Blog Posts - Small Business Tax



7 Guidelines Every Small Business Owner Needs To Know

Are you a small business owner? Have you been considering starting a small business?  Are you looking for guidelines that can help you build a solid foundation for your business? Every business owner is faced with the same business questions at one...
by Cash Flow Planning for Life on Aug 12, 2016

2016 Standard Mileage Rates for Business, Medical and Moving

The Internal Revenue Service on December 18, 2015 issued the 2016 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2016, the s...

How to Classify Worker as Independent Contractor or Employee

The question of whether a worker is an independent contractor or employee for federal income and employment tax purposes is a complex one. However, it is essential that employers get the determination correct or they can be subject to large penaltie...
by File Your Taxes Now.com on Dec 21, 2014

U.S. Social Security, Medicare, and Self-Employment Taxes for Expats

What do American Expats needs to know about U.S. Social Security, Medicare, and Self-Employment Taxes while they are living abroad? The way Americans living abroad must pay these taxes depends on their employment situation If you are working as an e...
by File Your Taxes Now.com on Apr 23, 2014

Small Business Healthcare Tax Credit Info

If you are a small employer with fewer than 25 full-time equivalent employees, pay an average wage of less than $50,000 a year, and pay at least half of employee health insurance premiums then there is a tax credit that may put money in your pocket.
by File Your Taxes Now.com on Apr 23, 2014

Large Employer for Affordable Care Act

What is considered a large employer under the affordable care act? Some provisions of the Affordable Care Act, only apply to large employers, generally those with 50 full-time employees or their equivalent. For example, in 2015, large employers will...
by File Your Taxes Now.com on Apr 23, 2014

Do you need a LLC to deduct business expenses?

No. You don’t need to form a corporation or LLC in order to deduct business expenses. The only real purpose of a corporation or LLC is the liability shield that they can give you, provided they are set up correctly and you don’t use them...
by File Your Taxes Now.com on Mar 4, 2014

Keeping Tax Records

Well-organized records facilitate the preparation of a tax return and help to provide answers if your return is selected for examination or prepare a response if you receive a notice from the IRS . Records such as receipts, canceled checks and othe...
by File Your Taxes Now.com on Mar 4, 2014

Using your Home for Business Purposes

Business Use of Home Whether you are employed or self-employed, you may be able to deduct certain expenses for the part of your home you use for business purposes, despite the general denial that exists on the deductions of expenses for the business...
by File Your Taxes Now.com on Mar 4, 2014

Tax Question about Working as an Independent Contractor I just started working as an independent contractor and am curious about a few things. Hoping somebody has knowledge they could pass along! I’m thinking that contributing to a 401K will be...
by File Your Taxes Now.com on Feb 26, 2014

Treated like an Employee but Labeled as an Independent Contractor

What happens when someone is treated like an employee, but then the company pays them like an independent contractor? Unfortunately, this problem isn’t uncommon. There are companies out there who try to shirk their tax obligations by claiming e...
by File Your Taxes Now.com on Feb 25, 2014

What is Paycheck withholding?

What is the money withheld from my paycheck used for and what is returned in my tax-refund? A standard check will have FICA taxes withheld (that’s Social Security/Medicare taxes). Depending on how you filled out your W-2 form (i.e., how many de...
by File Your Taxes Now.com on Feb 25, 2014

1099 contract versus W2 employment

“Independent Contractors” are paid on 1099s. When and independent contractor is paid by their client, they do not have any of the federal taxes taken out at the time of payment. That doesn’t mean you don’t have to pay them, th...
by File Your Taxes Now.com on Feb 25, 2014

Deducting Taxes From Payments Received and W-9 Form

What are a taxpayer’s options if they filled out a Form W- 9? Is there any way a taxpayer can set things up to have taxes deducted as an independent contractor ? As an independent contractor, you have to withhold your own taxes, and send a chec...
by File Your Taxes Now.com on Feb 25, 2014

Unfiled Self Employed Tax Returns Leads to Invasive Levy

After a Valentine’s day Friday and a 3 day Presidents day weekend, America’s taxpayers begin to review, and gather information necessary to submit an accurate, “audit” proof self employed tax return, or not. For many, a tax return...

Information about the Simplified Home Office Deduction

Beginning in tax year 2013 (returns filed in 2014), taxpayers may use a simplified option when figuring the deduction for business use of their home. For 2013 returns filed in 2014, the IRS is now offering a simplified home office deduction. The new...
by File Your Taxes Now.com on Feb 12, 2014

Withholding and Reporting on Tips for Tax Return

How are tips received reported on a tax return?   Tips are taxable income just like wages and tips are included under the broad definition of income that Congress has created. The basic rule is that if you earn tips, you’re responsible for...
by File Your Taxes Now.com on Feb 12, 2014

2013 Year End Tax Planning Strategies: Learn What Can Be Done Now To Save Taxes and Prevent Costly Mistakes

As the year-end quickly approaches, there is still time to do some year-end tax planning.  This 2013 tax year will be tough on many taxpayers due to recent tax law changes and the uncertain future of tax reform.  Basically, taxpayers will have to d...

2013 Year End Tax Planning Strategies: Learn What Can Be Done Now To Save Taxes and Prevent Costly Mistakes

As the year-end quickly approaches, there is still time to do some year-end tax planning.  This 2013 tax year will be tough on many taxpayers due to recent tax law changes and the uncertain future of tax reform.  Basically, taxpayers will have to d...

Playing Games With Employees: IRS May Come Knocking

The Treasury Inspector General of For Tax Administration recently issued a report entitled Employers Do Not Always Follow Internal Revenue Service Determination Rulings that indicated the employers just do not get it when it comes to treating workers...


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