Year-End Small Business Checklist
Don’t get caught at year-end with nasty surprises. Read our post about how to prepare for next year.
tax planning
Ten Facts on Filing an Amended Tax Return
What should you do if you already filed your federal tax return and then discover a mistake? First of all, don’t worry. In most cases all you have to do is file an amended tax return. But before you do that, here are 10 facts you should be aware of when filing an amended tax …
What to Do If You Haven’t Filed an Income Tax Return
Filing a past due return may not be as difficult as you think. Taxpayers should file all tax returns that are due, regardless of whether full payment can be made with the return. Depending on an individual’s circumstances, a taxpayer filing late may qualify for a payment plan. It is important, however, to know that …
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The Home-Based Business: Basics to Consider
More than 52 percent of businesses today are home-based. Every day, people are striking out and achieving economic and creative independence by turning their skills into dollars. Garages, basements and attics are being transformed into the corporate headquarters of the newest entrepreneurs – home-based businesspeople. And, with technological advances in smartphones, tablets, and iPads as …
Simplified Option for Home Office Deduction in 2013
If you’re one of the more than 3.4 million taxpayers claimed deductions for business use of a home (commonly referred to as the home office deduction), you might be interested in the new simplified option available for taxpayers starting with the 2013 return most taxpayers file early in 2014. The new optional deduction, recently announced …
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Estimated Tax Payments – Q&A
Question: How do I know if I have to file quarterly individual estimated tax payments? Answer: If you owed additional tax for the prior tax year, you may have to make estimated tax payments for the current tax year. If you are filing as a sole proprietor, partner, S corporation shareholder, and/or a self-employed individual, you generally …
It’s Not Too Late to Make a 2012 IRA Contribution
If you haven’t contributed funds to an Individual Retirement Arrangement for tax year 2012, or if you’ve put in less than the maximum allowed, you still have time to do so. You can contribute to either a traditional or Roth IRA until the April 15 due date for filing your tax return for 2012, not …
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6 Overlooked Tax Breaks for Individuals
Confused about which credits and deductions you can claim on your 2012 tax return? You’re not alone. Even in an ordinary tax year, it’s hard to remember which tax breaks you can take, but the fiscal cliff fiasco this year made it even more difficult to keep everything straight. With that in mind here are …
7 Common Small Business Tax Misperceptions
One of the biggest hurdles you’ll face in running your own business is staying on top of your numerous obligations to federal, state, and local tax agencies. Tax codes seem to be in a constant state of flux making the Internal Revenue Code barely understandable to most people. The old legal saying that “ignorance of …
Using a Car for Business? Grab These Dedcutions
Whether you’re self-employed or an employee, if you use a car for business, you get the benefit of tax deductions. There are two choices for claiming deductions: Deduct the actual business-related costs of gas, oil, lubrication, repairs, tires, supplies, parking, tolls, drivers’ salaries, and depreciation. Use the standard mileage deduction in 2013 and simply multiply …