SmallBusiness.com Guide to Taxes – SmallBusiness.com https://smallbusiness.com Small business information, insight and resources | SmallBusiness.com Mon, 19 Feb 2018 22:30:02 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.4 It’s Tax Season: Here are 10 Things the IRS Wants Every Taxpayer to Know | 2018 https://smallbusiness.com/taxes/irs-tax-advice-2018/ https://smallbusiness.com/taxes/irs-tax-advice-2018/#respond Tue, 06 Feb 2018 18:42:56 +0000 https://smallbusiness.com/?p=30650

The IRS is now accepting tax returns as the annual tax filing season is underway. It expects taxpayers to file more than 155 million returns this year. Here are ten things the IRS wants taxpayers to consider as they are filing their tax returns (or getting help from your trusted tax advisor) this year.


  1. People have until Tuesday, April 17, 2018, to file their 2017 returns and pay any taxes due.
  2. Choosing e-file and direct deposit is the fastest and safest way to file an accurate income tax return and receive a refund.
  3. Families with incomes of $66,000 or less can file for free. They can do so using brand name software through the IRS Free File program. People who earned more than $66,000 may use Free File Fillable Forms.
  4. By law, the IRS cannot issue some refunds before mid-February. These refunds are for tax returns that claim the Earned Income Tax Credit or the Additional Child Tax Credit. The IRS expects the earliest refunds related to EITC and ACTC to be available in taxpayer bank accounts or on debit cards starting on Feb. 27, 2018.
  5. The best way for taxpayers to check the status of a refund is to use “Where’s My Refund?” on IRS.gov or the IRS2Go mobile app.
  6. Taxpayers with low and moderate incomes can get help filing their taxes for free. The Volunteer Income Tax Assistance and Tax Counseling for the Elderly programs have more than 12,000 sites around the country. To find the nearest site, use the VITA/TCE Site Locator on IRS.gov or the IRS2Go mobile app.
  7. Taxpayers should have their year-end statements in hand before filing. This includes Forms W-2 from employers and Forms 1099 from banks and other payers. Doing this helps avoid refund delays and the need to file an amended return.
  8. IRS.gov is the place to go online for tools that help people as they prepare and file their tax return. This includes:
  9. Many Individual Taxpayer Identification Numbers expired on Dec. 31, 2017. This includes any ITIN not used on a tax return at least once in the past three years. Also, any ITIN with middle digits of 70, 71, 72 or 80 is now expired. Affected taxpayers should act soon to renew their number.
  10. Some taxpayers using a tax filing software product for the first time may need their Adjusted Gross Income amount from their prior-year tax return. They need this to verify their identity. Taxpayers using the same tax software they used last year will not need to enter this information.

via IRS.gov

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Moving Due to Work? Here are Some Tax-Related Tips From the IRS | 2018 https://smallbusiness.com/taxes/moving-expense-tax-deduction/ Tue, 23 Jan 2018 16:49:06 +0000 https://smallbusiness.com/?p=28832

You or an employee may be able to deduct certain expenses related to moving to a new home if the move is related to your work. Here are some guidelines related to a work-related move, provided by the U.S. Internal Revenue Service.

(Note: As we always advise, each individual or small business can have unique circumstances that can impact the taxes you may or may not owe, so always seek advice from your trusted business, tax and financial advisor when making decisions about taxes.)


General guidelines

Home means the taxpayer’s main home | It does not include a seasonal home or other homes owned or kept up by the taxpayer or family members. Eligible taxpayers can deduct the reasonable expenses of moving household goods and personal effects and of traveling from the former home to the new home.

Reasonable expenses may include the cost of lodging while traveling to the new home | The unreimbursed cost of packing, shipping, storing and insuring household goods in transit may also be deductible.

Who can deduct moving expenses?

The move must closely relate to the start of work | Generally, taxpayers can consider moving expenses within one year of the date they start work at a new job location.

The distance test | A new main job location must be at least 50 miles farther from the employee’s former home than the previous job location. For example, if the old job was three miles from the old home, the new job must be at least 53 miles from the old home. A first job must be at least 50 miles from the employee’s former home.

The time test |  After the move, the employee must work full-time at the new job for at least 39 weeks in the first year. Those self-employed must work full-time at least 78 weeks during the first two years at the new job site.

Advice and resources from the IRS

Reimbursed expenses | If an employer reimburses the employee for the cost of a move, that payment may need to be included as income. The employee would report any taxable amount on their tax return in the year of the payment.

Form 3903, Moving ExpensesThe form you need to use to claim the moving expense deduction when filing a federal tax return.

Nondeductible expenses | Any part of the purchase price of a new home, the cost of selling a home, the cost of entering into or breaking a lease, meals while in transit, car tags and driver’s license costs are some of the items not deductible.

Recordkeeping | It is important that taxpayers maintain an accurate record of expenses paid to move. Save items such as receipts, bills, canceled checks, credit card statements, and mileage logs. Also, taxpayers should save statements of reimbursement from their employer.

Military moves | Different rules may apply to members of the Armed Forces or a retiree or survivor moving to the United States.

Address Change | After any move, update the address with the IRS and the U.S. Post Office. To notify the IRS file Form 8822, Change of Address.

Additional moving-related resources from the IRS


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When will Payroll Withholdings Amount Change (Related to the Tax Act)? | 2018 https://smallbusiness.com/employees/payroll-tax-changes/ Fri, 05 Jan 2018 22:17:46 +0000 https://smallbusiness.com/?p=30250

If you manage payroll duties for your business (vs. outsourcing such duties to a payroll service), you may be wondering when the new withholding amounts related to the tax reform bill need to be reflected in your employees’ paychecks? So far, the answer is “when the IRS tells us.”


Here’s the current (1.05.2018) answer to the question provided by the IRS:

It was issued on December 26, 2017

“The IRS is working to develop withholding guidance to implement the tax reform bill signed into law on December 22. We anticipate issuing the initial withholding guidance in January, and employers and payroll service providers will be encouraged to implement the changes in February. The IRS emphasizes this information will be designed to work with the existing Forms W-4 that employees have already filed, and no further action by taxpayers is needed at this time.

“Use of the new 2018 withholding guidelines will allow taxpayers to begin seeing the changes in their paychecks as early as February. In the meantime, employers and payroll service providers should continue to use the existing 2017 withholding tables and systems.”

IRS updates can be found here

https://www.irs.gov/newsroom/irs-statement-withholding-for-2018
Payroll information in a nutshell

  • Use of the new 2018 withholding guidelines will allow taxpayers to begin seeing the changes in their paychecks as early as February.
  • As of 1.5.2018, The IRS has not released the withholding guidelines
  • In the meantime, employers and payroll service providers should continue to use the existing 2017 withholding tables and systems
  • Your January 2018 paychecks should look largely the same as your December 2017 paychecks

Remember: Your situation may not be like others so it is important for you to talk with your trusted advisors before making any decisions about taxes.

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What Expenses Can a Small Business Deduct from the Taxes it Must Pay? | 2018 https://smallbusiness.com/taxes/business-tax-basics-from-the-irs/ Thu, 04 Jan 2018 19:39:22 +0000 https://smallbusiness.com/?p=30239

Business expenses are the cost of running a business. These expenses are usually deductible (not subject to federal taxes) if the business operates to make a profit.* But what exactly are these expenses? Below, we’ve listed information provided by the Internal Revenue Service (IRS) and have included links to their website locations where you can find more about the specific topic. Also, as we typically do when addressing a topic like this, always be sure to follow the advice of your trusted legal and financial advisor when it comes to accounting, finance or legal matters. Every industry or business location can have different laws and regulations, so your situation is unique. Topics covered below are:

  • What can I deduct?
  • Cost of goods sold
  • Capital expenses
  • Personal versus business expenses
  • Business use of your home
  • Business use of your car
  • Other types of business expenses

What can I deduct?

To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your trade or business. A necessary expense is one that is helpful and appropriate for your trade or business. An expense does not have to be indispensable to be considered necessary.

It is important to separate business expenses from the following expenses:

  1. The expenses used to figure the cost of goods sold
  2. Capital expenses
  3. Personal expenses

1. Cost of Goods Sold

If your business manufactures products or purchases them for resale, you generally must value inventory at the beginning and end of each tax year to determine your cost of goods sold. Some of your expenses may be included in figuring the cost of goods sold. The cost of goods sold is deducted from your gross receipts to figure your gross profit for the year. If you include an expense in the cost of goods sold, you cannot deduct it again as a business expense.

The following are types of expenses that go into figuring the cost of goods sold

  • The cost of products or raw materials, including freight
  • Storage
  • Direct labor costs (including contributions to pensions or annuity plans) for workers who produce the products
  • Factory overhead

Under the uniform capitalization rules, you must capitalize the direct costs and part of the indirect costs for certain production or resale activities. Indirect costs include rent, interest, taxes, storage, purchasing, processing, repackaging, handling, and administrative costs.

This rule does not apply to personal property you acquire for resale if your average annual gross receipts (or those of your predecessor) for the preceding 3 tax years are not more than $10 million.

For additional information, refer to the following IRS publications: 

Publication 334, Tax Guide for Small Businesses
Chapter on Cost of Goods Sold

Publication 538, Accounting Periods and Methods.
The chapter on Inventories


2. Capital expenses

You must capitalize, rather than deduct, some costs. These costs are a part of your investment in your business and are called capital expenses. Capital expenses are considered assets in your business. In general, there are three types of costs you capitalize.

  1. Business start-up costs (See the note below)
  2. Business assets
  3. Improvements

Note: You can elect to deduct or amortize certain business start-up costs.

See the following for more details:

Publication 535, Business Expenses
Chapters 7 and 8


3. Business expenses (vs. personal expenses)

Generally, you cannot deduct personal, living, or family expenses.

However, if you have an expense for something that is used partly for business and partly for personal purposes, divide the total cost of the business and personal parts. You can deduct the business part.

For example, if you borrow money and use 70% of it for business and the other 30% for a family vacation, you can deduct 70% of the interest as a business expense. The remaining 30% is personal interest and is not deductible. Refer to chapter 4 of Publication 535, Business Expenses, for information on deducting interest and the allocation rules.

Business Use of Your Home

If you use part of your home for business, you may be able to deduct expenses for the business use of your home. These expenses may include mortgage interest, insurance, utilities, repairs, and depreciation.

See also:

1. Home Office Deduction
2. Publication 587, Business Use of Your Home

Business use of  your car

If you use your car for your business, you can deduct car expenses. If you use your car for both business and personal purposes, you must divide your expenses based on actual mileage.

Other Types of Business Expenses

Employees’ pay | You can generally deduct the pay you give your employees for the services they perform for your business.

Retirement Plans | Retirement plans are savings plans that offer you tax advantages to set aside money for your own, and your employees’ retirement.

Rent Expense | Rent is any amount you pay for the use of property you do not own. In general, you can deduct rent as an expense only if the rent is for the property you use in your trade or business. If you have or will receive equity in or title to the property, the rent is not deductible.

Interest | Business interest expense is an amount charged for the use of money you borrowed for business activities.

Taxes| You can deduct various federal, state, local, and foreign taxes directly attributable to your trade or business as business expenses.

Insurance| Generally, you can deduct the ordinary and necessary cost of insurance as a business expense, if it is for your trade, business, or profession.

This list is not all inclusive of the types of business expenses that you can deduct. For additional information, refer to Publication 535, Business Expenses.

*Note:  If you do not carry on the activity to make a profit, you must report all of the gross income (without deductions) from the activity on Form 1040, line 21. Special limits apply to what expenses for a not-for-profit activity are deductible; for detailed information, refer to Publication 535, Business Expenses.


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Seven Small Business Tax Resources the IRS Wants You to Know About | 2017 https://smallbusiness.com/legal/small-business-irs-resources/ Thu, 26 Oct 2017 14:10:41 +0000 https://smallbusiness.com/?p=29666

You’ve probably heard the joke about the scariest words in the English language, “I’m from the IRS and I’m here to help you.” In some cases, it’s true, they can help. (And yes, we know: it’s not the IRS who pass the tax laws, it’s lawmakers.) While we suggest that trusted financial, legal or tax advisors be the resources you turn to whenever making important decisions about money and taxes, if you want to do some quick preliminary research about small business taxes, the IRS continues to add more and more resources that, yes, may help you. Here are seven resources to help small businesses owners with common tax-related topics that the IRS would like you to know about.


A Federal Tax Hub for Small Business owners and Self-Employed

The Small Business and Self-Employed Tax Center brings information on IRS.gov to one common place. Includes resources for taxpayers who file Form 1040, Schedules C, E, F or Form 2106, as well as small businesses with assets under $10 million.

Resources for Organizing Tax-related Information

The IRS Tax Calendar for Businesses and Self-Employed helps owners stay organized. It includes tax due dates and actions for each month. Users can subscribe to calendar reminders or import the calendar to their desktop or calendar on their mobile device.

Search for Tax-Related Information by Topic

The A-to-Z Index for Business helps people easily find small business topics on IRS.gov.

Watch Videos

The IRS Video Portal  offers learning events and informational videos on many business topics.

Find Forms

The Small Business Forms and Publications page (there’s a version on SmallBusiness.com, also) helps business owners find the documents they need for the type of business they own. It lists tax forms, instructions, desk guides and more. (These can also be found on SmallBusiness.com.

Meet Someone from the IRS in Person or Online

Small business workshops, seminars, and meetings are held throughout the country. They’re sponsored by IRS partners that specialize in federal tax topics. Topics vary from overviews to more specific topics such as retirement plans and recordkeeping.

 

Also on SmallBusiness.com

Small Business IRS Tax Forms and Guide | 2017

 


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Know the Difference Between an Employee and an Independent Contractor https://smallbusiness.com/manage/small-business-employee-or-independent-contractor/ Sat, 30 Sep 2017 13:35:15 +0000 http://smallbusiness.com/?p=9950 One of the most visited pages on the SmallBusiness.com WIKI is an entry on the topic of determining whether or not someone who is providing services to a company is an employee or an independent contractor. It’s a critical topic for both the business obtaining the services and the business (or sole proprietor) providing the services. Why? Because the way in which taxes are paid and certain benefits are allocated hinge on whether or not the provider is determined by the IRS and other federal and state agencies to be an employee or independent contractor.


Note: When it comes to issues related to taxes and the law, you should always consult your company’s legal and financial advisors before making a decision.


In many cases, it’s easy to know that a service provider is an independent contractor: You hire a freelancer to write copy for a brochure, you pay a bookkeeper to spend a few hours each month to assist on an accounting need, you hire a painter to repaint a room in your building. In those examples, it is easy to classify the service providers as independent contractors.

However, there are many situations in which determining the difference in employee and independent contractor status can become more confusing, and in some cases, contentious.

Why it’s critical to correctly determine whether a service provider is an employee or an independent contractor

Whether or not someone is an employee can have an impact on a wide array of federal, state and local regulations and taxes. Everything from tax withholding to employee benefits to wage and hour guidelines (minimum wage and overtime issues) are determined by the status of the relationship between the company and service provider. State and federal agencies have joined together to, in the words of the Department of Labor, “combat (the) pervasive issue” of employees misidentifying employees as independent contractors. Use of the word “combat” indicates that the Department of Labor views finding businesses misidentifying employees as a war. In such a war, it is important for a company to clearly determine its relationship to all those providing it services that may fall into a gray-zone.

Common law rules for determining the difference in an employee or an independent contractor

In general, there are three areas (or, “common law” rules) that determine if someone providing your company a service is an employee. All are related to how much control the business has over the provider.:

Behavioral factors: These factors relate to how much control the company has over what the worker does and how the worker does his or her job. For example, if the business hires a free lancer to provide a certain number of articles for a newsletter, that would be an independent contractor. If, on the other hand, the company required the freelancer to write those articles between 8 a.m. to 5 p.m. at a specific office using the company’s computer, the designation of independent contractor would be harder to defend.

Financial factors: Are the business aspects of the worker’s job controlled by the payer? These include things like how worker is paid, whether and how expenses are reimbursed, who provides tools/supplies, etc.

Relationship factors: Are there written contracts or employee type benefits (i.e. pension plan, insurance, vacation pay, etc.)? Will the relationship continue and is the work being performed a key aspect of the business? If it is, the relationship will more likely be judged a business-employee one.

According to the IRS, there is no “magic” or set number of factors that “makes” the worker an employee or an independent contractor, and no one factor stands alone in making this determination. Also, factors relevant in one situation may not be relevant in another. The keys are looking at the entire relationship, considering the degree or extent of the right to direct and control, and finally, documenting each of the factors used in coming up with the determination.

When in doubt, you can request a determination from the IRS

As noted above, you should never make decisions related to taxes or regulations without consultation with your legal and financial advisors. However, the IRS does provide the option to businesses to seek a ruling on an employee’s status by filing a Form SS-8 (PDF), “Determination of Worker Status for Purposes of Federal Employment Taxes and Income Tax Withholding.” The form may be filed by either the business or the worker. The IRS will review the facts and circumstances and officially determine the worker’s status.

Be aware that it can take at least six months to get a determination. And once a determination is made (whether by the business or by the IRS), the next step is filing the appropriate forms and paying any associated taxes the ruling may require.

Did we mention that you should seek guidance from your legal and financial advisors when doing this? Even if we did, it’s worth repeating.

Resources related to this topic:

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Mid-Summer Tax Tips From the IRS: Review Your Withholding or Estimated Tax | 2017 https://smallbusiness.com/taxes/small-business-tax-tips-from-irs/ Tue, 25 Jul 2017 14:43:25 +0000 https://smallbusiness.com/?p=28485

In the U.S., the federal income tax is a pay as you go system. Employers typically withhold tax from workers’ wages. But there are other reasons taxpayers may want to have taxes withheld from other income sources, including, pensions, bonuses, commissions and gambling winnings.


Estimated tax

Some people do not pay tax through withholding. For instance, various types of small business owners, including a one-person business (self-employed) pay estimated tax. In addition, those who earn income such as dividends, interest, capital gains, rent, and royalties are usually required to make estimated tax payments.

Life events that may require a mid-year adjustment in withholding or estimated tax payments

Each year, because of life events like changes to household income or family size, some people get a larger refund than they expect while others find they owe more tax.  To prevent a tax-time surprise, the IRS offers these tips:

1 | Review how a new job or change in employment will impact your withholding

When starting a new job, an employee must fill out a Form W-4, Employee’s Withholding Allowance Certificate. Employers use this form to calculate how much federal income tax to withhold from regular pay, bonuses, commissions and vacation allowances. The IRS Withholding Calculator tool on IRS.gov is easy for taxpayers to use to figure how much tax to withhold to avoid surprises.

2 | Review how a change in business income may impact your estimated tax

People who have income not subject to withholding may need to pay estimated tax. Those expecting to owe $1,000 or more than taxes withheld from their wages may also need to make estimated tax payments to avoid penalties. The worksheet in Form 1040-ES, Estimated Tax for Individuals, helps to figure the tax.

3 | Review how a life event may change your withholding or estimated tax

A change in marital status, the birth of a child or the purchase of a new home can change the amount of taxes a taxpayer owes. The Managing Your Taxes After a Life Event page on IRS.gov provides resources to explain the tax impact of these changes. In most cases, an employee can submit a new Form W–4 to their employer anytime.

Related IRS Resources

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Seven Last-Minute Tax Filing Tips From the IRS | 2017 https://smallbusiness.com/taxes/last-minute-tax-tips-2017/ Mon, 17 Apr 2017 15:00:31 +0000 http://smallbusiness.com/?p=20020

Because the weekend shifts the observance of Emancipation Day (typically 4.16) to today (4.17.2017) in Washington, DC, we all have until Tuesday night at midnight, April 18, to file our tax return. The IRS recommends that you not panic if you haven’t done your taxes yet. However we’re guessing that panic is the only motivation left that works with people who are waiting until now to start working on their tax returns. Here are some tips from the IRS for procrastinators.


1 | Don’t delay (anymore)

Don’t wait until Tuesday night at 11:30 to do your taxes. If you rush to beat the deadline, you may miss out on tax savings or make a mistake. An error may delay your refund and could cause the IRS to send you a letter.

2 | File free

Use IRS Free File.  If you made $62,000 or less, you can use free tax software to do your taxes and e-file. If you made more, you can use Free File Fillable Forms. These are electronic versions of IRS paper forms. Free File will also help with the reporting requirements for the Affordable Care Act.

3 | Use IRS e-file

No matter who does your taxes, you should file them using IRS e-file. It’s the safe, easy and accurate way to file your tax return. You’re 20 times less likely to make a mistake when you e-file compared to filing a paper return. Tax software catches and corrects common paper filing errors. It also will alert you to tax credits and deductions you may otherwise miss.

4 | Visit IRS.gov

Go online for tax information and resources. The Interactive Tax Assistant, Tax Trails and IRS Tax Map are useful question and answer resources.

5 | File on time

If you owe taxes but can’t pay by the April due date, you should still file on time and pay as much as you can. This will reduce potential penalties and interest charges. If you can’t pay all the tax you owe, you may apply for an installment agreement. The easy way to apply is to use the Form 9465, Installment Agreement Request.

6 | File an extension (but, you’ll still have to pay any taxes you owe on April 18)

If you’re not ready to file by April 18, you can get an automatic six-month extension. You can e-file your extension request for free using IRS Free File. If you owe tax, you can request your extension when you make a payment with Direct Pay, Electronic Federal Tax Payment System or by debit or credit card and select Form 4868 as the payment type. You may also file using Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return. Make sure to e-file or mail the form and pay an estimate of any tax due by the April due date.

7 | File to reconcile Advance Payments of the Premium Tax Credit

You must file a tax return and submit Form 8962 to reconcile advance payments of the premium tax credit with the actual premium tax credit to which you are entitled. You will need Form 1095-A from the Marketplace to complete Form 8962. Filing your return without reconciling your advance payments will delay your refund and may affect future advance credit payments.

(via: IRS.gov)

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Is Tip Income Taxable? Here’s What the IRS Wants You to Know | 2017 https://smallbusiness.com/taxes/tip-income/ Mon, 27 Mar 2017 21:58:34 +0000 http://smallbusiness.com/?p=26324

Here is the quick answer to the question, “Are Tips Taxable?”: Yes. However, the Internal Revenue Service (IRS) provides a lot more information to go with the “yes” answer.


Exactly what is the definition of a tip?

Tips are payments that a customer gives an employee that are discretionary (optional or extra). Here are some examples of tips:

  • Cash tips received directly from customers.
  • Tips from customers who leave a tip through electronic settlement or payment. This includes a credit card, debit card, gift card, or any other electronic payment method.
  • The value of any noncash tips, such as tickets, or other items of value.
  • Tip amounts received from other employees paid out through tip pools or tip splitting, or other formal or informal tip-sharing arrangement.

The technical answer to, “Are Tips Taxable?”

  • All cash and non-cash tips an employee receives are income and are subject to Federal income taxes.
  • All cash tips received by an employee in any calendar month are subject to social security and Medicare taxes and must be reported to the employer unless the tips received by the employee during a single calendar month while working for the employer total less than $20.

Lots More Tip Income Information and Resources Provided Online by the IRS

  • Interactive Tax Assistant Tool. The ITA tool is a tax law resource that asks taxpayers a series of questions and provides a response based on the answers. Taxpayers can use Is My Tip Income Taxable?.
  • Show all tips on a tax return. Use Form 4137, Social Security and Medicare Tax on Unreported Tip Income, to report the amount of any unreported tip income to include as additional wages. This includes the value of non-cash tips such as tickets, passes or other items.
  • Report tips to an employer. If employees receive $20 or more in any month, they must report their tips for that month to their employer by the 10th day of the next month. Include cash, check and credit card tips received. The employer must withhold federal income, Social Security and Medicare taxes on the reported tips.
  • Keep a daily log of tips. Use Publication 1244, Employee’s Daily Record of Tips and Report to Employer, to record tips. This will help report the correct amount of tips on a tax return.
  • For more on tips and taxes.  See Tip Recordkeeping & Reporting and Publication 531, Reporting Tip Income.

 


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More U.S. Business Tax Resources and Statistics | 2017 https://smallbusiness.com/economy/business-statistics-us/ Fri, 24 Mar 2017 17:25:02 +0000 http://smallbusiness.com/?p=26297

Recently, we shared links to a wide range of business-focused IRS forms on SmallBusiness.com. Putting together that list helped us once again realize that the U.S. Internal Revenue Service (IRS) has the world’s largest collection of statistics related to personal and business income, taxes, credits, transactions and just about any statistical data that can be extracted from all the various forms filed by businesses. The collection even has a name and acronym, the Statistics of Income (SOI). While much of this data is used by academics, planners and various types of analysts, every once in a while, a business owner or manager might run into a question for which the answer can be found, with a little help and guidance, in resources like these.

(Note: Several of these links are PDFs)


Integrated Business Data (IBD)

This contains statistical tables and articles on all businesses, which were compiled to form the SOI Integrated Business Dataset (IBD). The IBD was assembled at the table level from the annual SOI cross-sectional studies of corporations (C and S corporations), partnerships, and nonfarm sole proprietorships. Data from these types of organizations is used to enable examination of changes in business composition. Data from these annual statistical studies are generally publicly available and are published in a variety of SOI reports.

Form 8824 Data for Like-Kind Property Exchanges. 1995–2013

Corporations

Corporations OneSheet

The information you’ll find here are articles and data which provide statistics on income, deductions, tax, credits, and more as reported by corporations filing on Form 1120 (1120, 1120-A, 1120-L, 1120-PC, 1120-REIT, 1120-RIC, and more) returns and associated schedules can be found here.

International

Here you’ll find statistics for both inbound and outbound international corporate activities here. There’s also information on specialized areas covering foreign trusts, international boycotts, and including form types: 5471, 5472, 1118, 1120-F, 1120-FSC, 5713, 5735, and more.

Partnerships

Partnerships OneSheet

Partnerships are relationships between two or more persons who join to carry on a trade or business, with each person contributing money, property, labor or skill, and each expecting to share in the profits and losses of the business. These data come from taxpayers filing Form 1065 or 1065-B. Look here for statistics and related information on partnerships.

S Corporations

S corporations are domestic corporations that elect to be taxed individually on the corporation’s income; they can have no more than 75 shareholders (only U.S. citizens, resident aliens, estates, certain trusts, and exempt organizations) and one class of stock. These corporations file on Form 1120S . Look here for statistics and related information on these corporations.

Sole Proprietorships
Non-Farm  ||  Farm

Sole Proprietorships are one-person businesses, also called self-employed, no-employee businesses, among others.  These links go to statistics covering basic data, business receipts, deductions, and net income reported by an individual taxpayer on Schedule C (non-farm) of Form 1040.  There are also statistics for Schedule F (farm) of Form 1040.

Excise

Contains statistics on taxes levied on the manufacture, sale, or consumption of commodities, including data for environmental, gasoline, and telephone excise taxes, and more.
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