Mandatory profit/loss report
You are required to submit an income tax return if your income is generated by business. You will be qualified by the IRS as “a taxable person who benefits from business profits.”
Balance sheet
At a profit tax return, you need to have a balance, with a profit and loss account. You can choose to do this yourself, provided you have enough accounting knowledge. But beware: an incomplete or incorrect statement of income can lead to delays and unnecessary complex situations in the drafting of the profit registered for the annual tax return.
For an annually flawless finishing of your accounts, you can also use the services of BAS. We are specialized in helping self-employed and entrepreneurs. Interested in what we can do for you? Call for an appointment.
Administration
Enjoying profits from business, requires you to keep track of records. It takes time. Therefore, some entrepreneurs and freelancers choose to outsource this. So they can keep their focus on their business. BAS can assist you with the your administration of your financial management. With the help of BAS knowledge, you can make it in time for your company’s taxable gain or deductible loss. So you keep the table, and make the right choices for your company.
Exemption
There are several situations in which no mention of income from business. When this happens you get exemption for doing the tax returns. Below we give a few examples.
The merit of your services rendered on a freelance basis are often seen as’ income from other activities “and not as income from business.
The merit of the assets making available to a person with whom you are connected.
Think you might be entitled to exemptions but you’re not sure? BAS can help you! Contact BAS today with the contact form below.
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