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With over a decade of service in the Mississippi area, Sunbelt Tax Service is one of the largest tax-related firms in the state. Founded by Casey Earnest, Sunbelt Tax Service offers a variety of services to both businesses and individual clients. Based in Jackson, the company first began offering loans over a decade ago before gradually expanding to offer a variety of other services. During this time, it has added insurance products, the preparation and filing of tax returns, and several other services. In addition, it has emphasized its customer service by providing clients with free initial consultations, a satisfaction guarantee, and more. In serving each of its customers, regardless of whether they are a business or individual, the company consistently aims to obtain an optimal tax return every year. Since it was established, the company has worked with a broad range of businesses, ranging from start-ups to S-Corps, LLCs, and more.

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Three Common Deductions for Independent Contractors

For more than 5 years, Sunbelt Tax Service has been the tax preparation firm of choice for thousands of Jackson, Mississippi, residents. Sunbelt Tax Service’s experienced preparers are knowledgeable in personal and business tax services, including 1099 income statements. 1099s are a type of tax form given to independent contractors. Being paid with a 1099 entitles these contractors to several self-employment tax deductions. These include the following write-offs: Marketing expenses: Nearly any cost associated with advertising the business can be written off as a tax deduction. This includes print and virtual advertising campaigns, business cards, and fees associated with professional conferences. Professional services: Depending on their industries, independent contractors may need to work with other contractors or professionals such as tax advisors, accountants, or lawyers. While invoices are not needed to claim the deduction, they should be recorded in case of an audit. Retirement funding: Like employees, independent contractors and small business owners have the ability to fund their own or their employees’ retirement accounts with pre-tax revenue. The IRS sets contribution limits for each type of retirement account.C

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Requirements for 501(c)(3) Tax-exempt Status

Since launching in 2014, Sunbelt Tax Service has gained a positive reputation for its flat tax preparation rates and well-trained staff. The professionals at Sunbelt Tax Service are well-versed in filing procedures for individuals and all types of business entities, such as nonprofit organizations. Nonprofit organizations are exempted from taxes under IRS code 501(c)(3). Only organizations that have earned 501(c)(3) status can receive tax-deductible donations. To qualify for the tax deduction, an organization or foundation must demonstrate that it is performing activities for a charitable purpose. This includes operating or funding programs that support scientific research, education, or the welfare of children or animals. In addition, nonprofits must have operated for at least three years to be considered. The 501(c)(3) designated charities are also not allowed to engage in certain political actions, such as lobbying or endorsements. Organizations must also submit an annual 990 tax form to keep their tax-exempt status.