Everyone needs a little help now and then. If these people are not your employees, they are contractors and need to be given a 1099-MISC.
There are many barriers to entering into a completely unfamiliar market in another country, but the benefits that it carries are huge. One of these barriers can be language.
If you ever aren't sure on something a friend tells you about your taxes, always make sure to check the IRS site. If you can't find the answer there, look to someone who is supposed to know tax laws before deducting anything on your taxes.
Doing your last payroll for the year is an important time to make sure you have a tax plan in place. That payroll is often the last cash transaction for the year; your last chance for tax deductions.
As October comes to a close this week, it's time to take a look ahead at the tax deadlines for the remainder of 2013.
Many taxpayers engage in activities they enjoy and do it for a business purpose. Whether the IRS considers it as a business or hobby has important income tax implications.
If you plan to start a new business, or you've just opened your doors, it is important for you to know your federal tax responsibilities. Here are five basic tips the IRS provides that can help you get started.
Tax deductions can be quite valuable, because they reduce taxable income for the year. For example, a self-employed individual or independent contractor in the 25% tax bracket can save $25 in income tax for every $100 in deductions, while also saving as much as $15 in self-employment taxes for every $100 deduction from taxable income.
At first glance, it might seem that the government shutdown will affect only those small businesses that sell products or services to the federal government or one of its agencies. According to Gary Milkwick, CPA and Vice President at 1800Accountant, there are three surprising ways the government shutdown is likely to affect small businesses.
"Making payroll"—that is, managing a small business so that paychecks are delivered on time even when the unexpected occurs—can be one of the hardest parts of a small business owner's job. One thing certain to make that job even harder is a payroll tax mistake that can lead to IRS problems.