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How to File Taxes as a Sole Proprietor: Everything You Need to Know

Fundera

Another item to note is that not all business expenses correctly reported on your profit and loss statement are 100% deductible. Business meals are only 50% deductible , and—starting for the 2018 tax year—entertainment expenses are not deductible at all. Special Tax Deductions for Sole Proprietors. Home Office Deduction.

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Top 6 Accounts Receivable Software Providers with a Payment Portal

Gaviti

Customers should be able to pay invoices using ACH, local bank transfer, wire transfer, credit cards, and electronic funds transfer (EFT). Gaviti users can also opt to put some of their customers on auto-pay and have funds automatically deducted when an invoice is due. Enhanced customer experience.

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Sole Proprietorship Taxes: Everything You Need to Know

Fundera

Like any business, you’ll be able to deduct business expenses on your return; however, you’ll want to ensure that you’re managing your bookkeeping correctly to report your taxable income and any deductions accurately. Sole Proprietorship Taxes: Special Deductions. Health Insurance Deduction.

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2019 Business Tax Deadlines: What to File and When Your Business Taxes Are Due

Fundera

Tax extensions are handy if you can’t file your taxes by the original filing date or if you’d like more time to work with your accountant to identify deductions and file your return. Businesses are required to use electronic funds transfer ( EFTPS ) to make all federal tax deposits. Business Tax Extension Deadlines.

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Why a Multi-Payment Gateway is a Game-Changer

Gaviti

This should include debit and credit cards, local bank transfer, ACH/echeck, wire transfer and electronic funds transfer. Disputes and Deductions. As an added bonus, you’ll also have a comprehensive audit trail of deduction and dispute resolution for record-keeping and future reference.

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B2B Customer Payment Portal: Definition, Types & Process

Gaviti

In addition to supporting multiple currencies and bank accounts it also supports payment through credit and debit cards, local bank transfer, ACH/echeck, wire transfer and electronic funds transfer. This may include automated deduction of payments on a specific schedule and automated payment workflow approvals.

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High-Risk NAICS Codes and How to Avoid Them

CreditStrong for Business

For example, if your tax deductions are too different from other businesses with your NAICS code, the IRS may audit you. You must still be honest and choose one that accurately reflects your business activities. There may be consequences if someone discovers you’ve used an inappropriate code to avoid being labeled a high-risk business.