Payroll Compliance is a challenge that many small businesses struggle with. Payroll done by business owners themselves mean that they need to have the know-how to comply with the Internal Revenue Service’s strict rules regarding accurate reporting & deposits.
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.
Is it better to be an independent contractor or an employee? For a small business owner (SBO), the question mostly is how to determine what business relationship exists between the person providing the services & the SBO, and if that relationship is that of an independent contractor or an employee.
If you use your home for business, there are expenses you can deduct on your tax return. The home office deduction is available to both home owners & renters alike. The home must be used by a self-employed individual or an employee who works from home for his employer’s convenience.
Last December, the Second District Court of Appeal for California ruled in Cutler v. Franchise Tax Board that a California business incentive program violated the United States Constitution’s Commerce Clause.
R is for recapture. Recapture is a term that comes into play in a variety of circumstances, but it means the taxpayer is picking up income or tax, which is always a bad thing. Recapture is most commonly applied to depreciation.
Small Biz Club is the premier destination for small business owners and entrepreneurs. To succeed in business, you have to constantly learn about new things, evaluate what you’re doing, and look for ways to improve—that’s what we’re here to help you do.