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15 Posts tagged with the irs tag
After the Tax Deadline, What's Next?
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Posted by: SBOC Team, Mar 2, 2012

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...
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Tackling Small Business Taxes, Part I: Do It Yourself (DIY) Tax Software
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Posted by: SBOC Team, Feb 25, 2011

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....
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Tackling Small Business Taxes, Part II: The Retail Tax Landscape
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Posted by: SBOC Team, Feb 25, 2011

by Max Berry If your business has reached the point where doing your own taxes is too big a task, you might want to consider taking them to a retail tax service. Here’s a look at what some of the leading tax prep services can—and can’t—offer you this tax season. Cost and Convenience It’s hard to beat retail tax prep services for convenience, but convenience isn’t worth much without peace of mind. Thankfully, it is an industry standard for these services to offer some form of free...
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Tackling Small Business Taxes, Part III: The CPA Advantage
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Posted by: SBOC Team, Feb 25, 2011

by Max Berry. With great growth comes great responsibility, and as your business becomes more successful, more lucrative, and more complex, you’ll have more work to do come tax time. If you’re one of the lucky entrepreneurs who saw their business grow in 2010, it may be time to enlist the services of a Certified Public Accountant (CPA). Cost vs. Benefits Many small business owners, especially those just starting out, might be put off by the seemingly high cost of a CPA—$100 to $400 per...
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Small Business Tax Audits: Are you at risk?  Can you avoid them?
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Posted by: SBOC Team, Feb 23, 2011

Some valuable advice on how to help avoid an audit and what to do if you can't.  By Max Berry. Just how much time the IRS will devote to small business audits in the current financial climate remains to be seen, but one thing is for sure: Small business owners have always run a heightened risk of being audited. Some businesses are more vulnerable than others, but knowing how to best avoid an audit-and how to deal with one if one can't be avoided-will only help you come tax season....
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Tax Tips for the Self-Employed
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Posted by: SBOCTeam-KhWmv, Mar 19, 2010

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."...
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DIY or CPA?
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Posted by: SBOCTeam-KhWmv, Jan 29, 2010

Which tax prep method makes sense for your small business? By Reed Richardson How do the costs/benefits break down among tax preparation choices? This is a point of lively debate within the tax community. In the 2005 Form 1040 filing instructions, the IRS included a controversial table that compared time and cost estimates across the three filing categories (self-prepared without help, self-prepared with tax software, and prepared by tax professional). According to the IRS's estimates,...
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Tax Law Changes for 2009 and 2010
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Posted by: SBOCTeam-KhWmv, Jan 4, 2010

These 15 important modifications could significantly lower your tax burden By Reed Richardson Spurred on by the federal government's economic recovery efforts, there have been numerous changes to the federal tax law for 2009 and 2010. Here's what your small business needs to know now to take advantage of this year's expiring rules and what it needs to keep in mind for next year. 2009 1. Section 179 Expensing: For 2009, one of the most important changes involves the extension, for...
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Tax Preparation Software Roundup
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Posted by: SBOCTeam-KhWmv, Jan 4, 2010

Which version is right for your small business? By Reed Richardson For those small business owners who choose to do their own taxes this year, there are more software choices than ever to help them file. Indeed, tax prep software companies, like banks and credit card companies before them, are now increasingly targeting small businesses. And recognizing that many small business owners seamlessly blend their personal and professional lives, some software companies are now bundling their...
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Finding a Tax Professional
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Posted by: SBOCTeam-KhWmv, Jan 4, 2010

What a small business should look for in a professional tax preparer By Reed Richardson Despite the seeming ubiquity of tax-prep software like TurboTax, using a paid professional remains the most popular form of tax preparation-roughly six in ten Americans are expected to use a local accounting firm or a nationwide franchise like H&R Block to prepare their individual tax returns this year. That number is even higher for businesses. For most, the choice to use a tax preparer is one based on...
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Economic Recovery Package: What’s In It for You?
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Posted by: SBOCTeam-KhWmv, Feb 20, 2009

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....
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Seven Year-End Tax Tips
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Posted by: SBOCTeam-KhWmv, Dec 2, 2008

By Christopher Freeburn The autumn leaves are falling, a chill is in the air, holidays are looming, and, for small business owners, it's a good time to think about ... taxes. While no one likes to ponder the intricacies and implications of the Internal Revenue Code, taking the time to do so toward the end of the year can save your business a considerable amount of money come tax time. So what can you do now? 1. Lower Revenue. Since your tax bill will be calculated on the basis of how...
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Freelancer or employee?
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Posted by: SBOCTeam-KhWmv, Jan 9, 2008

Understanding the difference may help your business avoid a costly headache By Chris Freeburn You know who your employees are, right? Of course you do. But are you sure the IRS will agree with you? That, it turns out, might be a problem. Small businesses often give their employees considerable flexibility in terms of hours and working conditions, and many rely on freelancers and independent contractors to perform specific tasks or take on temporary work. Such outside workers aren't...
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The Do's and Dont's When Facing An Audit
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Posted by: SBOCTeam-KhWmv, Oct 19, 2007

For most small business owners, finding a letter in the mail from the IRS can suddenly unleash a flood of emotions, from fear to anger to guilt to helplessness, and that's even before you even open the envelope. And among all the possible scenarios that can flash through your mind, discovering that you are about to be - gulp - audited, is for most small business owners, far and away the worst. Instead of panicking when the IRS comes calling, arm yourself with the information you need to get...
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Don’t procrastinate—use your tax extension to benefit your business
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Posted by: SBOCTeam-KhWmv, Jul 29, 2007

If your small business joined the nearly 10 million taxpayers that received an extension on filing federal taxes this year, there are some important things to consider over the next few months. By Reed Richardson Perhaps the most basic of these is to understand that getting an extension on filing your taxes is not an extension on paying your taxes. While most small business owners are savvy enough to recognize this distinction, every year a small minority forget to send in an estimated payment...
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