Sole proprietors, independent contractors, and some partnerships who do business for profit report self-employment income. These businesses can range from vehicles for hire to brokers. Understanding your employment type - employee or self-employed - is essential because it will determine how you'll get taxed on your income. Self-Employed individuals must pay their Social Security and Medicare (FICA) part of their SE tax in addition to the employment taxes. In other words, a self-employed individual will have to pay more in income taxes compared to being an employee. But unlike an employee, a self-employed individual is allowed to deduct business expenses.
Personally identifiable documents for filing your income tax return include driver’s license or state-issued ID and Social Security number. The type of tax documents with your earnings or expense information may vary depending on your activity involvement.
The tax season typically starts January 2 until April 15. (*Update: 2020 tax season deadline was extended to July 15 due to the Covid-19 pandemic.). April 15 deadline applies to both filing and paying your income tax. Tax returns submitted after April 15 may incur late filing penalties, and unpaid tax balances will start incurring interest. Unsurprisingly, a large number of people will file their taxes later in the season. Therefore, it is recommended to file your taxes early for a prompt preparation and refund.
Tax preparation may span from 30 minutes to 1 hour. Generally, the time it takes is dependent on the aggregation, complexity, and completeness of your tax case, which may include the amount and type of tax documents and statements, filing and dependent status, and your previous and current years' tax circumstances. We recommend leaving your tax documents or copies with us if the preparation requires more than the average time. We do not recommend waiting at our facility if the expected time to complete your tax return is 1 hour or more. We will contact you for more information or at completion via your preferred method of contact.
If you sell property or services that are subject to sales tax, you are required to collect and report the sales tax to the proper authority. You can find out whether or not your business must register for sales tax with the authority tax bulletin. Not all sales are taxable. In some instances, you are not required to collect sales tax from exempt vendors when provided an exemption certificate. As sales tax vendors, you must adhere to the sales tax recordkeeping and filing requirements. We offer affordable sales tax preparation and filing services for small businesses. Our trained professionals will file on your behalf and seek applicable sales tax credits.
We prepare business tax returns on a first-come, first-serve basis. Business tax returns are reviewed case by case carefully. Due to the high volume, we recommend leaving your tax documents or copies with us. We do not recommend waiting at our facility if the expected time to complete your tax return is 1 hour or more. We will contact you for more information or at completion via your preferred method of contact.
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Tax-Point offers fast, accurate and complete tax preparation services to address the needs of individuals income tax. We will ensuring your reported income is legally offset by available deductions and legal credits.