How Marketing Agencies Do Taxes

Описание: Operate your SMMA on a budget!
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No one likes taxes but they are essential if you’re running your own company. Learn how to set up your taxes for your agency and more with my new video!

Familiarize Yourself with Section 199A
Section 199A of the Internal Revenue Code provides many owners of sole proprietorships, partnerships, S corporations and some trusts and estates, a deduction of income from a qualified trade or business.
20% deduction agency owners can take on income.
Hire a tax advisor
Hire a CPA specializing in helping businesses to extract the maximum value from deductions throughout the year.
This will not only help you save money, not assure that you’re submitting your taxes correctly and have nothing to worry about
Using accounting software
If you choose to tackle your small business taxes on your own, consider using an accounting app, like Quickbooks, to make the process much easier
Definitely take the time to research all of the software available to you

How to Pay Small Business Taxes as a Sole Proprietor
A sole proprietorship is a business that’s owned and operated by one individual
This makes filing taxes much simpler

How to Pay Small Business Taxes as a Partnership
Partnerships are businesses operated by two or more owners.
If you operate a partnership, you’ll have to file an “annual information return” to show the income, deductions, gains, and losses from the business’s operations—but the business itself doesn’t pay any income tax.

How to Pay Small Business Taxes as a Corporation
Legally separates you as the owner
There are two types of corporations—S corporations and C corporations—but both structures have just about the same tax burden.

How to Pay Small Business Taxes as a Limited Liability Company
A limited liability company, or LLC, is a business entity that keeps the owners legally separate from the company’s debts or liabilities.
As the owner of an LLC, you’ll have the liability protection of a corporation with the tax benefits of a sole proprietorship or partnership.

Here are some things you’ll need to gather when doing your taxes:
Last year’s business tax return
Payroll documents
Bank and credit card statements
Accounting documents
Partnership agreements
Depreciation schedules
Gross receipts
Checking and saving account interest
Returns and allowances
Sales records
Unclassified income
Employee wages
Insurance premiums
Professional fees
Contractor payments
Office rent (or portion of the rent or mortgage paid on your home)
Transportation and travel expenses
Advertising costs
Office supplies and equipment
Phones and other communication devices

Video Document/Blog Article
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