A tax deduction reduces the amount of your taxable income and generally reduces the amount of taxes you may have to pay. If you are able to itemize your deductions on your tax return instead of claiming the standard deduction, you may be able to claim certain miscellaneous deductions. Here are some things you should …
Millions of Americans have hobbies such as sewing, woodworking, fishing, gardening, stamp and coin collecting, but when that hobby starts to turn a profit, it might just be considered a business by the IRS. Definition of a Hobby vs a Business The IRS defines a hobby as an activity that is not pursued for profit. …
Most of us have heard of QuickBooks, and probably even use it for our day-to-day tasks in our businesses. But believe it or not, and Intuit would never you tell you this, but there are some areas in which it lacks. That’s where 3rd-party Apps come in. We all know “Apps”, a popular buzz word …
Using QuickBooks? Check out this article for some useful apps… Read More »
There are a number of end of year tax strategies businesses can use to reduce their tax burden for 2012. Here’s the lowdown on some of the best options. Purchase New Business Equipment Section 179 Expensing. Business should take advantage of Section 179 expensing this year for a couple of reasons. First, is that in 2012 …
Of all the retirement plans available to small business owners, the SIMPLE plan is the easiest to set up and the least expensive to manage. These plans are intended to encourage small business employers to offer retirement coverage to their employees. SIMPLE plans work well for small business owners who don’t want to spend a …
If you’re a small business owner with fewer than 25 full-time equivalent employees you may be eligible for the small business health care credit that went into effect in 2010. What is the Small Business Health Care Credit? The small business health care tax credit, part of the Affordable Care Act enacted in 2010, is …
Claiming the Small Business Health Care Tax Credit Read More »