on February 3, 2014
When I started a crafts business 25 years ago, I was focused solely on making art. I didn’t know anything about managing money, and I hoped that the finances would just take care of themselves.
Over time, I discovered that taking charge of my business’s…Read » Views: 1,423
on January 6, 2014
The U.S. Supreme Court is refusing to get involved in the ongoing dispute over the collection of sales tax on online purchases. On December 2,2013, the court declined to hear a case in which Amazon and Overstock challenged a New York law allowing the state to…Read » Views: 1,069
on December 20, 2013
It’s up to you to keep the appropriate records and take advantage of the available IRS income-tax deductions. There’s a fine line between cheating the system and not cheating yourself.
Here’s a look at a few of the breaks available to small-business ow…Read » Views: 2,523
on December 17, 2013
Tax season is right around the corner. Getting your financial house in order now can help you avoid problems later. Here are some key documents to gather as the calendar year draws to a close.
Income Records — If you worked for an employer before becoming a…Read » Views: 1,767
on December 13, 2013
When you work for someone else, your employer generally withholds federal taxes from your paycheck. But when you’re self-employed, paying income tax is completely up to you. If this is your first foray into entrepreneurship, you may be wondering how to figur…Read » Views: 1,412
on November 27, 2013
Even if you employ a bookkeeper or an office manager to handle your day-to-day finances, you’ll want to cultivate a strong working relationship with a tax accountant.
“The best thing you can do [for your small business] is work with your CPA on a proactiv…Read » Views: 1,448
on November 13, 2013
The 2014 tax season is fast approaching, which means small-business owners who pay independent contractors must prepare to file 1099-MISCs. Like W-2s for full-time employees, 1099s for freelancers must be filed to the IRS — and mailed to the taxpayers who wo…Read » Views: 1,513
on October 15, 2013
It can take time for entrepreneurs to realize their dreams. Often new ventures are nurtured on the side for years while their owners continue to earn steady paychecks from someone else. But at what point does your “hobby” become a business for IRS purposes…Read » Views: 1,438