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…
Tag: business
Yes, Olympic Wins Are Taxable (And Should Stay That Way)
As our athletes medal in Sochi, the chatter has again started about whether those medals – and the associated bonuses – should be exempt from federal income tax. Is it appropriate? Or necessary? I say no to both. And here’s why.
Getting To Know You Tuesday: Shayna B. Chapman
Next in line for Getting To Know You Tuesdays is Shayna B. Chapman, CPA CITP CGMA, of Chapman & Burris CPAs LLC in Gallipolis, Ohio. Here’s what Shayna had to say: 1. Where are you now? In my home office overlooking the beautiful Ohio River where there is some peace and quiet. 2. What’s your…
Getting To Know You Tuesday: Brad Garland
It’s back! I’m thrilled to announce the relaunch of my popular – and fun – series, Getting To Know You Tuesdays. In the series, I ask tax pros a series of questions, some serious, some not so serious. It’s a great way to get to know tax pros around the world and discover that we…
More Small Business Owners Sound Off On Economy, Buffett Rule & Taxes
Earlier this month, I asked small business owners to chime in on tax and economic policy. My panel of small business owners represented different industries and varying locations. Each had employees (ranging from 3 to 100) and their companies grossed at least $250,000 last year. The feedback from the piece was generally favorable. But readers…
What Not To Do: What You Can Learn From The FunnyJunk.com/Oatmeal Debacle
The following is a guest post from J. Christopher Erb (@jcerb on twitter), an attorney in Philadelphia, PA, who focuses on corporate and contract law for international and domestic corporations with specific emphasis on internet law issues. Rumor has it, he’s also responsible for my last name and one or more of my children.
33 Perfectly Legal, Tax Free Sources Of Income & Benefits
Remember Stacy Knutson? She was the waitress I posted about earlier today who was given $12,000 in a take out box by a customer. The story generated an interesting comment (thanks travisborton) about treasure trove, income and the IRS. Of course, that got me thinking: what else could you put in your pocket and not…
Taxes From A To Z: Y Is For Year End
Y is for Year End. Tax returns are filed based on your tax year end. Individual filers have a calendar year which means that federal income tax returns are due on April 15 of each year – unless that day falls on a Saturday, Sunday or holiday as it does in 2012. This year, we…
Taxes From A To Z: W Is For Wash Sale
W is for Wash Sale. “Just call it a wash.” How many times have you said that? If you’ve ever uttered those words, then you have a pretty good understanding of a wash sale. It is, at its most basic, when you sell or trade stock or securities at a loss while simultaneously (or nearly…
Taxes From A To Z: G Is For Gift Expenses
G is for Gift Expenses. The word gift can have a different meaning, depending on who is doing the giving and who is doing the getting. If you don’t believe me, check out an episode or two of Judge Judy (yes, I’m a fan). When it comes to business, however, the IRS has a very…