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: 3,623
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: 3,933
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: 11,067
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: 2,653
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: 1,917
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: 3,366
on January 16, 2013
A lot of good and bad comes with the end of the year. The good is reflecting back on our performance. The bad is doing all of the tax- and accounting-related work that needs to get done.
I should say that reflecting on our performance is good mostly because w…Read » Views: 1,793
on December 14, 2012
Although your mood of late may be moving from motivated to merry, there is much that you — and every small-business owner — should do before the year ends to set yourself on a good path for 2013.
Here are a few action items that should be at the top of yo…Read » Views: 2,055