Self-employed income and rental property activity can make a tax return more complicated than a standard W-2 filing. Good records matter throughout the year, not only when it is time to file.
Go Tax Dude helps freelancers, independent contractors, sole proprietors, LLC owners and real estate investors in Port Washington and nearby Nassau County communities. Our team coordinates tax preparation with bookkeeping and year-round planning, so the numbers on the return match the records behind them.
Tax preparation for self-employed individuals
Sole proprietors and many independent contractors report business income and expenses on Schedule C. Net earnings may also be subject to self-employment tax, which is calculated on Schedule SE. Because there is usually no employer withholding tax from this income, quarterly estimated payments may be needed.
We can help organize and review:
- 1099 income and income that was not reported on a 1099
- Ordinary and necessary business expenses
- Vehicle, home-office, supplies and professional-service records
- Estimated tax payments
- Prior-year carryovers and business asset information
- Bookkeeping records that need cleanup before the return is prepared
Not every LLC files a separate federal business return. A single-owner LLC owned by an individual generally reports its activity on the owner’s personal return unless it elected corporate tax treatment. Partnerships, S corporations and C corporations generally file separate business returns. We confirm the filing structure before the work begins.
Learn about individual tax preparation or business tax preparation.
Tax reporting for rental property owners
Rental real estate income and expenses are generally reported on Schedule E. The records should show when a property was placed in service, rental income received, operating expenses, improvements and the cost assigned to the building and land. Depreciation begins when eligible property is ready and available for rent, and improvements may need to be depreciated rather than deducted at once.
We help rental property owners review:
- Rental income, security deposits and advance rent
- Mortgage interest, property taxes, insurance, repairs and management expenses
- Improvements, appliances and other depreciable assets
- Personal-use days and mixed-use property records
- Passive-activity limitations and prior-year suspended losses
- Sale and disposition information
A 1031 exchange can defer gain in some exchanges of qualifying real property held for investment or business use, but strict timing and documentation rules apply. Replacement property generally must be identified within 45 days and received within 180 days or by the applicable return due date, if earlier. A taxpayer considering an exchange should involve a qualified intermediary and other appropriate advisers before the sale closes.
Bookkeeping makes tax preparation easier
Clean books make it easier to support deductions, estimate taxes and understand how the business or rental property is performing. Waiting until filing season can lead to missing records, duplicated expenses or a large cleanup bill.
Our small business accounting and bookkeeping service can help with reconciliations, transaction review and tax-ready financial records. If you also have employees or payroll filings, we can coordinate the records used for payroll support and the year-end return.
When year-round tax planning may help
Planning can be useful when income changes, a business adds an owner, an LLC considers an S corporation election, a rental property is purchased or sold, or estimated payments no longer match current results. Tax planning is available to existing Go Tax Dude clients as a separately quoted service. We review current records and relevant return information to evaluate your situation.
Learn about tax strategy and planning.
Local help in Port Washington
Go Tax Dude serves Port Washington and nearby Nassau County communities. Appointments are available by phone or at our Port Washington office.
If you need help with self-employed income, a separate business return, rental property reporting or bookkeeping cleanup, schedule a consultation. We will review the scope and provide a quote before work begins.
Go Tax Dude, Inc.
8 Maple St #11, Port Washington, NY 11050
(516) 336-3316