taxes
To follow up with my previous post Internet Sales Tax Looms for NY…Will It Catch On? I posed a question along the lines of "do you think it should happen/is it a good idea?"
As of June 1, 2008, the legislation will go into effect, requiring internet retailers to collect a sales tax on any orders being shipped to the state’s residents. This legislation was largely enacted to keep online retail Goliaths (namely Amazon.com) in check and attempt to "level the playing field" for brick and mortar stores in the state.
Amazon has now responded by suing the New York... Read more
Tags: Amazon.com, law, legislation, new york, ny, online retail, online sales tax, Rebecca Button, sales tax, state taxes, taxes
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Published April 10th, 2008
How would you feel about hiring an accountant who puts the interests of the IRS before those of you or your business? What’s that you say? You wouldn’t like it? That’s what I thought you’d say…but what if I told you you had to?
Unfortunately, that may be the case.
(I mean, I won’t force you to but a much stronger influence might…what was their name again?…..oh right! The Government.)
The Small Business and Work Opportunity Tax Act of 2007 stipulates that those who prepare returns containing an understatement of tax due - which the preparer "knew or reasonably should... Read more
Tags: Accounting, Finance, Finance and Accounting, government, legislation, Rebecca Button, small business, taxes
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Published April 9th, 2008
There are many benefits of being self employed. Independence, flexibility in work schedule, getting to do what you love, and enjoying some nice deductions from the IRS that lower the amount of tax you pay. Lowering your tax means increasing your income and your net cash flow so make sure you take advantage of every legal deduction you can take.
It is important to know that while seeking the help of professionals is advisable, you always want to make sure to do your own research and check for deductions on your own. Make sure that if there is any ambiguity... Read more
Tags: Accounting, Finance and Accounting, larry Slusser, self-employed, small business, tax deductions, tax write-offs, taxes
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Published April 4th, 2008
Are you a tax procrastinator when it comes to your business taxes? If you’ve yet to file your taxes with the IRS this year, then the answer is a resounding “YES”. Yipes! With less than two weeks until April 15th, you have a lot of work to do. Here’s what you can do to get your paperwork organized and your taxes filed on time and without penalties:
Get started - You’re already in a serious time crunch, so time is truly of the essence. Start gathering all your income and expense paperwork as well as any business receipts. Luckily, you... Read more
Tags: Accounting, advice, Carrie Hinkel, Finance and Accounting, preparing taxes, small business taxes, taxes, tips
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Published March 24th, 2008
It ranks right up there with getting your wisdom teeth pulled or surviving the first anniversary of your 29th birthday (for those who haven’t had their coffee yet, that would be your 30th birthday-the horror!). And yet, much like getting your wisdom teeth out (probably inevitable) and turning 30 (definitely inevitable), if you run a business, odds are you’ll eventually have to deal with the unpleasantness known as a lawsuit.
Your best defense is a good offense and you can create a good offense by taking some preventative steps to reduce the risk of being threatened with a lawsuit according... Read more
Tags: Accounting, Finance, Finance and Accounting, law, lawsuit, legal, Rebecca Button, small business, taxes
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Published February 26th, 2008
Whether you’re starting a business or just needing a quick reference, online business calculators are the entrepreneur’s best friend! There are many available online and below you’ll find some helpful calculators for the current tax season.
Accounting and Taxes
When it comes to the health of any company, the day-to-day monies coming in and going out are important to keep tabs on. There also needs to be a good amount of planning to make sure you know what you should be putting aside for Uncle Sam, so you are not unpleasantly surprised at the end of the year.
Working Capital... Read more
Tags: Accounting, calculators, Finance, Finance and Accounting, Rebecca Button, resources, taxes
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Published February 20th, 2008
There are many sides to running a successful small business, including marketing, sales, strong management and more. However, in the rush to set up your business, you may have overlooked one key area, and one that could be the difference between your company being legal, and committing fraud - registering your business. And with the consequences being a heavy fine, or even imprisonment and disbanding of your company, it’s important that you haven’t overlooked this small yet crucial factor.
Do You Need to Register?
Depending on the size of your business, you may be able to trade without registering your... Read more
Tags: Accounting, danny brown, Finance, Finance and Accounting, small business fraud, small business taxes, Starting a Business, taxes
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Published February 15th, 2008
The Value-Added Tax (VAT) was created in the 1950s by French economist Maurice Laur. It is a government tax that is charged at each stage of production. For instance, when a company buys parts, then buys more parts - for each purchase, a separate VAT is paid. When a company exports into a VAT country, that company (or the company purchasing the products) must pay a VAT based on the value of the goods. There are nearly 140 countries that use the VAT system, with the average percentage being 15%, though it can go as high as 25% in Norway,... Read more
Tags: Carrie Hinkel, Doing Business Internationally, European Union, Finance and Accounting, taxes, VAT
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Published February 12th, 2008
In life, audits happen. While you may do everything you can to keep your business in line and on the straight and narrow, trying to stay under the radar of the IRS, it could just be an unlucky draw that has your company up for an audit.
If you were to get that notification, what would you do? Don’t know? This article can help.
What IS an Audit, Anyway?
An audit is essentially the IRS saying they’re not so sure that you have accurately reported your income to them. This could mean they think you "forgot" to mention some money... Read more
Tags: advice, audit, IRS, Leeia Ladipoh, small business taxes, taxes
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Published February 5th, 2008
Here’s a quick run down of some tax breaks small businesses may be eligible for (courtesy CNNMoney.com ):
1. File as a shareholder/owner –Available to LLCs and corporations with S-status, this federal tax break keeps the small business from having to file as a corporation thus, avoiding a double tax situation (since they would have to file as a shareholder/owner level in addition, otherwise.)
2. Section 179 small business expensing –Allows a business to take a current deduction up to $125,000 for the cost of assets placed in service during the year for use in the business, not including real... Read more
Tags: Accounting, Finance, Finance and Accounting, Rebecca Button, small business taxes, tax breaks, taxes
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