Do you understand the rules relating to 1099s and if you will need to issue any?
There are various forms 1099 but you most likely receive and issue Form 1099-MISC, Miscellaneous Income, related to your business.
Continue ReadingShould You Expense or Capitalize it?
Have you ever wondered when you must capitalize and depreciate an acquisition vs. expensing it in the current year? For example, you may acquire and use an asset for more than one year (indicates capitalization) but its cost is minimal. Recent IRS regulations have provided guidance and safe harbors with regard to this question.
Retirement Planning for Preneed Insurance Sales Agents
As a self-employed independent insurance agent you have many retirement plan options available to you.
These can provide current tax benefits while building your future retirement. Even if you are the only employee, you can choose which retirement plan to set up for your business.
Depreciating Business Assets
Have you considered the difference timing your deductions could make in tax planning?
Suppose you need a new business computer. Depending on circumstances you may get a better benefit if you purchase that computer this year instead of next year. Here are a few basics on depreciation and how timing matters.
Continue ReadingTax Deadlines for Preneed Agents
Most people are familiar that April 15th is tax day every year.
There are actually many tax deadlines that self-employed preneed agents may need to remember. Here is a brief overview of tax deadlines you may not know about, and a reminder extended tax returns are due shortly.
Continue ReadingDo You Know What Business Vehicle Expenses are Tax Deductible?
Automobile expenses inevitably play a part in your business as a preneed insurance agent. You may drive to find, develop or maintain critical relationships to your insurance activities or for other necessary activities related to your business.
Knowing what vehicle expenses are safe to deduct can be complicated. For example, how do you deduct the costs of your personal vehicle also used for business or a business owned vehicle used for personal purposes?
Continue ReadingHow to Save Taxes on Your Health Expenses
As a preneed insurance agent you are familiar with the insurance products you sell.
Are you also familiar with health insurance options and how you can save taxes while paying your medical expenses?
What Business Records Should I Keep?
Have you wondered what records to keep or how long they should be kept for income tax purposes?
Records are the support for your business transactions, the inputs for your accounting system and the support for your income and deductions should they be needed upon IRS examination. Therefore, keeping appropriate records is important.
Continue ReadingGetting Organized
Records are important to the successful management of any business.
The type and format of records change but they must be maintained to make informed decisions and report your tax situation each year. Organized records make business easier.
Continue ReadingTax Reporting Resources
Filing your income tax return may not be at the top of your list of what you want to do but recently has been or is at the top of your must do list.
Do you find this process difficult or complex? Filing your income tax return can be painful for various reasons…
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