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Articles about small business tax deductions (0-50 of 479)
- What Every Business Man Should Know About Small Business Tax Deductions
By: Ron Mueller | -
Part of your responsibility as a small business owner who runs a business from home is to know the tax advantages and liabilities that are associated. It is vitally important to understand what tax responsibilities you will have before going into any business, but just as important is understanding the major small business tax deductions available to a HBB.
Small business tax responsibilities are extremely important to know about. Ignoring your tax responsibilities could res ...
Tags: tax saving tips, small business tax deductions, small business tax, home business tax deductions
- Know More About Home Business Tax Deductions
By: Ron Mueller | -
Nowadays, a lot of people have gotten into running their own home-based business. We have seen such a large spike in people running their own home-based business mainly because a lot of people dont want to have the same old 9 to 5 jobs anymore, others are looking for multiple-streams of income and for still others, and the reason is unemployment or lack of job security. Whatever the reason is, for starting a home-based business, it will almost always give you large, and maybe unexpecte ...
Tags: tax saving tips, small business tax deductions, small business tax, home business tax deductions
- Bookkeeping Keeps Your Business Going
By: Adam Julian David | - In Canada, corporate tax rates fell from 22.5% before 2008 to 19% in 2009. These corporate tax reductions will give Canadian corporations the lowest tax rate on new business investments in the G7 group of nations. (Canada Revenue Agency, 2009). It seems that now would be a good time to invest in various business ventures in Canada. Very useful information indeed if you are looking to have a go at entrepreneurship, although the various tax laws come into play and the revenue agency will be aiming ...
Tags: canada small business tax, canadian income tax, canada corporate tax, canadian non resident tax, small business auditing
- Outsource Your Payroll Processing Requirements To Manage Your Business
By: Hitech FPO | - To get your employee details properly managed, you need an experienced, professional and expert payroll services provider which will support you in online payroll processing and outsourcing accounting field. Indirectly, Payroll Processing Services help the organizations to put themselves on the top after calculating and analyzing the payrolls of the employees.
Businesses may decide to outsource all their payroll requirements to an outsourcing firm, or to a payroll bureau or a profes ...
Tags: payroll processing, payroll processing services, small business tax preparation, online tax preparation
- Tax Planning For Small Businesses
By: rick carsten | - While there are many advantages to running a Small Business, there are inherent pitfalls if it is not run efficiently and effectively. Tax Planning is a key element that needs careful attention. This is a year-round process with meticulous details being planned well in advance, so as to maximize profit while minimizing taxes.
Every individual taxpayer and small business owner has complete liberty to choose the method by which a financial transaction is carried out, so that it resul ...
Tags: small business tax planning, small business, small business accounting
- Business Tax Break 2009 Australia
By: Gaman Senaka | - The Australian federal budget for 2009 brought about some changes which will offer the small businesses with 50% deduction on the purchases of new equipment. The new equipments include vehicles, servers and computers among others. This is just an addition to the usual tax deductions that are present on the depreciating assets. Small business tax break is the business with an annual turn over of not less than 2 million AUD and can gain from an extra amount of fifty percent tax deduction on a new ...
Tags: small business tax break, business tax breaks, business tax breaks 2009
- Small Business Tax Tips: What Does It Take To Pay Zero Taxes?
By: Wayne M Davies | - How many times have you heard someone say, "I don't pay any taxes. My accountant takes real good care of me...I haven't paid a dime in taxes in years." Does that outrageous statement sound familiar?
Maybe it's your brother-in-law, or a fellow Soccer Mom, or a co-worker at the office. And so you think to yourself, "What am I doing wrong? How come I'm paying taxes and so-and-so says he/she pays nothing? How do they do it!"
Is it really possible to pay "zero taxes"?
Tags: zero tax, small business tax
- Small Business Taxes - How To Reduce Your Taxes By Being Taxed As An "s" Corporation
By: Wayne M Davies | - Looking for an effective tax reduction strategy for your small business? This article explains how to reduce your taxes by choosing to be taxed as an S corporation.
Question: What do all the following small business owners have in common? 1) C corporation shareholders; 2) sole proprietors; 3) partnership partners; and 4) limited liability company (LLC) owners who are being taxed like a sole proprietorship or a partnership.
Answer: Each of these entity types has the ...
Tags: s corporation, small business tax reduction strategy, form 2553, s corporation election
- Small Business Tax Returns - 3 Critical Tax Mistakes You Don't Want To Make
By: Wayne M Davies | - Every year the IRS delays the processing of millions of income tax returns for the same reasons. Here's the scoop on three of the most common tax preparation blunders and how to avoid them.
Mistake #1: Forgetting to sign the return. If you omit your signature, the IRS will not process the return. Instead, they'll send it back. And if you are married filing jointly, both spouses must sign, and if one spouse signs but the other doesn't, the IRS will treat such a return as invalid an ...
Tags: small business tax returns, filing mistakes, tax return mistakes
- Small Business Tax Deductions: "f" Is For Fica, Futa & Fido
By: Wayne Davies | - If you own a small business and are looking for deductions, don't miss out on these. The first two you've probably heard about but don't really understand (until now). The third one may seem far-fetched (pardon the pun) but is legitimate if the circumstances described below fit your situation.
1. FICA.
This acronym stands for Federal Insurance Contributions Act, which is legal-eze for the employer's share of social security and Medicare tax. In 2008, all employees must pay ...
Tags: business tax deduction, FICA, FUTA, federal unemployment tax, social security tax, medicare tax
- Small Business Tax Tips - How To Find Hundreds Of Deductions
By: Wayne M Davies | - Are you a small business owner who's frustrated about taxes? You face a mind-boggling array of choices when it comes to figuring out what is and is not deductible on your income tax return each year. And just when you think you've got this tax system figured out, new laws are passed and it feels like you've got to start all over.
Perhaps the best place to begin this journey is the income tax return itself. Depending on what type of entity you own, here are the main income tax form ...
Tags: small business tax deductions, sole proprietorship deductions, corporate deductions
- Small Business Taxes: How To Reduce Your Taxes By Being Taxed As An "s" Corporation
By: Wayne Davies | - Looking for an effective tax reduction strategy for your small business? This article explains how to reduce your taxes by choosing to be taxed as an S corporation.
Question: What do all the following small business owners have in common? 1) C corporation shareholders; 2) sole proprietors; 3) partnership partners; and 4) limited liability company (LLC) owners who are being taxed like a sole proprietorship or a partnership.
Answer: Each of these entity types has the ...
Tags: s corporation, small business tax reduction strategy, form 2553, s corporation election
- Small Business Tax Deductions: "g" Is For Gifts & Gas
By: Wayne Davies | - Here are two valid expenses you can deduct on your small business income tax return, both beginning with the letter "G".
Gifts.
You can deduct the cost of gifts to customers and other business associates such as vendors, suppliers and service providers (like your accountant, attorney or insurance agent). Be careful, though, because the deduction is limited to $25 per individual recipient per year. Example: You purchase $60 fruit baskets and give them away over the holidays ...
Tags: small business tax deductions, gift deduction, gas deduction, vehicle deductions
- Small Business Tax Returns: 3 Critical Tax Mistakes You Don't Want To Make
By: Wayne Davies | - Every year the IRS delays the processing of millions of income tax returns for the same reasons. Here's the scoop on three of the most common tax preparation blunders and how to avoid them.
Mistake #1: Forgetting to sign the return.
If you omit your signature, the IRS will not process the return. Instead, they'll send it back. And if you are married filing jointly, both spouses must sign, and if one spouse signs but the other doesn't, the IRS will treat such a return as inv ...
Tags: small business tax returns, filing mistakes, tax return mistakes
- Small Business Tax Tips: How To Find Hundreds Of Deductions
By: Wayne Davies | - Are you a small business owner who's frustrated about taxes? You face a mind-boggling array of choices when it comes to figuring out what is and is not deductible on your income tax return each year. And just when you think you've got this tax system figured out, new laws are passed and it feels like you've got to start all over.
Perhaps the best place to begin this journey is the income tax return itself. Depending on what type of entity you own, here are the main income tax for ...
Tags: small business tax deductions, sole proprietorship deductions, corporate deductions
Social Web Results   ObamaCare Raises Taxes Shared By: middleclassjobs - Those tax hits include a... new levies on small businesses (many of which file individual tax returns) that don't offer health care to employees;...
 Small Business Solutions - Virtual CPA - Peak Virtual Accounting Shared By: jbs_online - Most small businesses are started by people who are passionate about a product or service. Very few of those entrepreneurs are as passionate about the...
 Five Year-End Tax Strategies for Small Businesses Shared By: vaceos - Attention, small-business owners: it's not too late to make some smart moves and slash your business' 2009 taxes. To start with, some soon-to-expire...
 TurboTax® - Home Office Deduction Shared By: shonali - Many people whose small businesses qualify them for a home office deduction are afraid to take it because they've heard it will trigger an audit.
 Live from the DRA- Small business owners speak out Shared By: nhgop - He argues that the LLC tax targets small businesses, without the ability to defend themselves. He says if the tax is implemented, business owners will...
![]() You, Inc. - CorporationCentre.ca Blog: Small Business – Less Tax Shared By: - Small Business – Less Tax However you dissect the finances of a business, specifically a small business, cash is the primary component of the bottom...
 Health Insurance Reform Fast Facts — US Health Crisis Shared By: USRealityCheck - Tax credits for small businesses providing insurance to employees and their families Businesses with up to 10 employees and less than $500,000 in total...
 Year-End Tax Tips for 2009 | Legal > Tax Law Shared By: AllBusiness_com - There are a few weeks left for small business owners to get ready for tax season before the year closes. If you've been thinking about making a major...
 Webinar: Year-end Tax Tips for Small Business | NFIB Shared By: nfib - Cliff Ennico , author of Small Business Survival Guide and The eBay Seller's Tax and Legal Answer Book and a lawyer specializing in tax issues for...
 Editorial: Create more jobs | Philadelphia Inquirer | 12/14/2009 Shared By: politiconomic - Unfortunately, the president's latest proposal for creating jobs is too vague about its cost and doesn't put... on tax cuts for small businesses.
- The Best Kept Secrets Of The Irs
By: Mike McCoy | - Even though keeping track of our taxes should be a year round project, very few actually do it. It's hard enough at tax time getting most people organized enough to file properly. For many, taxes, is little more than an after-thought.
But, what if I told you that with a few simple changes you could take the same deductions as major corporations plus a few they can't take, that could literally keep thousands more in your pocket year after year. You might even be able to find some T ...
Tags: home business tax, business and tax solutions, tax deductions, business tax, small business tax, how
- Schedule C Tax Deductions: "a" Is For Accountants, Attorneys & Advertising
By: Wayne Davies | - If you're a sole proprietor, here's the lowdown on three small business tax deductions you can report on Schedule C. They all start with the letter "A".
1. Accountants.
The fees you pay your accountant are generally tax-deductible on Schedule C, provided the fees are for services rendered on behalf of your business. So, if you pay an accountant to prepare your income tax return, that tax prep fee is deductible to the extent it applies to the forms required for your sole pro ...
Tags: schedule c, small business tax deductions, accounting fees, legal fees, advertising expense
- Schedule C Tax Deductions: How To Deduct Cost Of Goods Sold
By: Wayne Davies | - Are you a sole proprietor who sells a product? Then you need to know how to deduct expenses related to the sale of those products. The purpose of this article is to give you an overview of what is potentially your biggest tax deduction.
First, let's discuss an important concept related to this deduction known as "Cost of Goods Sold." Let's say in 2008 you start a business to sell widgets. You buy the widgets for $50 each and sell them for $100 each. Now it's tax time and you've go ...
Tags: schedule c, cost of goods sold, small business tax deductions
- Small Business Tax Tips: 3 Reasons To Benefit From Irs Audit Rates
By: Wayne Davies | - Who's afraid of the IRS? Let's face it: We all are! And with good reason. IRS horror stories abound, and we all know someone who's been through an IRS audit and barely lived to tell about it.
So the purpose of this article is to help calm those fears. Maybe I can't remove them completely, but I do hope you find some comfort in what I'm about to tell you.
Do you have any idea how many tax returns are audited every year? About 1%, give or take a few tenths of a perce ...
Tags: small business tax, audit, IRS audit rates
- Small Business Tax Tips: How To Deduct Anything
By: Wayne Davies | - Looking for an easy way to know exactly what you can and cannot deduct on your income tax return? Knowing what is deductible and what isn't deductible has mystified small business owners for decades. This article should help you see the big picture.
What's deductible? Believe it or not, anything is deductible. Anything? Yes, anything. Let me explain.
Anything is deductible, provided that it is specifically mentioned in the tax code as deductible. It's as if Uncle Sa ...
Tags: small business taxes, deductions, ordinary and necessary
- Schedule C Tax Tips: What's Deductible?
By: Wayne Davies | - What is the most frequently asked tax question? Are you ready? Here it is: "What's deductible?"
That's it. Without a doubt, it's the most common tax question I receive every year. It comes in several forms, such as:
How do I identify all the deductions I'm allowed to take?
Is there anything deductible that I'm not deducting?
How do I make sure I'm taking all legal deductions?
Is there one resource that describes all legitimate deductions, A to ...
Tags: schedule c, sole proprietor tax deductions, small business tax deductions
- Small Business Tax Deductions: How To Deduct Your Next Vacation
By: Wayne Davies | - It is perfectly legal to deduct your next vacation. Here's how to do it.
To qualify for this deduction, you must meet the following two criteria:
1. You are self-employed or own a small business
2. On your next trip, you combine business with pleasure.
The first requirement is pretty cut and dried. By "small business" we are including any type of self-employment activity, full-time or part-time, home-based or "bricks and mortar". This deduction appli ...
Tags: small business tax deductions, travel expenses, travel deductions
- Small Business Tax Deductions: How To Deduct Non-deductible Commuting Mileage
By: Wayne Davies | - For most folks, commuting mileage is a non-deductible expense -- unless you know the legal tax loophole I'm about to reveal.
The non-deductibility of commuter miles is painfully true for the employee who fights rush hour traffic every day, twice a day, for 5 to 10 hours a week. All that hassle, and what does he have to show for it? Just gas money down the drain, not to mention the wear and tear on both his vehicle and his stress-o-meter.
You can deduct virtually a ...
Tags: small business tax deductions, commuting mileage
- Small Business Tax Tips: How To File An Extension For Your Income Tax Return
By: Wayne Davies | - For all you procrastinators out there, here's a nuts 'n bolts guide on how to legally postpone the filing of your 2008 income tax returns. When it comes to putting things off, you can never plan too far ahead.
In many cases the IRS allows you to file a no-questions-asked extension form. Which particular form you file depends on what type of entity your business happens to be.
SOLE PROPRIETORSHIP:
You need to file Form 4868 to get an automatic 6-month extensio ...
Tags: small business tax, extension form, Form 7004, Form 4868
- Schedule C Tax Tips: Why Filing Schedule C-ez May Be A Big Mistake For Your Small Business
By: Wayne Davies | - Are you a sole proprietor who files the shorter Schedule C-EZ rather than the traditional (and longer) Schedule C? If so, please read on to find out why you may be making a big mistake.
First, a quick review of the qualifications for using Schedule C-EZ. You qualify if you meet these criteria:
-- Your business expenses are less than $5,000
-- Your business has a profit
-- You have no inventory
-- You use the cash method of bookkeeping
-- You have ...
Tags: schedule c, schedule c-ez, small business tax return
- What Does It Take To Pay Zero Taxes?
By: Wayne Davies | - How many times have you heard someone say, "I don't pay any taxes. My accountant takes real good care of me . . . I haven't paid a dime in taxes in years." Does that outrageous statement sound familiar?
Maybe it's your brother-in-law, or a fellow Soccer Mom, or a co-worker at the office. And so you think to yourself, "What am I doing wrong? How come I'm paying taxes and so-and-so says he/she pays nothing? How do they do it!"
Is it really possible to pay "zero taxes" ...
Tags: zero tax, small business tax
- Business Tax Deductions: How To Deduct Expenses Without Keeping Receipts
By: Wayne Davies | - No receipt, no deduction, right? Generally speaking, yes. The mantra of small business bookkeeping has been relentlessly burdensome for decades: no receipt, no deduction.
My own tax clients are quick to remind me of this basic recordkeeping rule. Over the years I've heard this countless times: But I don't have any receipts. I guess I can't take the deduction, right?
What's my response to the no receipt/no deduction lament? Not so fast! Wherever there's a tax rule ...
Tags: small business tax deductions, receipts, recordkeeping, documentation
- Business Tax Deductions: How To Deduct Expenses Without Keeping Receipts
By: Wayne M Davies | - No receipt, no deduction, right? Generally speaking, yes. The mantra of small business bookkeeping has been relentlessly burdensome for decades: "No Receipt, No Deduction."
My own tax clients are quick to remind me of this basic recordkeeping rule. Over the years I've heard this countless times: "But I don't have any receipts. I guess I can't take the deduction, right?"
What's my response to the "No Receipt, No Deduction" lament? "Not so fast! Wherever there's a tax ...
Tags: small business tax deductions, receipts, recordkeeping, documentation
- Small Business Tax Tips -- Where To Find Free Tax Information
By: Wayne Davies | - Trying to get a handle on the complex world of small business taxes? There are plenty of good resources available, both online and offline, for free and not-so-free.
I'm assuming you want to postpone spending any money on a topic you may prefer not to touch with a ten-foot pole let alone a ten-dollar bill. So let's review some of the least expensive tax resources available. Is free a good price for you?
Believe it or not, the IRS has a plethora of free resources ...
Tags: small business taxes, free tax resources, IRS publications
- Small Business Tax Tips: Where To Find Free Tax Information
By: Wayne M Davies | - Trying to get a handle on the complex world of small business taxes? There are plenty of good resources available, both online and offline, for free and not-so-free.
I'm assuming you want to postpone spending any money on a topic you may prefer not to touch with a ten-foot pole let alone a ten-dollar bill. So let's review some of the least expensive tax resources available. Is free a good price for you?
Believe it or not, the IRS has a plethora of free resources for ...
Tags: small business taxes, free tax resources, IRS publications
- Small Business Taxes: 4 Simple Steps To Reduce Your Taxes In 2009
By: Wayne Davies | - As a tax professional, I prepare hundreds of tax returns every year. When I first started out, I used to think that the best way I could help people was to prepare a return as accurately and as quickly as possible. You know, provide great customer service.
And it is very important that your return be done "right" --all the numbers on the right lines, using the right forms, etc.
But no matter how good a job I did preparing tax returns, every year I would hear the sam ...
Tags: tax, tax reduction, small business tax
- Small Business Taxes: Year-end Tax Tips - What To Do By December 31 To Reduce Your Taxes
By: Wayne M Davies | - The year is almost over and tax season is looming on the horizon. What can you do before December 31 to reduce this year's tax bill? Plenty.
First, you must get the big picture. Assuming you've been faithfully tracking income and expenses during the year, it's time to print out an Income Statement (aka Profit & Loss Report or P&L) and see where you stand.
If you don't have all your 2008 transactions input into your bookkeeping software program, it's critical that ...
Tags: small business taxes, tax reduction strategies, business tax deductions
- Is January 1st The Best Time To Incorporate Your Small Business?
By: Wayne M Davies | - As a sole proprietor, have you considered incorporating your small business or self-employment activity?
If so, maybe you've been wondering, "Does it matter what time of year I form a corporation?"
From a legal standpoint, any time is the best time. The sooner you incorporate, the sooner you make the move from the world of unlimited liability to the world of limited liability.
From a tax savings standpoint, any time is the best time. The sooner you i ...
Tags: incorporate, incorporation, small business tax strategy, sole proprietorship
- Accountancy: Where To Find Certified Public Accountants
By: Daniel J Austin | - So, you have decided you need the assistance of Certified Public Accountants. How do you find Certified Public Accountants? You can go through the yellow pages, of course, and look under the heading Certified Public Accountants. Alternatively, you can do an internet search for Certified Public Accountants. These methods, however simple they may sound, might not be effective in finding qualified Certified Public Accountants.
If you have a small business, and you have discovered ...
Tags: CPAs, Certified Public Accountants, Certified Public Accountant, CPA, Accountancy, accounting, business, accounts, small business, tax, audit, tax laws, self-empl
- Slash Income Taxes By Doing What You Love?
By: Mark J. Orr, CFP | - That's right, you can take advantage of the IRS tax code and save a lot of money that you'd otherwise send to Uncle Sam by doing what you love.
The secret is to simply set yourself up as a small business and take tax deductions for related expenses! This is very easy and inexpensive to do. You can then turn many personal expenses into business one that you can deduct!
It doesn't matter if you are retired (in fact this is a perfect time) or just getting started in li ...
Tags: Business tax deductions, homebased business deductions, reduce taxes, business write-offs, tax reduction, part-time business deductions
- Tax Deductions For Home Businesses
By: Connie Nies | - For most home business owners, tax deductions may be the key that can help put a little extra cash back into their pocket. Tax deductions vary from business to business but it is worth your time to familiarize yourself with some of these common tax deductions.
First, determine if you qualify for a home business tax deduction. A home office is generally defined as a place where you meet with clients, patients, or customers. Or if this part of the house is used exclusively for busi ...
Tags: Home Business, Tax Deductions for home based business, Tax deductions, Home Business deductions, Deductions for home based business,
- 4 Simple Steps To Reduce Your Taxes In 2006
By: Wayne M. Davies | - Does Tax Season get you down?
Here are 4 simple steps that any small business owner can take to lower your tax bill this year.
STEP #1: Understand How Serious Your Tax Problem Is
Are you aware of just how much in taxes you are paying?
Here's how much the average family spends on various consumer categories -- as a percentage of income.
You must realize that it's not how much you spend on taxes that is important, it's ho ...
Tags: tax, tax reduction, small business tax
- What Does It Take To Pay Zero Taxes?
By: Wayne M. Davies | - How many times have you heard someone say, "I don't pay any taxes. My accountant takes real good care of me . . . I haven't paid a dime in taxes in years."
Does that outrageous statement sound familiar?
Maybe it's your brother-in-law, or a fellow Soccer Mom, or a co-worker at the office.
And so you think to yourself, "What am I doing wrong? How come I'm paying taxes and so-and-so says he/she pays nothing? How do they do it!"
Is it reall ...
Tags: tax, small business tax
- How To Contact The Irs Without Breaking Into A Sweat
By: Wayne M. Davies | - We all love to criticize the IRS, don't we? It's easy to ridicule a huge organization of government bureaucrats who often seem to be Public Enemy #1.
Our negative attitude toward the IRS can lead to a strong desire to just ignore it altogether. But
self-employed people who ignore the IRS do so at their own peril.
So when it comes to providing free information about taxes, let's not throw the baby out with the bath water. The IRS does provide some excellent r ...
Tags: tax, small business tax, IRS
- How To Avoid Those Mind-boggling Depreciation Rules
By: Wayne M. Davies | - Tired of dealing with those complex depreciation rules? Thanks to recent tax law changes, here's how to avoid them completely while benefiting from a lucrative small business tax break that not only puts money in your pocket, but also makes the filing of your income tax return much simpler.
What am I talking about? It's called the Section 179 deduction, and if there's one tax law you need to understand, this is it. Here's why:
The Section 179 deduction enables the S ...
Tags: tax, small business tax, depreciation, Section 179
- How To Keep The Irs Off Your Back And Out Of Your Life In 2006
By: Wayne M. Davies | - Sorry to crash your party, but as we bring in the New Year, it's also time to bring in a New Tax Season. As a small business owner or self-employed person, one of the easiest ways to keep Uncle Sam off your back and out of your life is to file your forms, payments and other paperwork on time.
Over the next four months there are several key dates that you dare not forget! Here they are -- all in one place, along with links to the IRS website PDF file for that particular form, where ...
Tags: tax, small business tax
- How To Avoid Double Taxation Of Your Small Business Profits
By: Wayne M. Davies | - Have you been thinking about incorporating your small business or self-employment activity? The advantages are many!
For starters, you'll be protecting yourself and your family from the possibility of a business ending lawsuit. Forming a corporation is Step One on the path known as "Asset Protection" -- you are moving from the world of unlimited liability to the world of limited liability.
(NOTE: For further insight into the legal advantages of incorporating, check ...
Tags: tax, small business tax
- When Is The Best Time To Incorporate Your Small Business?
By: Wayne M. Davies | - If you're a sole proprietor, perhaps you've considered incorporating your small business or self-employment activity.
And so maybe you've been wondering, "When is the best time to incorporate?"
From a legal standpoint, any time is the best time. The sooner you incorporate, the sooner you make the move from the world of unlimited liability to the world of limited liability.
From a tax savings standpoint, any time is the best time. The sooner you incorp ...
Tags: tax, small business tax
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