Track personal and business expenses by keeping separate bank accounts, using dedicated business credit cards, documenting each expense’s purpose, and allocating mixed-use costs proportionally. Use accounting software to automate categorization and maintain compliance.
Record all cash transactions daily, including date, amount, purpose, and customer info. Keep receipts, use a cash log, reconcile regularly, and report large payments over $10,000 using Form 8300.
Organize business receipts using digital tools like QuickBooks or physical filing by year and category. Keep records for at least 3 years, separate personal/business finances, and back up all data for audit readiness.
Organize business receipts using digital tools like QuickBooks, categorize by expense type, and keep records for at least 3 years. Separate personal and business finances for clarity and audit readiness.
Keep business tax records for at least 3 years from filing or due date. Employment taxes: 4 years. Property records: as long as owned, plus 3 years. Some cases require 6+ years or indefinite retention.
Keep detailed records for all business deductions: receipts, invoices, mileage logs, and documentation showing amount, date, purpose, and business relationship. Retain for at least 3 years.
Report cryptocurrency received as payment as ordinary income at its fair market value in USD. Use Schedule C or W-2 depending on employment status. Track gains/losses when sold.
Foreign business income is generally taxable in the U.S. U.S. citizens report worldwide income; foreign persons pay tax only on U.S.-source or effectively connected income.
Report Form 1099-K income on Schedule C as part of your gross receipts. Reconcile with records, deduct expenses and refunds, and pay tax on net profit. Keep documentation to support your return.
Income from Etsy, Amazon, PayPal, or Stripe is taxable. Report all earnings on Schedule C, track expenses, and pay self-employment tax. Even without a 1099-K, you must report income.
Advance payments are generally taxable in the year received. Deposits aren’t taxed until earned or conditions are met. Accrual basis taxpayers may defer some payments under IRS rules.
Most individuals use the cash method, reporting income when received. Accrual basis reports income when earned. Choose based on IRS rules and your business needs.
Learn how to report business income and expenses on your personal tax return using Schedule C. Understand deductions, record-keeping, and common mistakes to avoid.
Learn about penalties for late filing or payment for businesses, including failure-to-file fees, late payment charges, and exceptions for reasonable cause.
Yes, you can file an extension for your business tax return using Form 7004. Learn how to request an extension, payment requirements, and deadlines by business type.
Learn the tax forms required for LLCs, S Corps, C Corps, and Sole Proprietors. Ensure compliance with federal filing requirements for your business entity.
Determine your business entity’s filing status and tax obligations. Learn about default classifications, Form 8832 elections, and filing requirements for LLCs, corporations, and more.
Generally, the tax code requires taxpayers to pay federal income taxes as they earn income. To the extent these taxes are not withheld, a taxpayer must pay estimated income tax on a quarterly basis.
Discover the 2024 tax filing deadlines for your business entity, including C Corporations, S Corporations, Partnerships, and more. Stay compliant and avoid penalties.