{"id":4201,"date":"2021-04-29T07:15:00","date_gmt":"2021-04-29T13:15:00","guid":{"rendered":"https:\/\/web.blockadvisors.com\/?p=4201"},"modified":"2024-05-15T15:01:52","modified_gmt":"2024-05-15T21:01:52","slug":"common-tax-questions-starting-business","status":"publish","type":"post","link":"https:\/\/hrbscaletest.hrblock.com\/resource-center\/small-business-tax-prep\/common-tax-questions-starting-business\/","title":{"rendered":"Seven common tax questions when starting a business"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" src=\"https:\/\/www.blockadvisors.com\/resource-center\/wp-content\/uploads\/2021\/04\/Tax-questions-entreprenuers.jpg\" alt=\"Question &amp; Answer on a chalkboard with a jar labeled tax\n\"\/><\/figure>\n<\/div>\n\n\n<p>When starting a business, taxes and other financial tasks may seem like time-consuming chores that\u2019ll take your focus away from your core business. And you may have so many small business tax questions, you\u2019re too overwhelmed to even know where to start. If so, you\u2019re not alone.<\/p>\n\n\n\n<p>Recently, H&amp;R Block\u2019s Chief Tax Officer, Kathy Pickering, spoke to a group of female entrepreneurs about small business finances and taxes as part of the Brit+Co <a href=\"https:\/\/tryselfmade.com\/\">Selfmade<\/a> virtual start-up school for aspiring and fledgling female business owners. The questions from participants showed various comfort levels with different tax topics, from start-up to stimulus focused. Kathy\u2019s answers to some of the most common tax questions for small business owners may give you the confidence you need to cross taxes off your to-do list so you can get back to doing what you love.<\/p>\n\n\n\n<p>If you have small business tax questions, <a href=\"https:\/\/www.blockadvisors.com\/small-business-tax-preparation\/\">Block Advisors<\/a> small business certified tax pros are always available to help you.<\/p>\n\n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<h3 class=\"wp-block-heading\" id=\"h-when-setting-up-your-company-are-legal-or-other-administrative-fees-deductible\"><strong>When setting up your company, are legal or other administrative fees deductible?<\/strong><\/h3>\n\n\n\n<p>Starting a business can be costly, but you can deduct up to $5,000 of your start-up costs and up to $5,000 of your organizational costs as business expenses in the first year. Business expenses that qualify could include professional and legal fees, market research, marketing and advertising, employee recruiting and training, equipment and supplies, and more. You\u2019ll want to keep accurate records and receipts so you can show proof of these expenses when it\u2019s time to file your taxes.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-how-early-do-you-need-to-form-your-business-entity-when-starting-your-small-business\"><strong>How early do you need to form your business entity when starting your small business?<\/strong><\/h3>\n\n\n\n<p>Generally, you should register your business as early as possible to have a definite separation between yourself and your business. Your <a href=\"https:\/\/web.blockadvisors.com\/are-you-using-the-best-business-structure\/\">business structure<\/a> influences everything from your day-to-day operations to your taxes and personal liability. If you start a business by yourself but don\u2019t form a business entity, you will likely be considered a sole proprietorship, which has both advantages and disadvantages.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-what-home-office-expenses-can-small-business-owners-write-off-if-operating-out-of-their-home\"><strong>What home office expenses can small business owners write off if operating out of their home?<\/strong><\/h3>\n\n\n\n<p>If you use part of your home <em>exclusively<\/em> and <em>regularly<\/em> for trade or business purposes, it may qualify for the home office deduction. \u201cRegular use\u201d usually means that the location is your main place of business. \u201cExclusive use\u201d means that there can be no personal use of the space. If you plan on deducting actual expenses, keep detailed records of all the business expenses you plan on deducting, like receipts for equipment purchases, utility bills and repairs.<\/p>\n\n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<h3 class=\"wp-block-heading\" id=\"h-what-are-the-tax-implications-of-receiving-a-ppp-loan\"><strong>What are the tax implications of receiving a PPP loan?<\/strong><\/h3>\n\n\n\n<p>Historically, if you received a business loan and it was forgiven, it was still considered taxable income, but PPP loans don\u2019t follow the same rule. Money received from your forgiven PPP loan will not be included in your gross income at the federal level \u2013 therefore won\u2019t be taxed \u2013 but states might treat it as taxable income, so you\u2019ll want to check on your state\u2019s treatment of these funds.<\/p>\n\n\n\n<p>In addition, recent legislation gives small business owners the option to deduct business expenses paid with forgiven PPP loans and other COVID-related loans and grants. This creates a second layer of tax benefits: your PPP loan is income tax free, AND you can claim income deductions on your expenses paid.<\/p>\n<\/div><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-if-you-didn-t-receive-stimulus-aid-such-as-a-ppp-loan-or-eidl-loan-are-there-other-stimulus-related-tax-benefits-for-small-business-owners-this-year\"><strong>If you didn\u2019t receive stimulus aid (such as a PPP loan or EIDL loan) are there other stimulus-related tax benefits for small business owners this year?<\/strong><\/h3>\n\n\n\n<p>Yes, including a tax credit for keeping employees on your payroll and changes to paid sick leave benefits. The&nbsp;<a href=\"https:\/\/www.hrblock.com\/tax-center\/small-business\/employee-retention-tax-credit\/\">Employee Retention Credit<\/a> (ERC)&nbsp;is a refundable tax credit designed to help small business owners with fewer than 500 employees keep employees on your payroll, even if you\u2019ve stopped doing business or your finances took a significant hit from the pandemic. Unlike business loans, you don\u2019t apply for the ERC \u2014 it\u2019s a credit on your business\u2019 payroll tax returns.<\/p>\n\n\n\n<p>There were also <a href=\"https:\/\/www.hrblock.com\/tax-center\/small-business\/ffcra-benefits\/\">changes to&nbsp;<\/a>paid sick leave benefits. <a href=\"https:\/\/www.hrblock.com\/tax-center\/small-business\/ffcra-benefits\/\">The Families First Coronavirus Response Act<\/a> originally required employers to keep paying employees forced to miss work due to COVID-19, but offered a <a href=\"https:\/\/www.irs.gov\/newsroom\/covid-19-related-tax-credits-for-required-paid-leave-provided-by-small-and-midsize-businesses-faqs-0\">tax credit<\/a> to help cover the cost. The December stimulus bill extended the refundable tax credit through the first quarter of 2021.<\/p>\n\n\n\n<p>Another significant tax benefit allows small businesses to file an amended tax return for 2018 and\/or 2019 if your business losses were limited for those years. You can also carry back NOLs (net operating losses) from 2018, 2019 and 2020 to the five previous years. That means that if your business made money in the last five years, you can now reduce those prior years\u2019 profits with this year\u2019s loss and get money back for the taxes you previously paid.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-what-happens-if-i-can-t-afford-to-pay-the-taxes-i-owe\"><strong>What happens if I can\u2019t afford to pay the taxes I owe?<\/strong><\/h3>\n\n\n\n<p>Don\u2019t panic, but don\u2019t ignore the issue. Even if you can\u2019t afford to pay your taxes right now, you should still file your taxes by the deadline. If you file your business tax return and can\u2019t pay (or if your business still owes taxes from a past return), you do have options.<\/p>\n\n\n\n<p>First, make sure the taxes you owe are accurate. It may help to hire a tax professional to look at your return to make sure you are filing correctly, and that you\u2019re not missing out on any of the credits and deductions available to you. If you don\u2019t file your tax return or make a payment arrangement with the IRS, they can eventually force you to pay. The IRS can file a&nbsp;lien&nbsp;that would harm your credit, and they can&nbsp;levy&nbsp;your bank accounts and income sources, such as payments from customers.<\/p>\n\n\n\n<p>Depending on your circumstances, the IRS offers payment options ranging from short extensions (Read about <a href=\"https:\/\/www.blockadvisors.com\/resource-center\/small-business-tax-prep\/form-7004\/\">Form 7004<\/a>) for businesses that just need a little more time to pay, to online payment agreements.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-what-are-other-benefits-of-having-a-tax-advisor-like-block-advisors\"><strong>What are other benefits of having a tax advisor like Block Advisors?<\/strong><\/h3>\n\n\n\n<p>Most small business owners start their business to pursue a passion, not to crunch numbers. Having a trusted <a href=\"https:\/\/www.blockadvisors.com\/small-business-tax-preparation\/\">small business tax<\/a> advisor in your corner means you\u2019ll have more time to focus on what you love. Working with someone who understands small business can also help you save money at tax time, make tax prep less stressful and provide expert help and guidance if you get audited. Working with a Block Advisors small business certified tax pro also means having someone put a financial lens on your small business \u2013 and can help you get every credit and deduction you deserve. This includes a free <a href=\"https:\/\/www.blockadvisors.com\/resource-center\/finance\/profit-and-loss-statement\/\">profit and loss statement<\/a> and review and we can also help to better manage cash flow with our quarterly care reminders and payment services, providing guidance on how estimated tax payments and tracking expenses and income could impact your end-of-year tax return and overall profitability.<\/p>\n<\/div><\/div>\n\n\n\n<p class=\"has-text-align-center\">###<\/p>\n","protected":false},"excerpt":{"rendered":"<p>When starting a business, taxes and other financial tasks may seem like time-consuming chores that\u2019ll take your focus away from\u2026<\/p>\n","protected":false},"author":1,"featured_media":4200,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1236,1171],"tags":[1224],"class_list":["post-4201","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-build-your-business","category-small-business-tax-prep","tag-small-business-owners"],"acf":[],"yoast_head":"<title>Tax Questions When Starting A Business | Block Advisors<\/title>\n<meta name=\"description\" content=\"Starting a small business means asking the right tax questions. 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