Business owners can typically deduct expenses that are "ordinary and necessary" for operating their business. These may include office supplies, rent or lease payments, utilities, employee salaries, marketing costs, travel expenses, and even some vehicle expenses. It’s essential to keep detailed records and receipts to substantiate these deductions.
Learn more about deductible business expenses on the IRS website

The choice of business entity impacts your taxes, liability, and operations. LLCs offer flexibility with pass-through taxation, while S-Corps allow owners to save on self-employment taxes by paying themselves a reasonable salary. C-Corps are better for businesses planning to reinvest profits or seek investors but are subject to double taxation. Consulting with a tax preparer can help you determine the best fit for your business goals.
IRS information on business structures

There are several strategies to minimize tax liability, including maximizing deductions, contributing to retirement plans, leveraging tax credits (like R&D or hiring credits), and timing income and expenses to your advantage. A tax preparer can guide you through year-end planning and identify opportunities to reduce your tax burden.
IRS Tax Planning and Strategies for Small Businesses

Yes, most business owners are required to pay estimated taxes if they expect to owe at least $1,000 in taxes when filing their annual return. These quarterly payments cover income tax and self-employment tax (Social Security and Medicare). A tax preparer can help you calculate and plan for these payments to avoid underpayment penalties.
IRS Estimated Taxes Overview

Whether you need to file depends on your income, filing status, age, and if you're a business owner or self-employed. Generally, if your income exceeds the standard deduction for your filing status, you are required to file. Special rules apply for self-employed individuals who earned $400 or more in net income. Learn more about filing requirements on the IRS website

The standard deduction is a set dollar amount that reduces the income on which you're taxed. The amount depends on your filing status (Single, Married Filing Jointly, etc.) and adjusts annually for inflation. You can choose to itemize deductions instead if your itemized deductions exceed the standard deduction. See the current year's standard deduction amounts on the IRS website

You can check the status of your refund using the IRS "Where's My Refund?" tool. You'll need your Social Security Number or ITIN, filing status, and the exact refund amount shown on your return. Check your refund status on the IRS website

An Employer Identification Number (EIN) is a unique identifier for your business, similar to a Social Security Number for individuals. You can apply for an EIN online through the IRS, and it is free of charge. Businesses need an EIN to open bank accounts, hire employees, or file business taxes. Apply for an EIN on the IRS website