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Debbie Held works with the IRS in the Communication and Liason division and lives in Raymond. She visited CEO to discuss a person’s federal income tax, explain incorporation status, and review how to prepare a business for paying employer taxes.

“Is your business a business or a hobby? If it’s a hobby you still owe income tax but you can’t take advantage of deductions. If it’s a business you can take advantage of numerous deductions.” Debbie explained deductions are a great way to lower one’s income tax but, “if you try to prove you don’t make anything in a year your bank won’t be as inclined to loan money. Saving on paying taxes also means showing a business that struggles to make enough money to pay you a salary.”

The team walked through potential deductions and the difference between self-employment tax, paying an employer’s responsibility for employee income taxes, and paying a contractual service that doesn’t require withholdings.

Thanks Debbie for the finer details in federal taxes and starting a business!

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