Posts Tagged ‘small business taxes’
by Christina Lee on April 10th, 2009
If filing your small business taxes by April 15 does not seem feasible this year, do not fight against the IRS. Instead, work with the agency to eliminate any reason for last-minute stress.
Over the past two years, about 7 percent of all Form 1040 filers have requested time extensions, accounting for nearly 10 million returns. If you do the same, make sure to:
Understand the terms and conditions of the extension. While a typical extension lasts for six months, small business owners must still pay any amount due by April 15. They will otherwise owe a late-payment penalty and... Read more »
by Carrie Hinkel on 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 »
by Danny Brown on 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 »
by Leeia Ladipoh on 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 »
by Rebecca Button on 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 »
by Leeia Ladipoh on January 14th, 2008
The close of 2007 means different things to different people, but among business there is one common thread: It is tax time! None of us like to think about it – but you can’t avoid it, and here are some tips to help you get ready to file the information you need to for your business in 2008.
* Prepare ahead of time! The best way to get ready for tax season is to keep in mind that it is coming all year long. File your receipts and your invoices as soon as you get them and you will save... Read more »
by Leeia Ladipoh on November 2nd, 2007
Well, tax season has just passed, and you have just received the dreaded letter; your business is going to be audited this year, the random victim of a government inspection.
An audit can be incredibly stressful, but you can get through it. Here are some tips to help you out.
Be Prepared
The best way to handle an IRS audit is to prepare beforehand. That means doing everything right in your business from the get go; hang on to your receipts, your statements, and everything else that the IRS will check when it’s audit time. In other words, handle your... Read more »
by Carrie Hinkel on October 29th, 2007
With the end of the year fast approaching, you may be thinking ahead to taxes and what small business write-offs you can use to your advantage. Most likely you know about the most obvious ones (like business computers and equipment), but there are plenty of other deductions you may not know about. The only way you can use business write-offs to your advantage is if you actually know about them. Here’s a list of several that are commonly overlooked by business owners:
Unpaid invoices - You can claim any non-payment from customers as a loss on your taxes. If you... Read more »