Fox Tax 2017

Biz / Rentals

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For business (Sch C) and rental (Sch E) click on the following link for FoxTax.Org.  Presently this site will also have useful information on bookkeeping procedures for a small business and/or rentals.
You will also find some common expenses for your business and rental properties.  Remember mileage rates for 2017 are 57.5 cents.  Also, if more than $600 is paid to an individual/company a 1099-MISC is required if you are a business, farmer, or have a rental. 

A guideline for a business is that it must be real and meaningful source of income. Losses can not exceed income unless it is a real job which is determined by the manner/time spent/ history/ financial status/ and profit of the business.

A business is the total of all income (including sales tax) minus the total of all expenses. If income exceeds expenses you have a profit (this is good!!), which is subject to self-employment taxes and income tax. Taxes are sent in quarterly. Set up an appointment and we will show you how to file and how much to send in, along with keeping basic records.

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