Tax tips and guidance built for small business owners and the self-employed — deductions, filings, and the stuff that actually applies to you.
Taxpayer asks: Hi Kelly, I read your article about incorporating to limit taxes. How about forming Limited Liability Corporations (LLC’s)? When you form an LLC for real esate holdings to limit liability, do you file as an individual or do you have to file for the LLC? Thanks. Taxgirl says: This is one of those…
Taxpayer asks: If you run a home office, can you claim animal costs for your “guard dog” if so does it have to be a dog? Taxgirl says: Funny, I’ve gotten a couple of variations on this question. Here are my thoughts. It is clear that you can pro-rate the cost of a security system…
I have received a number of questions about the Payroll Tax Holiday and how it applies to those who are self-employed. I wasn’t sure, initially, so I did what I always do (and what I recommend that you do) and I went straight to the source. The Tax Relief, Unemployment Insurance Reauthorization and Job Creation…
Taxpayer asks: I own a small business. I was planning on getting my employees a little something for Christmas this year but I heard on TV that they’d be taxed on it. Is that true? taxgirl says: It depends. You see, the IRS tends to believe that, even at the holidays, you aren’t really giving…
Remember those expanded 1099 reporting requirements that were included in the health care bill? It was all anyone could talk about for quite awhile. Clearly underestimating the rage of voters and business owners, members of Congress (yes, the same ones that voted it in) vowed left and right to do away with it. Apparently, those…
We are a Mac household. And a Mac family. Before you judge, rest assured that it wasn’t that cute Justin Long that influenced our decision. We were all-Mac before it was cool. My husband was a Drexel grad back in the 1980s when Drexel standardized the Apple and has been addicted obsessed hooked a fan…
My kids are budding entrepreneurs. The list of proposed businesses that my daughters, in particular, have created grows longer every day. My personal favorite – the cat owner finding business – mercifully didn’t get much interest after the initial suggestion. Their latest suggestion is an apple cider stand for the winter; they have to work…
Thanks to my friends over at Smithford Law Offices for noting that the IRS has issued a warning about these EFTPS scams. You can get more details, including a link to the warning, here. If you can’t view the post, you can read the IRS warning here. Apparently, the scam has been circulating for a…
Taxpayer asks: Hi, Just wondering if I have multiple jobs one year, can I not declare taxes if what I earn from each individual job is less than $600, or does what I make from all the jobs added together have to be under $600? And what if its at the $600 mark; does it…
It turns out that the news about the SE tax break hasn’t garnered much press outside of the tax world. I’m fairly surprised by the lack of coverage considering the target market but my guess is that it has a lot to do with the fact that the break is only for one year. At…