Excess, nonmoving inventory is a common business problem that, fortunately, also contains its own solution. By donating that new, idle merchandise to charity, your business can earn a federal income tax deduction.
You may not know this, but you could have a home office on your hands and could be missing out on a major tax break if you ignore this deduction. So how do you know if you actually have a home office, and what can you do with it once you've established you have one?
For post grads in the workforce today, there seems to be one underlying factor consistent in everything you do: save money, make money, and be smart with your money.
While we can be certain that we'll face taxes from time to time, that doesn't mean that the rules will stay the same from year to year.Let's take a look at a few of the changes that you may see when you do taxes this year.
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.