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Small Business Articles
Business Tax Advisor by Barbara Lamar.
Should Taxes Be Raised On Small Businesses?
The question is whether the Bush tax cuts, if left in tact on the upper income tax brackets, would provide more economic benefit in terms of jobs and investment versus the role increased tax revenues would have on reducing the deficit.
Estimated IRS Tax Payments - Details to Consider
If you are W-2 employee, your employer withholds your taxes and sends them to the IRS for you. If you are a w-2 employee with a reasonable side business, an employee with more than one job, a sole proprietor, an individual who is a partner in a business, LLC member or the like, in most cases you have to make timely estimated tax payments yourself to the IRS in order to avoid potential penalties. Many small business owners or self-employed individuals must adhere to the pay as you go rules set ...
State Tax Amnesty: An Opportunity for Taxpayers to Pay Delinquent State Taxes, What Taxpayers Need to Know
State Tax Amnesty Programs; it seems like every month one state or another announces a tax amnesty program. In this post I'll explain what tax amnesty programs are,including the pros and cons of participating in these limited-time opportunities. I'll also provide a highlight of three amensty programs in effect right now: Florida, Nevada and New Mexico.
Home Office Deduction -- Details You Should Know
Many individuals a year can legally claim a home office deduction, but many do not because they either are not aware of it, do not know how to calculate it, or are afraid of an audit. As long as certain qualifying conditions are met, a home office deduction should taken advantage of.
Sole Proprietorship Taxation: A Basic Guide on Solo Taxes
Being a sole proprietor means that you and your business are one -- from the IRS perspective. When using this type of business formation it is important to understand the tax implications and rules for sole proprietors.
Tax Scams Small Business Owners Should Be Aware Of
Taxes are inevitable and while it is legal to try to minimize the payments on your annual income, there are a few tax scams out there that if you become wrapped up in, promise to cost you much more than the amount you tried to evade in the first place.
Higher Taxes for Small Businesses Under Obama Plan
In January of 2011 the Obama administration wants to increase the top income bracket of individuals from 33% to 39.6%. This increase will hit many small business owners because unlike corporations, small business owners pay income at the personal income level.
The Main Street Fairness Act: Explaining Internet Sales Taxes
On July 1, 2010, House Bill (H.B.) 5660, was introduced in Congress by Massachusetts representative, William Delahunt. The bill, aptly referred to as the "Main Street Fairness Act" states that its purpose is to “promote simplification and fairness in the administration and collection of sales and use taxes, and for other purposes.” In this post I'll address many of the misconceptions that people have about the taxation of internet sales.
8 Tax Changes That Can Impact Your 2010 Small Business Taxes
Small businesses are one of the main driving forces behind job creation, consumer spending, new innovations, and overall success of the economy. The government typically tweaks tax laws that impact small businesses in order to help grow the economy or to help promote certain government programs.
Meals and Entertainment Tax Deductions For Businesses
The most widely abused deductions for businesses are expenses related to meals and entertainment. The IRS tries to limit the abuse of these deductions by imposing strict regulations on these types of deductions. It is important for all business owners to understand the tax rules for taking meals and entertainment deductions since these expenses are typically scrutinized by the IRS.
Return to Articles IndexThe question is whether the Bush tax cuts, if left in tact on the upper income tax brackets, would provide more economic benefit in terms of jobs and investment versus the role increased tax revenues would have on reducing the deficit.
Estimated IRS Tax Payments - Details to Consider
If you are W-2 employee, your employer withholds your taxes and sends them to the IRS for you. If you are a w-2 employee with a reasonable side business, an employee with more than one job, a sole proprietor, an individual who is a partner in a business, LLC member or the like, in most cases you have to make timely estimated tax payments yourself to the IRS in order to avoid potential penalties. Many small business owners or self-employed individuals must adhere to the pay as you go rules set ...
State Tax Amnesty: An Opportunity for Taxpayers to Pay Delinquent State Taxes, What Taxpayers Need to Know
State Tax Amnesty Programs; it seems like every month one state or another announces a tax amnesty program. In this post I'll explain what tax amnesty programs are,including the pros and cons of participating in these limited-time opportunities. I'll also provide a highlight of three amensty programs in effect right now: Florida, Nevada and New Mexico.
Home Office Deduction -- Details You Should Know
Many individuals a year can legally claim a home office deduction, but many do not because they either are not aware of it, do not know how to calculate it, or are afraid of an audit. As long as certain qualifying conditions are met, a home office deduction should taken advantage of.
Sole Proprietorship Taxation: A Basic Guide on Solo Taxes
Being a sole proprietor means that you and your business are one -- from the IRS perspective. When using this type of business formation it is important to understand the tax implications and rules for sole proprietors.
Tax Scams Small Business Owners Should Be Aware Of
Taxes are inevitable and while it is legal to try to minimize the payments on your annual income, there are a few tax scams out there that if you become wrapped up in, promise to cost you much more than the amount you tried to evade in the first place.
Higher Taxes for Small Businesses Under Obama Plan
In January of 2011 the Obama administration wants to increase the top income bracket of individuals from 33% to 39.6%. This increase will hit many small business owners because unlike corporations, small business owners pay income at the personal income level.
The Main Street Fairness Act: Explaining Internet Sales Taxes
On July 1, 2010, House Bill (H.B.) 5660, was introduced in Congress by Massachusetts representative, William Delahunt. The bill, aptly referred to as the "Main Street Fairness Act" states that its purpose is to “promote simplification and fairness in the administration and collection of sales and use taxes, and for other purposes.” In this post I'll address many of the misconceptions that people have about the taxation of internet sales.
8 Tax Changes That Can Impact Your 2010 Small Business Taxes
Small businesses are one of the main driving forces behind job creation, consumer spending, new innovations, and overall success of the economy. The government typically tweaks tax laws that impact small businesses in order to help grow the economy or to help promote certain government programs.
Meals and Entertainment Tax Deductions For Businesses
The most widely abused deductions for businesses are expenses related to meals and entertainment. The IRS tries to limit the abuse of these deductions by imposing strict regulations on these types of deductions. It is important for all business owners to understand the tax rules for taking meals and entertainment deductions since these expenses are typically scrutinized by the IRS.
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