by Sherron Lumley. If you’re like many small business owners, tackling your company’s federal taxes falls somewhere along the panic-procrastination continuum. You want to do the job right, but dread the possibility of an audit after filing. Three U.S. tax professionals discuss some common mistakes small businesses make at tax time, and how best to avoid them.  File Fail #1 - Miscalculating Mileage, Auto Use and Depreciation Tax expert Paul Bardaro, founding partner of Rucci, Bardaro, &...

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 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....