on May 13, 2013
Much like a Social Security number for individual taxpayers, an Employer Identification Number — also called a Federal Tax Identification Number — is how the IRS identifies your company. Business owners use their EINs to conduct activities that would other…Read » Views: 5,940
on May 6, 2013
As an individual taxpayer, you’re required to complete and submit an annual federal income-tax return by April 15 for the prior calendar year. (The IRS sometimes moves the date to avoid Sundays and holidays.) However, if you’re a small-business owner, your…Read » Views: 2,696
on April 19, 2013
If you started a small business with your spouse, the federal tax implications of your decision aren’t as simple as you may think. Here’s what you need to know to report your incomes correctly to the IRS next year.
Employee or Partner?
The IRS wants to k…Read » Views: 2,446
on April 18, 2013
Who knew that having a vindictive ex or rounding-off figures on a tax return could get you audited by the Internal Revenue Service?
As you recover from tax time, be aware that there are some little — and not so little — details that could make the IRS …Read » Views: 2,440
on April 10, 2013
As a small-business owner, tax time can be stressful, as you scurry to pull together all of your receipts and try to remember everything you did last year.
Although accountants can help you sort and summarize, it’s a lot less expensive if you do that part y…Read » Views: 8,565
on April 9, 2013
It’s the kind of letter or phone call that strikes fear in the hearts of most small-business owners: The IRS is contacting you to audit your income-tax return.
There’s no need to panic, however. Although there is no sure-fire way to avoid a tax audit, the…Read » Views: 1,455
on April 9, 2013
The days of selling items tax-free online appear to be coming to an end.
The U.S. Senate has approved an amendment to the 2014 federal budget that would require online sellers who ship more than $1 million worth of merchandise each year to collect appropriate…Read » Views: 960
on February 8, 2013
The home-office tax deduction is something that every home-based business owner loves to hate. From the stories about how taking it increases their chances of getting audited to the complex math required by IRS Form 8829 [PDF], everything about the deduction i…Read » Views: 1,814