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29th September 2009
If you sell on eBay, it’s imperative that you keep up with the laws and guidelines that affect your online business. According to E-Biz attorney Cliff Ennico (http://CliffEnnico.com), author of The eBay Seller’s Tax and Legal Answer Book, staying info... Read >
Author: wbdoyle23rd September 2009
Who must pay self-employment tax? If you are self-employed, you will be responsible for self-employment tax. For the purpose of determining self-employment tax, you are self-employed if you are a sole proprietor, an independent contractor, a member of a p... Read >
Author: mastan.sagaciti11th September 2009
Many people pursue hobbies that can easily become small businesses. Since they do it for love, they tend to not realize they have a business when they start selling the fruits of their labor. This can lead to problems when the IRS makes a determination yo... Read >
Author: Thomas Ajava03rd September 2009
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... Read >
Author: wbdoyle29th June 2009
An IRS audit is not something to celebrate. Most people cringe at the very thought of the IRS coming to sort through their tax forms. Most audits end up on the negative side for the tax payer with a tax debt or back taxes being owed to the IRS. The bes... Read >
Author: Ross Garnaut19th June 2009
Mistakes are one of the biggest causes of tax debt. Careless omissions of information or misunderstandings about filing requirements can lead to trouble with the IRS. Avoiding mistakes on your tax return is just one of the reasons that you should consid... Read >
Author: Ross Garnaut18th June 2009
The degree of control that small business owners and the self-employed have over the timing is much greater than that of employees, and also depends on the structure of their businesses. For example, if a person is small business owner, and thus self-empl... Read >
Author: kinal27th March 2009
It is easy to see why a self-employed individual would see the self-employment (SE) tax as unfair. While in an organization, that same employee would have to pay taxes amounting to roughly 7.65 percent. However, as a self-employed individual, those same f... Read >
Author: Ron Finkelstein27th March 2009
Get an early start on your taxes with careful planning this year. April 15th is the deadline to file your Income Tax and this doesn't have to be a problem if you maintain records during the year with the concept that you will conserve money when you do it... Read >
Author: Ron Finkelstein25th March 2009
All the self-employed people are annoyed with the high self-employment (SE) Tax. There is a valid reason to be frustrated; SE Tax is twice as the federal payroll tax. Where a employee pays 7.65% federal tax, a self employer has to pay 15.3% of SE tax. The... Read >
Author: Ron Finkelstein09th March 2009
One of the most egregious practices of the Great Housing Bubble was the fabrication of income by borrowers that was facilitated and promoted by originating lenders. Stated-income loan programs were widespread, and they were the cause of much of the uncert... Read >
Author: Robert Bell24th February 2009
One of the more significant events in any company is the time when a product is going to be created. This is where a great amount of effort to consolidate ideas and insights is very much necessitated. In order to make the whole process of creating a produ... Read >
Author: NaveenFeb23rd February 2009
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 figu... Read >
Author: Wayne M. Davies09th February 2009
Did you receive a Form 1099-MISC and aren't sure what it means and/or what to do with it? This article will answer that question. Form 1099-MISC is one of the most common tax forms in the world of the self-employed. And it's most common use is to report i... Read >
Author: Wayne M. Davies01st February 2009
There are some advantages of being self employed, you can write off quite a bit to avoid paying the IRS. You can also find yourself in trouble with the IRS because you were writing off items that may not have existed or just was flat wrong. I am sure if t... Read >
Author: Mike Clover30th January 2009
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, provid... Read >
Author: Wayne M. Davies09th January 2009
The complexity of our tax code is especially burdensome to the small business owner. Here's three keys to understanding the U.S. tax system.
1. Forms, Forms and More Forms
Regardless of what entity type you own, each entity has a long list of busin... Read >
Author: Wayne M. Davies08th January 2009
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 ... Read >
Author: Wayne M. Davies03rd December 2008
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.... Read >
Author: Wayne M. Davies29th July 2008
Introduction
Tax Treatment
LLCs enjoy very favourable tax treatment. They don’t have their own set of tax rules and there’s no such thing as an LLC tax return. What makes them special is that members can choose how the business is taxed.
A si... Read >
Author: Nick Braun EA PhD18th July 2008
Selling On eBay Hobby Or Business!
Q: I made extra money selling things on eBay last year. These were items I picked up at yardsales mostly. My husband says I am responsible for paying income tax on the money I made, but I disagree. This is just my ho... Read >
Author: Dinesh bhardwaj17th July 2008
Selling On eBay Hobby Or Business!
Q: I made extra money selling things on eBay last year. These were items I picked up at yardsales mostly. My husband says I am responsible for paying income tax on the money I made, but I disagree. This is just my ho... Read >
Author: Dinesh bhardwaj07th July 2008
A tricky question that new limited liability company bookkeepers often have concerns how to record correctly the payments made to the owners. Are the payments wages, for example? Partnership draws? Or something else entirely different?
Limited liabilit... Read >
Author: Stephen L. Nelson02nd July 2008
Both sole proprietors and partnerships can convert to a limited liability company. Owners of LLCs are called members, not shareholders.
Until recently some states did not allow one-member LLCs . This is no longer the case. One-member LLCs are allowed i... Read >
Author: Nick Braun EA PhD05th June 2008
Incorporating a business delivers benefits. Liability gets limited at least a little bit. And incorporating usually means the business reduces its income taxes or the payroll taxes or both.
But incorporating creates some extra costs and headaches. And... Read >
Author: Stephen L. Nelson05th June 2008
One of the most important steps in any tax strategy is determining what entity should be formed to hold your businesses and investments. For legal purposes, there are four basic types of entities: sole proprietorship, partnership, corporation and limited ... Read >
Author: Tom Wheelwright27th April 2008
In addition to income and sales taxes, there are dozens of strange taxes American taxpayers are forced to pay every year. These taxes range from taxes on illegal drugs to taxes on the production of blueberries. Below is a full list of the top 8 craziest t... Read >
Author: Roni Deutch16th April 2008
One of the most important steps in any tax strategy is determining what entity should be formed to hold your businesses and investments. For legal purposes, there are four basic types of entities: sole proprietorship, partnership, corporation and limited ... Read >
Author: Tom Wheelwright27th March 2008
Because of increasing pressure from Congress and the President, the IRS has began an effort to increase the number of audits they perform to help lower the ever growing tax gap. Eliminating the tax gap – estimated to be $312 billion to $353 per year –... Read >
Author: Roni Deutch27th March 2008
Because of increasing pressure from Congress and the President, the IRS has began an effort to increase the number of audits they perform to help lower the ever growing tax gap. Eliminating the tax gap – estimated to be $312 billion to $353 per year –... Read >
Author: Roni Deutch27th June 2007
It goes without saying that the LLC is the media darling when it comes to choosing an entity for small businesses. In some cases, however, an LLC is at a disadvantage compared to an S Corporation.
Originating in the late 1970s in Wyoming, Limited Liab... Read >
Author: Richard Chapo18th June 2007
When it comes time to start a business, many people just get on with the process without really thinking about issues like taxes, liability and business entities. This can lead to unintended consequences.
If you start a business and are the sole owner... Read >
Author: Richard Chapo05th April 2007
College and college-bound families should be looking into a unique opportunity to save tens of thousands of dollars on college costs for school year 2007-2008.
For the very first time, there’s a loophole in the 2007-2008 Free Application for Federal ... Read >
Author: Reecy Aresty27th March 2007
For entrepreneurs who are running their own businesses and even for those who are planning to set up their own businesses, the self-employment tax deduction could be a huge blessing. By these deductions, many of the expenses that businessmen incur for the... Read >
Author: AdamHeist08th March 2007
Many people ask me if they are required to report the profits they earn on items they sell on eBay. The answer is "yes".
If you sell items on eBay for a profit, then you should report your eBay sales, and you may owe income taxes on any profits. It do... Read >
Author: Kristine McKinley02nd March 2007
While budget is not a four-letter word, you'd think it was from the reactions and grumblings I get from clients as we work through their financial records, record keeping systems, and deciding how to best leverage their strengths, knowledge, and skills to... Read >
15th February 2007
If you run a business, you are looking for as many deductions as possible to knock down the tax you have to pay. Following are some highlights of the taxes you can deduct that are collected by anyone other than the federal government.
How confusing is... Read >
Author: Richard Chapo06th February 2007
Many people starting a business have little knowledge or interest in business entities and thus become sole proprietors. There are pros and cons to this approach.
A sole proprietorship is a default business form. If you start your own business and do ... Read >
Author: Richard Chapo31st January 2007
A sole proprietorship is the business or an individual who has decided not to carry his business as a separate legal entity, such as a corporation, partnership or limited liability company. This kind of business is not a separate entity. Any time a person... Read >
Author: John Ugoshowa24th January 2007
The mortgage industry has practically seen an explosion of new loan packages catering to the needs of just about anyone. Stated income financing is one such option.
One of the great aggravations of getting a loan for a home is the paperwork. Frankly, ... Read >
Author: Dan Lewis15th January 2007
Begin by building your documentation system. There are more than 300 tax deductions available to small business owners. By converting many of your personal expenses into legitimate business deductions, you can have a HUGE impact on you financial well bein... Read >
Author: Drew Miles10th January 2007
In the good old days, the IRS seemed to be unable to deal with the concept of online auction sales. Alas, the good old days are over. If you are an EBay seller, you have to report your earnings.
Dealing with Taxes if You Sell on EBay
In many ways, ... Read >
Author: Richard Chapo07th January 2007
Business Deductions Can Help (Maybe?)In the tax world, business deductions are like the promised land!These writeoffs can be one of the very best sources of tax savingsfor self employed workers, and sometimes even for employees.However, some people may fi... Read >
okaycharles
06th August 2006
Copyright 2006 Leo J Quinn Jr Enterprises, LLC
What are you doing this January? If you're a small business owner, you're getting together your tax records to hand-deliver to your accountant. Or, you're firing up your pencil sharpener and setting asid... Read >
Author: Leo Quinn16th June 2006
One of the primary attractions of being an entrepreneur is being that feeling of being "independent". Defining yourself as an independent entrepreneur does not settle the question, though, of how you should organize and operate your business.
All too ... Read >
Author: Germaine A Hoston12th June 2006
One of the primary attractions of being an entrepreneur is being that feeling of being "independent". Defining yourself as an independent entrepreneur does not settle the question, though, of how you should organize and operate your business.
All too ... Read >
Author: Germaine A Hoston31st January 2006
Q: I made extra money selling things on eBay last year. These were items I picked up at yardsales mostly. My husband says I am responsible for paying income tax on the money I made, but I disagree. This is just my hobby, not a business. What do you think?... Read >
Author: Tim Knox24th December 2005
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.
... Read >
Author: Wayne M. Davies10th December 2005
The United States is a nation of entrepreneurs. There are literally tens of millions of self-employed individuals that enjoy pursuing their dream business. Of course, few of you enjoy the paperwork and confusing tax issues that arise from owning your own ... Read >
Author: Richard Chapo16th November 2005
Who must may self-employment tax? If you are self-employed, you will be responsible for self-employment tax. For the purpose of determining self-employment tax, you are self-employed if you are a sole proprietor, an independent contractor, a member of a ... Read >
Author: Matt Bacak
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