You may love what you do but at some point, you gotta eat. That’s more or less the word from Internal Revenue Service (IRS) when it comes to being an independent contractor. When you work for someone else – and you get a form W-2 – reporting your income is easy. You enter the information … Read more
This story appears in the June 29, 2015 issue of Forbes. After college, high school buddies Richard Wolf, Tyler Fontaine and Chris Carbutt started playing with a $75 home-brewing kit in the vacant barn on the Wolf family’s horse farm in Skippack, Pa. After two years of experimentation with fermentation and a lot of taste-testing … Read more
It’s my annual “Taxes from A to Z” series! Next up: U is for Underpayment Penalty If you owe tax on Tax Day, it may not simply be enough to write a check for the tax due. Depending on how much tax you owe – and the circumstances – you may also have to pay … Read more
It’s my annual “Taxes from A to Z” series! For the series, I’ll focus on terms that you might see on your tax forms and statements but not necessarily in the headlines. If you’re wondering whether you can claim wardrobe expenses or whether to deduct a capital loss, this is one series you won’t want … Read more
With Black Friday on its way, will the internet stay tax free? Speaker Boehner has signaled that he will not support the Main Street Fairness Act. However, with the moratorium on taxing internet access under the Internet Tax Freedom Act about to expire, is there room for compromise?
Many taxpayers cheered in 2008 when the Housing and Economic Recovery Act, or HERA, was signed into law by President Bush. The bill was designed to provide “needed housing reform” and was intended to kickstart the declining housing market. Of course, Congress never met a bill that couldn’t be bulked up with other bits and … Read more
This week, the House voted to not only extend a tax break for small businesses but to make it permanent. The specific provision that the House advanced involves Section 179 of the Tax Code. Under Section 179, small businesses can immediately write off certain qualifying expenses as a deduction in one year rather than depreciating … Read more
Think you always have a right to due process? Think again. Under some circumstances, the federal government believes that it has the right to seize your property without notice and without a requirement for a speedy hearing. Taxpayers in Michigan, with the help of the Institute for Justice, are fighting back.
Senate Finance Committee Chairman Max Baucus (D-MT) and House Ways and Means Committee Chairman Dave Camp (R-MI) made a stop in Philadelphia as part of their bipartisan roadshow for tax reform. Small business owners talked tax and business – and no surprise, simplification and certainty topped their wish list.
The rains and extreme weather continues to pound parts of the country this week. Earlier, I posted about taking steps to protect your personal documents and financial records in the event of a weather related disaster. But what about your business? When it comes to business, Scan, scan, scan. Businesses deal with so much paper. … Read more