Small Business Tax Considerations For Spouses
The “mom and pop” business may not be as common as it once was, but there are still plenty of married couples running businesses together. Up until 2006, unincorporated small businesses ran by a...
View ArticleAre You Reporting All Taxable Income?
Even the most meticulous bookkeeping business owner can be shocked to find that they owe taxes when audited due to unreported taxable income. While business revenue is easily calculated to be subject...
View ArticleMinimum Requirements For Retaining Tax Records
As a business owner, the IRS requires that you provide proof of income and expenses as part of your record keeping. While some businesses are simple in this respect, especially those who have few...
View ArticleChoosing A Tax Year As A New Business
If you are starting a new business or just about to, you need to decide what type of tax year you will be using. Your tax year is used for your accounting, delegating a 12-month period to accrue...
View ArticleBusiness Travel Expenses That Are Deductible
One of the benefits of owning a company is that often you can combine business with pleasure, deducting some of the costs of traveling. However, the IRS has strict rules on what can and cannot be...
View ArticleImportance Of Filing Timely Tax Returns
As a business owner, you know that paying taxes is part of the price of owning a business. Yet there are times that you can get behind, needing to ask for an extension on filing. Although this...
View ArticleReduce Your Tax Obligation For The Rest Of 2014
The 2014 calendar tax year is already halfway over, making it a good time to evaluate your business revenue and deductions. There are still a few months left to accumulate more deductions for your...
View ArticleDoes The IRS Consider Your Business A Hobby?
If you have started a side business with hopes eventually to make an income, the IRS may consider this business a hobby. When it comes to taxes, this can have a substantial impact on what expenses you...
View ArticleKeep Informed With IRS Mobile And Social Media
Tax codes, laws and deadlines can change at anytime. As a business owner and taxpayer, it is smart to stay up-to-date on the most recent IRS information. With new technology, the IRS has made it easier...
View ArticleHow To Prepare For An IRS Business Audit
No one wants to hear that their business is scheduled for an audit by the IRS. Even the most meticulous business owner can be randomly selected for an audit. As stressful as an audit may be, you can...
View Article5 Small Business Tax Deductions You Might Have Missed
If you missed any deductions on your tax return, you may be paying more in taxes then you should. Especially for new business owners or those who recently have entered the self-employment ring, there...
View ArticleDo You Need To File A Tax Extension?
April 15th is almost here again, and there may be some of you out there that are running out of time to file your small business tax return. However, unless you are classified as a corporation, you may...
View ArticleFree IRS Small Business Tax Tools
Understanding your tax liability as a business owner is essential. The more you know regarding the taxes you must pay, such as the deductions or credits you qualify for, the better off you will be when...
View ArticleChanges To Business Tax Laws For 2014
Tax laws are continuously changing, especially for businesses. Many existing deductions and credits that have been available for businesses ended December 31st, 2013, making it important for business...
View ArticleTax Tips For Home-Based Businesses
Many people are turning to owning a home-based business, both for full-time and part-time income. Many services can be provided without the need of a commercial space, especially with the many...
View ArticleStay On Top Of Estimated Quarterly Taxes In 2014
For those who are self-employed, quarterly estimated taxes need to be paid throughout the year. This includes income tax, social security and Medicare taxes on any net income. It is easy for someone...
View ArticleDo You Qualify For A Home Office Deduction?
A home office deduction may be available if you use a part of your home for business. This applies whether you own or rent your home. There are two basic requirements for your home office to qualify...
View ArticleTax Credits For Your Small Business
One way to save money on your taxes is to ensure that your business takes advantage of any tax credits available. Credits are different from deductions; while deductions reduce the amount of revenue...
View ArticleGet Your 2013 Tax Records Together Now
If eliminating procrastination was one of your New Year’s resolutions or should have been, start 2014 off right by getting your tax records together now. Although April 15th may seem far away, it will...
View ArticleHave Your Assets Been Recorded Correctly?
One area of accounting that can often require special review by your accountant is the asset section. Asset Purchases Throughout the year, you are making purchases which may be recorded as current or...
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