Taxes

Post image for IRS Phone Forum–Free!–on May 21

From the people you love to hate, the IRS is offering a phone forum on Wednesday, May 21. All you need is internet access and a separate phone line. For registration information, visit the IRS Site. Here is what the forum will cover: Learn what you need to know as a small business owner: Classifying […]

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Post image for Basic Training: Y is for Yes, You’ll Pay Taxes on Your Home-Based Business Earnings

Here’s the lowdown on taxes when it comes to home-based businesses. If you earn money on it, no matter how little, plan on paying taxes. Doesn’t matter that it’s for a little “walking around” pocket change, for the baby’s diaper fund or to help Grandma get her heart medications. Q.: I was thinking about doing […]

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Post image for Basic Training: The ‘T’ Word

Oh . . . it’s not what you think it is. This week’s “T” word is TAX. 🙂 Q.: How do I file a business tax return if I am married? I am starting a consulting business (LLC) with my sister; however, I plan to get married in the near future and I am concerned […]

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Post image for Your ‘Contractor’ Might Be an Employee

The amount of control you have over your workers affects their legal definition. Entrepreneurs continually face an age-old conundrum: You can’t grow your company without hiring more people. But you can’t hire anyone until the company has grown enough to afford employees. That’s why independent contractors are often an attractive option. They save business owners […]

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Post image for Business Partners and Business Taxes

With two brothers, I was raised that I had to share. “Share and share alike,” I was told, even though at age 10, I really wanted to hoard the last few Ring-Dings for myself. When entrepreneurs get involved in business partnerships, they tend to be sharers, wanting the good for all. But when a giver […]

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Post image for Basic Training: Please–the IRS Isn’t THAT Stupid

As tax time closes in, it’s no surprise that people will do whatever they can to avoid paying their taxes. And while you have a right to question certain determinations, there comes a point where you cross a line from the thoughtful to the ridiculous. From the IRS website, here are just a few of […]

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As you probably know, one of the great advantages for businesses in outsourcing to independent contractors is that they don’t have to pay the whole array of taxes that they do for employees. As the IRS has pointed out . . . “Companies must withhold income taxes, withhold and pay Social Security and Medicare taxes, […]

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Post image for Minimize Tax Terrors in Two Simple Steps

It’s coming up to that time of year again. The time that most business owners dread. Tax season. Most entrepreneurs would rather have root canal surgery without anesthesia than go through the nightmare that is tax return preparation. Where are my documents? What can I deduct? Given everything going on with the economy, am I […]

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