|By PR Newswire||
|October 19, 2016 08:08 AM EDT|
MIAMI, Oct. 19, 2016 /PRNewswire-iReach/ -- Idea Design Studio feels, that Inventors need to know the essential tax facts that pertain to their livelihood, according to the IDS team based in the state of Florida. Except for those who work for corporations and have taxes withheld on their paychecks, most inventors are independent business people. What the IRS calls "independent contractors" are subject to a completely different set of tax regulations than those who have their income reported by employers on W-2 forms.
How should independent inventors report their income and expenses, and what are some of the common deductions they take on their taxes each year? Idea Design Studio believes every inventor should learn the basic tax rules that pertain to independent contractors.
It is vitally important that inventors keep accurate records from the very first moment they decide to create a product in order to make a profit. Most inventors are what the IRS calls independent contractors, a category of taxpayers who must pay self-employment tax (in addition to income tax, of course). Idea Design Studio suggests that serious inventors seek tax help from an accountant, unless they are comfortable doing their own computations.
Aside from income on profit from an invention (income tax), independent contractors are also responsible for paying the "employer portion" of Social Security taxes, which is what the Self Employment tax is all about. Idea Design Studio highly recommends that inventors spend time at the official IRS website, IRS.gov, where there are dozens of helpful lists and pointers for self-employed people.
One of the most vital pieces of data for inventors involves expenses that can be deducted against income. In many cases, independent inventors can document large initial costs that go into research and development of their products long before the design stage. Idea Design Studio notes that this is one of the most important reasons to keep accurate financial records.
Understanding just the basic components of the U.S. tax code as it applies to inventors is a vital bit of knowledge for anyone who endeavors to create and market a product for profit. Idea Design Studio believes knowledge is power, and the more of it one has, the better.
Learning what deductions a "typical" inventor can take on a tax form is an important bit of knowledge. Idea Design Studio encourages everyone who is an inventor, or wants to become one, to spend some time examining specific tax laws that affect the creative professions. For more information please visit http://www.ideadesignstudio.com
Media Contact: Idea Design Studio, Idea Design Studio, 888.864.1780, [email protected]
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SOURCE Idea Design Studio
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