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Fox Tax 2021

Biz / Rentals

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. In addition the insert pages of the 2021 calendar contain helpful reminders.
 

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 (if over $400) 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.

Fox Tax Org


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Information on this site is a guideline for general use. Exact information varies with each individual.