From the category archives:

small or home-based business

IRS Announces Tax Calendars Available (Sort of)

18 July 2011

The IRS has announced that you can now place orders for the 2012 IRS Tax Calendar for Small Business and Self Employed, Publication 1518, beginning July 18. The 18 page calendar is filled with useful tax information for small businesses. In addition to alerting you to filing deadlines for payroll, excise and income taxes, the [...]

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Controversial 1099 Reporting Requirements Repealed

15 April 2011

Oh, new 1099 reporting requirements, we hardly knew ye… Remember those new 1099 reporting requirements that caused such a sensation when they were quietly sneaked slipped burrowed inserted into last year’s health care law? Under the terms of the Patient Protection and Affordable Care Act, businesses would have been required to issue a form 1099 [...]

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Ask the taxgirl: Business Expenses

13 April 2011

Taxpayer asks: I give monthly to a Christian Radio Station. Is this considered a deduction since it comes out of my blogging business account, not my personal account??? taxgirl says: I love this question because there are a bunch of issues here… One, it’s smart that you’re keeping your blogging business and personal account information [...]

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Brewers and Drinkers Cheer Proposed Small BREW Act

30 March 2011

Let’s get one thing out of the way from the get go: I enjoy a good beer. And more often than not, a good beer tends to come from a craft brewery. Don’t believe me? My wedding reception was in a beer hall (Stoudt’s, in case you’re wondering, complete with a polka band) and I [...]

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Taxes from A to Z: S is for Statutory Employees

21 March 2011

If you’ve ever taken a good look at your form W-2, you’ve probably found yourself wondering about who qualifies as a “statutory employee.” It’s listed right there on your form, with a checkbox at box 13 next to the fairly well known box for retirement plans. But it’s rare that you see it checked, so… [...]

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It’s March 15, Do You Know Where Your Corporate Tax Returns Are?

15 March 2011

Today is March 15 which means that most corporate taxpayers must file their tax returns (or extensions) by the end of the day. This includes forms 1120 for C corporations and forms 1120S for S corporations. If you’re not ready yet, you can obtain an automatic 6-month extension by timely filing a federal form 7004 [...]

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Taxes from A to Z: K is for Kickbacks

13 March 2011

Oh c’mon. You totally knew that I was going to choose kickbacks, right? The rules governing illegal activity and taxes are some of the most entertaining bits of the Tax Code, not that the bar’s terribly high to begin with… The specific section of the Code that references kickbacks can be found under Itemized Deductions [...]

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1099 Repeal Still All Talk, Not Law

8 March 2011

Congress had no problem sneaking in the now infamous 1099 expanding reporting requirements. But boy, they are having a devil of a time getting rid of it. The new rules, which expanded the reporting requirements significantly, were originally included in the health care bill passed over a year ago. The text, at Section 9006, was [...]

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Taxes from A to Z: D is for Depreciation

6 March 2011

Nothing lasts forever. Things you buy age, they wear down and sometimes, they become obsolete. That’s more or less the essence of depreciation. For federal income tax purposes, depreciation is a deduction that allows you to recover the cost or other basis of certain property. Depreciable property includes most tangible property (I like to think [...]

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Taxes from A to Z: B is for Business Mileage

4 March 2011

Section 162 allows taxpayers to deduct expenses incurred in the course of a trade or business that are deemed “ordinary and necessary.” One of the most common of these expenses is the cost of operating a car, van, pickup truck or panel truck. When it comes to deducting those costs, taxpayers have a couple of [...]

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