Posts Tagged ‘Taxes’
Sell or Trade a Business Vehicle?
From time to time business owners will replace vehicles used in their business. When replacing a business vehicle, the tax ramifications are different when selling the old vehicle and when trading it in for a new vehicle. If the vehicle is sold, the result is reported on the taxpayer’s return as an above-the-line gain or…
Read MoreInternships A to Z
College and high school students are frequently utilized by businesses and non-profit organizations as interns. These arrangements can be beneficial to the organization as the organization may get the services and insights from the intern, even though the organization receives no immediate tangible benefit. The intern may benefit by obtaining valuable on-the-job training, an entree…
Read More2016 Tax Guide Part 1: Personal & Business Tax Returns
Whether you’re an individual with a full-time W-2 job, a freelancer who earns 1099 income through independent contractor work, or a small business owner, you’re likely on the hook for filing at least one federal income tax return each year. In addition to these IRS tax forms, you may be required to file state and…
Read MoreSmall and Home Businesses Commonly Overlook These Deductions
Most small business owners are so busy managing their everyday businesses, that when tax season rolls around they just want to get the dreaded task out of the way as soon as possible. However, by not taking the time to thoroughly review all available deductible expenses, many end up paying Uncle Sam much more than…
Read MoreThe Ultimate Guide to IRS Tax Audits & How to Avoid an Audit
Most people cringe when they hear the word audit. Going through the ropes and ultimately resolving an audit is no fun and could be costly, so it’s important to determine a plan of action to avoid being audited in the first place. What is a Tax Audit? A tax audit takes place when the Internal Revenue…
Read More2016 Tax Law Changes You Need to Know About
After the giant ball drops in Times Square to signify a new year, the IRS is notorious for making some adjustments to the federal tax code. Some years have brought significant change, while other years remain very similar to previous years. For tax year 2016, there are some expected changes, but not much is dramatically…
Read More1099 Filing Date Just Around the Corner
If you operate a business and engage the services of an individual (independent contractor) other than one who meets the definition of an employee and you pay him or her $600 or more for the calendar year, you are required to issue him or her a Form 1099 at the end of the year to…
Read MoreTax Rules for Turtle Businesses
No, this term doesn’t refer to pet stores or turtle farmers. It refers to small business owners who carry their businesses on their backs. They work from Starbucks or mobile homes. I couldn’t find any statistics on turtle businesses, but I know a number of them. From a tax perspective, what does this mean? Mobile…
Read MoreSpecial Tax Concerns for Cash Businesses
Many small businesses do some or all of their transactions in cash. This raises some special issues and concerns. Technically, being paid in cash doesn’t make a difference in terms of income taxes; cash transactions are reported as any transactions by check, credit card, or electronic transfer. However, there are some unique issues that those…
Read More4 Great Tips to Anxiety-Free Taxes for Small Business Owners
For most people, tax time only comes once a year, but for small business owners and the self-employed, it rears its ugly head in the form of quarterly tax payments four times a year. And because small business owners have so many worries on their plate, thinking about and planning for taxes can be an…
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