So, Buisness taxes, specifically small buisness taxes, are calculated on net profits, correct? As in, only net profits are taxed.
That's the general gist of it... it also depends on how your business is set up (proprietorship, partnership, LLC, LLP, C-corp, S-corp, etc.).
Also, there may be additional items that are included in net income that are not taxable (tax-exempt interest income, some life insurance proceeds, etc), or items that may be calculated differently for tax purposes and reporting purposes (depreciation, etc).
As for a website that explains it... www.irs.gov. Download a tax form (the ones that's right for your type of business) and its instructions and try to fill it in. It's not really as hard as people make it out to be, and you'll learn a lot. :^:
shugarae on
Omeganaut class of '08. Fuck Peggle. Omeganaut class of '17 West. Fuck Rainbow Road.
The Best in Terms of Pants on JCCC3
Posts
I don't know of any sites right off, though. I can ask some accountant friends.
Edit: That is to say, I may be able to dig up something if nobody can find something for you quickly.
That's the general gist of it... it also depends on how your business is set up (proprietorship, partnership, LLC, LLP, C-corp, S-corp, etc.).
Also, there may be additional items that are included in net income that are not taxable (tax-exempt interest income, some life insurance proceeds, etc), or items that may be calculated differently for tax purposes and reporting purposes (depreciation, etc).
As for a website that explains it... www.irs.gov. Download a tax form (the ones that's right for your type of business) and its instructions and try to fill it in. It's not really as hard as people make it out to be, and you'll learn a lot. :^:
The Best in Terms of Pants on JCCC3
I've been trying to find somthing that explains it as simple as possible.
But it loses its thread
Very first paragraph:
The Best in Terms of Pants on JCCC3
I've been trying to find somthing that explains it as simple as possible.
Who is they?