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How Long Do I Need to Keep My Tax Files?

Posted In TAXES

It’s no secret that tax season is a stressful time for many Americans. From correctly reporting income, to determining what can lawfully be deducted, filling out tax forms can be a grueling process. Furthermore, tax season doesn’t necessarily end when you get your refund. Typically, you need to keep your records for a period of time [...]
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Do I Need to Collect Sales Tax? If so, How Much?

Posted In TAXES

When Do I Need to Collect Sales Tax? Physical Goods If you sell physical goods in a particular state, you are probably required to collect sales tax from your customers. However, there are exceptions. Each state has its own unique list of taxable goods, which in most cases can be found on your State Department’s website under [...]
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10 Red Flags That Can Cause a Tax Audit

Posted In TAXES

There are plenty of common audit triggers that business owners know to avoid. Never mix your business and personal finances. Don’t deduct things without receipts. Most of these preventative measures come down to common sense. However, every year countless businesses get hit with an audit they never saw coming, and it ends up wasting their [...]
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4 Solutions for Common Small-Business Money Mistakes

Posted In MONEY

Tax season may not be your favorite time of year, but it can provide a catalyst for identifying and addressing any financial missteps you’ve taken over the past year. Here are four common financial mistakes that small-business owners make — and some expert advice for correcting them. Making some adjustments can improve your business practices [...]
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Estimated Tax Payments: Should You Use Annualized Income?

Posted In TAXES

Making estimated tax payments comes with the territory when you strike out on your own. If business is predictable, it’s easy enough to send the IRS a set amount on a quarterly basis. But if your income fluctuates throughout the year, how do you ensure you don’t get penalized for underpayment? The general rule is: [...]
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What Is Nexus and How Does It Affect Your Small Business?

Posted In TAXES

Nexus, also called “sufficient physical presence,” is a legal term that refers to the requirement for companies doing business in a state to collect and pay tax on sales in that state. For example, if you sell goods or services in Los Angeles, you must file and pay California state taxes. It sounds relatively simple, [...]
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5 Tips to Help Artists and Crafters Manage Their Finances

Posted In MONEY

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 financial health was not only easier than I imagined, but also [...]
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The Online Sales-Tax Stalemate Continues

Posted In MONEY

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 collect sales taxes from online retailers. With no action from [...]
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