Posts Tagged ‘Taxes’
Running an Etsy Shop: Knowing How to Handle Your Taxes
Each year, millions of people choose Etsy as an avenue to sell – and buy – unique goods. If you have considered opening an online shop or already have one started, congratulations! Your entrepreneurial spirit is an inspiration. While running your virtual store, your focus should be providing the best possible product for your customers.…
Read MoreDoes Crowdfunding Affect Your Taxes?
Over the past few years, crowdfunding – or crowdsourcing – has been a simple and effective alternative to loans, venture capital and conventional fundraising. Through sites such as Kickstarter, IndieGoGo, and GoFundMe, raising money for creative projects, start-up businesses, or personal causes can be achieved in just a couple of clicks. But since billions of…
Read More5 Tips to Help You Minimize Your Small Business Taxes
It’s safe to assume that everyone loves to save money. As a small business owner, the more capital you have, the easier it is to grow your business and generate more revenue. But when tax season creeps around the corner, an unexpectedly large portion of your hard-earned money could wind up in Uncle Sam’s pocket.…
Read MoreWhen You’re Self-Employed, “Self” is Responsible for All Tax Preparation
When you work for someone else, you only have to think about employment taxes about once a year when tax season rolls around. However, those who are self-employed have the responsibility of keeping up with their income on their own and reporting estimated taxes. The IRS defines “self-employed” as someone who makes $400 or more…
Read MoreYou Could Be Taxed on That “Non-Taxable” Employee Benefit
A benefit frequently offered to employees is discounts on products or services that the company sells. Under the Internal Revenue Code, all benefits provided to an employee are taxable, unless they are specifically excluded from income or defers tax on the benefit. One example of deferring tax on the benefit would be employer contributions to…
Read MoreOwners Should Utilize the Work Opportunity Tax Credit
With the utilization rate of less than five percent, business owners are leaving a ton of money unclaimed for this tax credit. What is the Work Opportunity Tax Credit? WOTC is a Federal tax credit available to employers who hire and retain veterans and individuals from other target groups with significant barriers to employment. Employers claim…
Read MoreSecrets and Tips to Avoid or Conquer an IRS Audit
If your reported income seems a little high or low, chances are you might hear a knock on your door from the Internal Revenue Service. We know the tax filing process is a colossal headache. But unless you’re evading taxes like Al Capone—and we don’t recommend that at all—the IRS understands how complex the U.S.…
Read More6 Reasons to Absolutely Avoid Mixing Your Personal and Business Finances
When you first start your business, it can feel like your company is an extension of yourself. It’s easy to let your personal and business finances mix together, especially if you’re not making a profit from your business (yet!). However, it’s critical to establish a clear line between your personal and business finances early on.…
Read MoreWhy You Need to Track Your Business Mileage
The most successful small business owners share a few common traits — they work really hard, they get a little bit of luck and they work smart. One smart thing to do is to make sure you’re maximizing every tax advantage you have. One tax advantage many small business owners ignore is the miles they put on…
Read More6 Moves You Should Make After Tax Season
Another tax season has passed us by once again. If you filed your return(s) on time this year and did not need to obtain a 6-month extension from the IRS, you are probably done with your biggest tax responsibilities of the year. But don’t run for the beach or hop on a cruise ship too…
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