As a small business owner or independent contractor, you face an interesting question: What should you pay yourself? In this post, we’ll go over some of the factors you should consider when deciding on what your business owner salary should be.
Tags: Small Business Taxes
Q. I own a pet sitting business and see between five to eight clients a day. On the way to a client’s house, to walk their dog, I often stop to buy a coffee or sandwich. I might sit at one of these stops for twenty minutes then continue on to the job. A mileage tracking app might log these coffee stops as trips. What will be the impact of these trips on my dog walking business taxes?
If you’re like most Americans, you have a cell phone and you use it for business at least some of the time. These pocket-sized devices don’t come cheap, though. Read on to learn how to deduct cell phone bills on your taxes.
You likely cannot escape paying taxes on business profits or filing an annual tax return. But how you’re taxed can vary depending on how you’ve legally organized your business. Let’s take a look at the tax implications for a sole proprietor vs LLC.