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7 Tax Breaks for Small Business to Consider for 2013

Posted In MONEY

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 owners for the 2013 tax year. 1. Home-Office Deductions – Many small-business owners work [...]

Preparing Year-End Finances for Seamless Tax Filing

Posted In MONEY

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 an entrepreneur, you know that reporting your income as [...]

Avoid a Tax-Time Surprise by Planning Ahead

Posted In MONEY

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 figure out what you may owe the IRS by April 15, 2014 — and [...]

5 Keys to a Successful Relationship With Your Tax Accountant

Posted In TAXES

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 proactive basis,” says Robert Gambardella, a Shelton, Conn.-based CPA and co-author [...]

How to Get Organized for Filing 1099s

Posted In MONEY

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 worked for you in 2013 — between Jan. 1 and 31. You are generally [...]

Do You Have a Hobby or a Business?

Posted In MONEY

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? It boils down to your intention of making a profit. As far [...]

What You Need to Know About Hiring Short-Term Employees


The hiring of short-term, seasonal, contract, or otherwise temporary employees is on the rise among U.S. businesses. In fact, the nation’s labor force currently includes more temp workers than ever before — some 2.7 million people, according to The New York Times. Small-business owners can use temporary help to their advantage: By enlisting a short-term [...]

Should You Finance a Business With Your 401(k)?

Posted In MONEY

Launching a business takes money, and many entrepreneurs have turned to their 401(k)s to provide startup capital in recent years, The New York Times and Reuters report. Bypassing the banks by using your 401(k) can be a complicated and risky move. But if you’re considering a new business venture and have ample funds in your retirement [...]