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Taxes

24 Posts tagged with the taxes tag
Think Big, Tax Small
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Posted by: SBOC Team, Mar 1, 2012

What Small Business Can Learn from Big Business Tax Strategies. by Jen Hickey. If you’re a small business, chances are you don’t have access to a team of accountants and lawyers to find savings in the tax code. But as it turns out, you don’t need to. Almost every expense is tax deductible if you’re a small business. And recent legislation has dramatically increased the thresholds for certain deductions dramatically for tax years 2010 through 2012. Travel and entertainment expensesSmall...
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Time’s Almost Up! Four Good Reasons for a Tax-Filing Extension
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Posted by: SBOC Team, Mar 8, 2011

by Erin McDermott Is your small business’s annual tax-season game of Beat the Clock becoming too much of a nail-biter? As rules have become more complex in recent years, the stigma of seeking a tax-filing extension has lessened, with more than 11 million U.S. taxpayers filing for one each year. The need to have extra time to file a return has grown as the complexity of the tax system has increased. “You have to look at the rules to believe it. Life has become so much more complicated,”...
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Tax Savvy in 2011: Knowing the new tax rules for this year can help maximize your cash flow.
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Posted by: SBOC Team, Mar 3, 2011

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...
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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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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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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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How to be up-to-date when you file for '08
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Posted by: SBOCTeam-KhWmv, Mar 3, 2009

Here are some helpful tips to ensure that your small business doesn't leave money on the table this tax season By Reed Richardson The past year has seen a number of changes to the tax code that could significantly affect small businesses and start-ups. Here's a rundown of the major tax updates and additions for filing your 2008 taxes. Section 179 Expensing: In an effort to reward businesses that invested in expansion and infrastructure last year, the federal government more than doubled the...
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What to keep in mind as you work in '09
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Posted by: SBOCTeam-KhWmv, Mar 3, 2009

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,...
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7 Tax Tips for the Self Employed
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Posted by: SBOCTeam-KhWmv, Mar 3, 2009

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. By Christopher Freeburn 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." The...
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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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