Useful links and resources for your Individual Tax and Small Business

See how much money you can save in self-employment tax by electing to file as an S-Corporation!
What is Your Estimated Annual Business Net Income?*
What Salary Will You Pay Yourself if an S-Corporation?
You must pay a reasonable salary via a paycheck. The IRS does not have a clear definition of what a “reasonable salary” is, other than proper compensation for the services provided to the corporation. A good rule of thumb is to look at the “average” salary for the position and pay that as salary, with any excess being paid as a distribution or reinvested into the business. For example, say you are a photographer in Philadelphia expecting to make $60,000 in business net income this year. Per, the average salary of a photographer in Philadelphia is $33,000. So you would enter $60,000 in as your net income and you could take a salary of $33,000, which would save you $3,429 in taxes.
Self-Employment Taxes if Sole Proprietor or LLC
Self-Employment Taxes as an S-Corporation

Resources & Calculators

IRS Tax Information for Individuals

Link to the IRS Website with important information.

IRS Form W4

Complete Form W-4 so that your employer can withhold the correct federal income tax from your pay. Consider completing a new Form W-4 each year and when your personal or financial situation changes. See the next link for the IRS Withholding Estimator.

IRS Withholding Estimator

Use your best estimates for the year ahead to determine how to complete Form W-4 so you don’t have too much or too little federal income tax withheld.

IRS Record Retention Requirements

The length of time you should keep a document depends on the action, expense, or event which the document records. Generally, you must keep your records that support an item of income, deduction or credit shown on your tax return until the period of limitations for that tax return runs out. Follow the link for more info.

IRS Taxpayer Bill of Rights

Each and every taxpayer has a set of fundamental rights they should be aware of when dealing with the IRS. Find them out at the link above.

Small Business Administration (SBA)

The U.S. Small Business Administration (SBA) is a United States government agency that provides support to entrepreneurs and small businesses.

Additional Resources:

Small Business Income Expense Worksheet Details income and expense items for a small business.

BeepatCPA Rental Property Tax Checklist Income and expense worksheet for Rental Property Owners.

Realtor Deductions Reference  Details the expense deductions available to realtors.

BeepatCPA Worksheet for RealtorsSimple Worksheet for Business Income and Expense for a Realtor.

Donation-Valuation-Guide Guide for charitable contributions.

Creating an LLC in NJ Detailed steps to file an Limited Liability Company in NJ.