Small Business Taxes

Take The Sting Out Of Filing Taxes

Your small business is your baby, and you want to make sure that you are not throwing your hard earned cash out the window from not doing your taxes properly.  Nobody likes filing taxes, and it can be a painful experience as you go through your paperwork and watch the government take what they require.  But, this is a necessary evil, and there are ways that you can make the

Taxes Are Not Fun, But They Are Not Bad

You don’t have to pull your hair out at the end of the year when filing taxes as long as you follow a few practical suggestions.  Many small business owners are either too distracted, busy or lazy to properly manage this aspect of their operation.  If you can find the time and the resources that will help you to keep up with your paperwork, you will be amazed at how

How To Keep Your Tax Liability Down

The best way to keep your tax liability to a minimum is to be familiar with the different rules, requirements, deductions and credits that are available for your particular business.  Sole proprietorships, LLC’s, partnerships and corporations all have different tax rules as well as independent contractors.  Before you even start your business, you should take a look at the various tax advantages and drawbacks for each so that you can

Good Habits Lead To Fewer Small Business Taxes

Did you know that many small business owners pay way too much money on their taxes each year?  It’s true, and you don’t have to be one of them.  Simply keeping good records of your income and expenses and using quality software can help you to keep your tax liability to a minimum.  Many entrepreneurs have no idea just how many deductions and credits are available, yet they fail to

Understanding Small Business Taxes

Paying small business taxes is par for the course, and it is really easier to manage than most people think.  The underlying principles are the same, whether an individual, partnership or corporation.  Look at income less expenses and deductions and then pay the applicable tax rate.  Of course, many find that the process of calculating taxes is a bit more complex, the reality is that if you are organized and

Don’t Mess With Taxes: Small-Business Owners Need To Keep On Top Of Finances

Entrepreneurs start their own businesses for a number of reasons, but usually, chief among them is the goal to make money. So when sales start flowing and business is good, entrepreneurs are happy. Want to know what makes them unhappy? Getting in between them and their money. Alas, Income.com followers, we all have to pay taxes, and despite entrepreneurs’ reluctance to part with their hard-earned dough, small-business owners have to

Minimize Small-Business Startup Costs With These Tax Tips [Infographic]

When starting a small business, entrepreneurs usually direct all their resources and efforts toward making money. And rightly so. What good is a small business if it doesn’t generate revenue? But Income.com wants all entrepreneurs to know that just as important as making money is protecting the money you’ve earned. How, you ask? Through cost-saving avenues afforded to you by tax deductions that many small-business owners may be oblivious to. Sometimes, ignorance is

Make Sure You Get 1099-K Forms In Order

Paperwork: An entrepreneur’s nemesis. Nobody likes spending countless hours hunched over a desk, mashing calculator buttons and scribbling in figures and checkmarks, but here’s some advice for young entrepreneurs: It’s a necessary evil. Especially when that paperwork directly relates to your money. In that case, you better brew another pot of liquid energy because the feds are going to pay closer attention to one key tax form for sales derived from

Form 8829 Helps Work From Homer’s Save Money

Working from home can help entrepreneurs shave valuable time off commuting and other office tasks, time that can then be repurposed to count toward more productive activities. But working from home can do more than save you time, it can save money. The U.S. Internal Revenue Service (IRS) maintains a tax deduction that allows small-business owners to deduct savings if they work from home. However, the agency said there has

How 2 Tax Hikes The Fiscal Cliff Deal Didn’t Avoid Will Impact You

The fiscal cliff deal made on January 1 wasn’t so much hailed as a grand gesture in the face of economic doom, as it was tolerated by a population fed up with a game of partisan chicken. Sure, the fiscal cliff deal renewed some $46 billion in key tax breaks for small businesses like the Section 179 deduction, 50 percent bonus depreciation and the research and development tax credit. But

Fiscal Cliff Deal Preserves Key Tax Breaks, Credits To Save Money

Capitol Hill politicians reached a compromise on the fiscal cliff, though it took 15 hours after midnight on New Year’s Eve to get full approval from the U.S. House of Representatives. The looming across-the-board tax hikes and draconian spending cuts that threatened to plunge the national economy into a double-dip recession were officially avoided with bicameral support for a plan forged by Vice President Joe Biden and Senate Minority Leader

18 States Can’t Pay Back Debt, Increase Unemployment Taxes On Small Business Owners

Big government has done it again. Legislators have raised taxes on entrepreneurs, and this time, they did it without any help from the incoming Taxmageddon that will kick in after the country is pushed over the fiscal cliff and falls to its collective economic death. No, this time, the government is trying to make it so entrepreneurs in several states would pay more in taxes. The culprit? The federal penchant