Posts Tagged ‘IRS’
When is Tax Form 1099-MISC Due to Contractors?
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.
Read More 8 Things to Do After You Incorporate a Business
If you’ve created a formal business structure for your business, then you know you’ve taken a big step toward protecting your personal assets and setting the foundation for your business. But you might be wondering what’s next.
Read More Small Business Payroll: Mistakes and How to Avoid Them
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.
Read More Is Your Small Business Victim to These Tax Myths?
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.
Read More 5 Things to Know About Payroll Taxes
“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.
Read More 4 Steps to Take Before You Hire a Subcontractor
Your favorite customer calls you and wants you to complete a job. You have a dilemma—you can’t complete it in a timely manner, but want to keep this client happy. Hiring a subcontractor may be a great solution to your problem. But before you hire Mark or any other contractor, follow these pointers.
Read More 5 Tips to Survive a Small Business Audit
Small businesses are more likely to get selected for an IRS audit, because many of them are unfamiliar with business tax rules and often conduct transactions in cash, which leaves more room for errors.
Read More Watch Out for Indirect Tax Audit Triggers
Your odds of facing an indirect tax audit are actually higher than the odds of IRS small business tax audits. That’s because while the IRS audits 2–12% of the tax returns filed with the agency every year, some states audit up to 20% of the business sales tax reports filed each year.
Read More 5 Tax Deductions Small Businesses Shouldn’t Fear Taking
Every tax-filing season, most Americans go on a quest to find as many tax deductions as possible. At the same time, many small business owners and independent contractors leave money on the table because they fear that certain tax deductions will draw the attention of auditors.
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