proprietorship if nothing else, easy and then you can do it. Of course it will only affect future things.
850163
Determine what % of the time you will use the computer for business.  That is the % you can write off your taxes.  Of course that % is open to interpretation by you so be generous with yourself.
121983
Quicker Tax Preparation: As a sole proprietor, filing your taxes is generally easier than a corporation.Simply file an individual income tax return (IRS Form 1040) including your business losses and profits. Your individual and business income are considered the same and self-employed tax implications will apply.\n\n\nLower Start-up Costs: Limited capital is a reality for many startups and small businesses. The costs of setting up and operating a corporation involves higher set-up fees and special forms. It's also not uncommon for a lawyer to be involved in forming a corporation.\n\n\nEase of Money Handling: Handling money for the business is easier than other legal business structures. No payroll set-up is required to pay yourself. To make it even easier, set up a separate bank account to keep your business funds separate and avoid co-mingling personal and business activities.
828392
It does not matter where you work.  Whatever entity you set up, you will wish to take profits out of the business to live on, right?  In that case, you will have to pay NY taxes becaus that is where you live.  Remember, not all free advice is worth the money!  (Think about it.)\n\nYou should consult with a NY CPA, who will be able to advise you best.  Do not rush to a low-tax jurisdiction without considering the effect on your own personal return.  Ultimately, that is the bottom line.
631181
You only file a return once a year, but you should probably make estimated tax payments every quarter.  You can deduct, with certain limitations expenses that are "necessary and proper" for the production of income.  However, some things, which will be used for a longer period of time must be capitalized and depreciated (you expense a portion of their value each year, rather than all at once).  \n\nIt might be a good idea to talk to an accountant to set up a bookkeeping system to get you started.  Or you could buy quickbooks, or a similar product to help keep track.\n\nIn any case, I'd recommend reading Pub. 334, "Tax Guide for Small Businesses" put out by the IRS.  It has a lot of useful information about how to fill out your forms, making estimated payments, what can and can't be deducted.
785159
Ok.  Got a car? Insurance, tax, petrol.  No car.  Ok Bus? bus fare.  How about the odd taxi ride.  How about things you might need for work? tools, paper, pens.\nIf you were a business of course you would need to think about business rates, buying stock and selling stock etc as well.  Try looking on the Inland Revenue site.  There might be some advice or lists on there somewhere.\nC ;)
30854
I do consulting and set up my LLC (in Delware, taxes are cheaper) and used http://www.incnow.com/ No problems at all and it was quick and cheap.  Recommend them highly.