Tax Related
Posts related to tax topics
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Business Recordkeeping: How Long Should You Keep Your Business Records
According to the IRS, “You must keep records so that you can prepare a complete and accurate income tax return.” But the Internal Revenue Code doesn’t require any specific kind of records or record keeping system. So how do you know what to keep and for how long to keep it? Read on for some
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Employer Responsibility for Reporting Tip Income
Employers who own businesses where employees receive tips have multiple obligations with regard to the employee tip income including recordkeeping and reporting responsibilities, withholding taxes on tips, filing certain forms, and paying or depositing taxes. If you are a business owner whose customers routinely tip your employees (e.g. restaurant, hotel or lodge, hair salon or
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Make Quarterly Tax Payments a Priority
It’s April 15th. Your tax return is due. Your small business did well last year so along with the return, a tax payment is due. But you didn’t make any estimated tax payments last year so your accountant informs you that along with the tax that is due, you also owe a whopping penalty and
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It’s 1099 Time
Businesses of all sizes will be sending and receiving a flurry of 1099 forms in the next week. If you haven’t already done so, it’s time to get your 1099 forms in the mail. The IRS requirement is that all 1099 forms be sent to the recipients no later than February 2, 2015. You will
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The Home Office Deduction: Don’t Overlook This Valuable Tax Benefit
The IRS home office deduction has been around for some time. But in the past, many small business owners were reluctant to take it because they believed it was too difficult to calculate or that it would trigger a tax audit. Well, no more; on both accounts. The IRS has come to recognize that there
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Tax Reporting of Cost of Goods Sold
I’ve had a number of small business owners ask me how to calculate cost of goods sold on their tax return. What I generally tell them is that reporting cost of goods sold is not required for most businesses. Read on for information on what cost of goods sold is and when it should be
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Tax Time Is Coming!: Five Common Questions About Small Business Taxes
We are quickly coming to the end of another calendar year. For most small business owners, this means it’s time to begin thinking about taxes and filing your tax return. Below are some common tax questions I get asked by small business owners. What’s The Difference Between An EIN And A TIN? EIN is short
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What the 2014 FUTA Tax Credit Reduction Could Mean For Your Small Business
If you own a small business and have employees, then you are familiar with the Federal Unemployment Tax Act (FUTA) and the tax that employers pay that helps to fund the Federal Unemployment Trust Fund. The trust fund helps to cover a portion of the costs of administering the unemployment insurance programs in every state
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Beware The Gift Giving Season
As the calendar flips from October to November, we find ourselves moving into the gift giving season; the time of year when we want to thank our customers for their loyalty and our employees for their hard work. I hope your business has been successful enough for you to be very generous this year. With
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Use Tax: The Hidden Expense
I’m sure that everyone is familiar with sales tax: the tax that businesses charge when you buy their products. A sales tax is a tax paid to a governing body for the sales of certain goods and services. The tax is generally collected by the seller from the consumer at the time or point of