Did you know that if you buy a new computer (new office furniture, new copier, etc) for your business between now and Dec 31st, you can deduct the whole purchase price on this year’s tax return? One of the big tax mistakes business owners make is not taking full advantages of the tax laws as […]
Are You Making the Most of Business Equipment Purchases? Read More »
Is it really possible to “audit proof” your tax return? In other words, can prepare your tax return in such a way that your audit risk is zero? Of course not. But there are certainly steps you can take to minimize your risk. Here’s three of them: Stop treating accounting as a once-a-year event in
How to Audit Proof Your Business and Your Tax Return Read More »
The IRS can take a big tax bite out of your small business bank account if you don’t pay attention to “Self Employment tax”. What is it? Self employment tax is how Uncle Sam collects Social Security and Medicare money from those who don’t have an employer deducting it from your paycheck. It’s included as
Here’s How to Avoid Self Employment Tax. Legally. Read More »
Intention. Commitment. Two words that appear to have similar meanings, but the difference between them is miles apart. Let me explain. Back in the days when my family was young, and I was still in my 30s, I would go out and run early in the mornings before work. At various times I got the distance
What’s the Difference Between Intention and Commitment? Read More »
Did you hear the old joke about the taxpayer who called his accountant all stressed out because he just got a letter from the IRS? “I got an IRS letter! What the heck do they want now?” the taxpayer screams. “I’m not sure” his accountant replies. “Tell me exactly what the letter says.” “I don’t
What to do if you receive an IRS letter or notice Read More »
Incorporate? Form an LLC? Be a sole proprietor? Selecting the right entity structure is an important issue for every enterprise. The best choice isn’t always obvious, and it can have a dramatic legal and financial impact on you. Over 75% of business owners chose the path of least resistance; they operate as
Should you Incorporate? The good, bad and ugly about entity selection Read More »
In my last post I said there are “7 Deadly Sins” that lead to the high failure rate among small business start-ups. These are the pitfalls to avoid in order to grow a profitable business. We covered Deadly Sin #1 in detail, now on to number 2….(drum roll!)… DEADLY SIN #2: A “Field of Dreams” Marketing
Wanna make it rain? Here are marketing strategies to grow your small business. Read More »
Small business owners are always searching for ways to lower their taxes. One of the most common tactics is to classify workers as 1099 contractors, rather than as W-2 employees. When done within IRS guidelines, classifying a worker as an independent contractor will save your business a significant amount of money in payroll taxes and employee-related
Is it OK to Pay Workers as 1099 Contractors? Read More »
