From the category archives:

small or home-based business

Ask the taxgirl: Reporting for Single Member LLCs and S corporations

24 March 2009

Taxpayer asks:
Hi Tax Girl,
I had income from multiple sources in 2008 – albeit, not much…it was a bad year
I briely worked as an independent contractor for a real estate company and received a 1099-MISC for $5,467 of non-employeee compensation.
It was reported under the single member LLC I formed (to my EIN). I created [...]

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Tax Tips for Small Business Owners

18 March 2009

Today’s post is courtesy of guest author, Sheryl Schuff. You can find out more about Sheryl by checking out her interview as part of my Getting To Know You Tuesday series.
–
Thanks to Kelly for inviting me over to share this space with a guest post for her readers.
I’ll be discussing some frequently [...]

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Twitter Tax Tips #11

12 March 2009

Expense it! In 2008, businesses can expense up to $250,000 of §179 property instead of depreciating. #TwitterTaxTip
(For more on twitter tax tips, see my prior explanatory post.)

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Ask the taxgirl: 2008 Mileage Rates

5 March 2009

Taxpayer asks:
I understand mileage rates changed in the middle of the year by the IRS. Can you offer the mileage rates for medical and for service with a non-profit.
Taxgirl says:
The craziness in gas prices this year did lead to a complicated mileage arrangement for 2008. The IRS normally updates mileage only once per [...]

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Ask the taxgirl: Independent Contractor and Employee in the Same Tax Year

4 March 2009

Taxpayer asks:
Hello Taxgirl,
I have a simple, yet complicated tax question. I worked for a company last year for the first 5 months, then for the last 7 months I was self- employed. Do I file two separate forms? Anything you can tell me I will greatly appreciate.
Thank you,
Taxgirl says:
Here’s a lawyerly answer for you: yes [...]

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Ask the taxgirl: Temps as Employees

24 February 2009

Taxpayer asks:
Hi Kelly,
Here is the situation i worked for a doctor’s office for two months and she informed me that I did not need to pay taxes because I was a temp. Ten months after I left the job she started asking me for my information because she said the tax laws have [...]

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Get Organized (for free!) Before Tax Time

23 February 2009

One of the biggest challenges that small businesses and solos face come tax time is getting organized. If you’re like me – and I don’t mind saying so – you tend to spend far too much time sorting through papers and receipts.
But what if you could scan all your paper receipts to transform the [...]

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Ask the taxgirl: 1099 for Rent

10 February 2009

Taxpayer asks:
I am a sole prop and paid rent to an accountant who is a professional corporation. Do I need to 1099 him?

Taxgirl says:
No, you generally don’t issue a form 1099 for rental payments made to corporations (there are some exceptions). For more on when a form 1099 might be appropriate, check out [...]

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Ask the taxgirl: Are Promotions and Giveaways Deductible?

2 February 2009

Taxpayer asks:
Good Morning Tax Girl,
Thank you for this opportunity to ask you this question. I have a shop where I sell coffee among other things. I have the usual punch card for coffee drinks- buy 9, 10th one free. Is that 10th one tax deductible for my operation and if so would you kindly direct [...]

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Ask the taxgirl: LIVE (It’s today!)

23 January 2009

It’s “Ask the taxgirl: LIVE!” I hope you can stop by today at 11:00am to listen in. The focus is on small business tax questions with specific emphasis on home businesses and freelancers. You can ask your questions about small business a number of ways:

Call in: (646) 716-7150 (regular [...]

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