by Susan Caminiti. When it comes to issues that perplex and confuse small business owners, few items rank higher than taxes. To get a better understanding of what entrepreneurs need to know this tax season—and what changes lie ahead—Susan Caminiti spoke with Chris Walters, senior manager of tax and budget issues at the National Federation of Independent Business (NFIB), the leading small business association representing small and independent firms across the country. Some excerpts from the...

by Sherron Lumley. Now that last year’s taxes are filed, it’s tempting to forget about the whole ordeal until the 2013 deadline rolls around. However, small business owners who take some time now to plan ahead for next year’s tax season can create substantial benefits for their companies. Stay informed Bruce Devereaux, a certified public accountant (CPA) in Seattle for 35 years, has witnessed the extensive changes in tax law over the years. He cites the ongoing Affordable Care Act...

by Reed Richardson. Tax law changes that get overlooked the year they first take effect often end up costing a small business not only money but strategic opportunities as well. To avoid this fate and keep your cash flow robust, it’s a good idea to brush up on the already approved tax law changes for 2011 going forward. So here’s a rundown of the new tax provisions and how they could affect you in the coming year. Section 179 Expensing and Bonus Depreciation: For 2011, the increased...

by Max Berry. Many small businesses already use some kind of accounting software to track their day-to-day cash flow so why not apply that do-it-yourself attitude toward filing your own taxes? But handling your business taxes on your own takes more than a little know-how and no small amount of courage. It also helps to have the most appropriate tax software for your small business. With that in mind, here’s a look at what three of the most popular tax prep programs have to offer this year....

By Christopher Freeburn Being self-employed is a dream for many people. Who doesn't want to be his or her own boss? Of course, the downside of being the boss is the all responsibilities that come with the job. Unfortunately, calculating and paying taxes are part of those responsibilities. According to the Internal Revenue Service (IRS), you are considered self-employed "if you are in business for yourself, or carry on a trade or business as a sole proprietor or an independent contractor."...

Take advantage of this year's tax changes to help your small business today By Reed Richardson This year, the tax code has undergone a number of changes that could offer substantial benefits come filing season next spring. But to take full advantage, savvy small business owners should start incorporating these new rules into their day-to-day business practices right now. Section 179 Expensing: If you missed out-or couldn't afford-to make large capital investments for your business in 2008,...

by BigIdeas4Biz The $787 billion American Recovery and Reinvestment Act of 2009, which was signed into law on February 17, 2009, is designed to spur the economy. It makes numerous tax changes for individuals and businesses. Since sole proprietors, independent contractors, LLC members, and other owners pay tax on their share of business income on their personal returns, business-related changes become highly personal! Most of the changes run for only a short time-two years, one year, or less....

By Barbara Weltman One of the least fun things about running a business is filing your annual income tax return and paying what's owed. As you embark on this task, don't make mistakes that can lead to needlessly overpaying your taxes or, even worse, becoming the target of an IRS audit. 1. Recognize your vulnerability. There is a $345 billion tax gap the spread between what the government actually collects and what it thinks it should be collecting. Much of this, in the IRS's view, is...