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: Our company is closing its doors as of this month. When are we required to file 1099’s for the payments made in 2008? We will not be around in February of 2009. Taxgirl says: I’ve checked around and it doesn’t appear that there is any prohibition against sending them early. I say, send…
Taxpayer asks: Hi, I run an ice cream (IC) shop and give away lots of IC to local charities (churches, schools, scout’s, 4H, …). The business is an LLC and I have 2 partners (we all get K-1’s). Can I deduct the retail value of these donations? Obviously, the my cost of the food supplies…
In the legal profession, lawyers sometimes try a little too hard at the networking thing – and lawyer or not, you know exactly what I’m talking about. It’s the whole standing around in suits thing, trying to pretend you’re comfortable, all the while looking for someone better to talk to. Why bother? When it comes…
At my BlogHer session on blogging and tax, I raised the issue of hobby loss rules. This is an incredibly important matter not only for bloggers but others who work in small or home businesses. Just ask Brenda Konchar. Brenda Konchar, a Mary Kay Cosmetics representative, reported her Mary Kay activity as business income; the…
Hmm… I get asked about incorporation for the sake of taxes quite a bit. So, I decided to tackle it for my guest post over at Problogger. Check it out! If you have other questions, don’t forget to ask the taxgirl!
Taxpayer asks: The reader who asked the question (regarding your Feb 28 cell phone deduction post) seemed to presume she’d deduct the cost of the “extra line” (which is usually a minimal cost), but let’s say she was just getting her phones set up from scratch. Could she have given her brother the primary line…
Taxpayer asks: Hi Kelly! I’m so glad to have found your site – what a great service for all of us! My question is in regards to the 1099-MISC form. I am a small business owner and received a 1099 form for a December 2007 sale however the company did not pay until January 2008….
Taxpayer asks: Hi, I have a question, I’m hoping you can help me resolve my issue. My husband recieved a 1099 Misc form as his only source of income, but we have be told that he has to file as self-employed been he has to file a Schedule C form, but our conflict is that…
Taxpayer asks: I do side work occasionally during the year. It is in the construction industry. I pay people to help me do this work and it is usually under $600.00. I am the one who gets 1099’d and would like to know if I can deduct what I pay these people. I have cancelled…
It’s kind of appropriate that the crisis management post that I had planned was to hit today. You see, I’m a little backed up on my things to do because, well, I had a crisis, of sorts. Following up on weeks (and weeks!) of my children contracting every bug/virus/infection known to man, I got slammed…