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The Blog
Monday, July 21, 2014
Is it a Business or a Hobby? 9 Questions to Ask
The IRS takes the distinction very seriously.
Many small businesses start out as casual pastimes. You help troubleshoot your friends' computer problems in your spare time, and they start telling their friends and business contacts about you. Or you use your woodworking skills to build furniture for non-profit organizations or your sewing skills to make one-of-a-kind dolls for the neighbor kids.
Word gets around that you're good at what you do, but you can't keep doing it for free. You have to start charging for your time in addition to the materials required.
There's a point at which the Internal Revenue Service would consider you a business, obligating you to report your income and expenses on IRS forms and schedules come tax-filing. So how do you know when you reach that point?
To read more about the differences between a hobby and a business, click here.
Posted by: Alicia Davis @ 11:07 AM
Tuesday, April 13, 2014
Haven't Filed 2013 Taxes Yet? 5 Tips
You had good intentions, but you just couldn't pull it together in time. Here are some suggestions for dealing with delinquent taxes.
One of the problems with waiting until the last minute to prepare and file income taxes is that you don't know what might pop up in your personal or professional life to delay you. If this happened to you this year, or if for whatever you simply didn't have all of the information you needed by the deadline, you're probably wondering what to do now.
To read more about your options with late taxes, click here.
Posted by: Alicia Davis @ 09:25 AM
Wednesday, April 16, 2014
Hiring Your First Employee? 5 Tax-Related Steps
Be prepared for a mountain of paperwork, much of it related to income taxes.
Adding your first employee to your small business comes with good and bad news. The good, of course, is that you're succeeding so well that you need full-time help. You're hopeful that this new individual will bring new energy and fresh ideas into your growing company.
You probably worry, though, about finding the right person. And you wonder how much your own workload as an employer will grow.
You're smart to be concerned about both issues. The first has a lot of gray area, but the second - at least where company income taxes are concerned - is very straight forward and clear. The IRS spells out your responsibilities and expects that they will be followed to the letter.
To read more about hiring employees, click here.
Posted by: Alicia Davis @ 10:19 AM
Tuesday, March 12, 2014
7 Facts about Income Tax Extensions
Not sure you'll be prepared to file and pay your total taxes due by April 15? Here's what you need to know about filing an extension.
Sometimes, things beyond your control keep you from making that April 15 income tax filing deadline. Family emergencies. Too much time traveling for work. An overly complicated financial situation. Missing required forms from third parties. Even though tax filing season is 2-1/2 months long, sometimes you're just not ready.
To read more about the extensions, click here.
Posted by: Alicia Davis @ 11:36 AM
Friday, February 14th, 2014
Giving Away Money? Know the Tax Laws
Feeling generous? Want to give a gift of cash or something equivalent to a family member or friend? You should understand the tax implications.
There are numerous reasons why you might want to give a gift to someone you know. Maybe a family member has gone through some hard times, or a friend's child needs help with school tuition. Or you've come into something of a windfall and just want ot share the wealth. The IRS has very clear rules about the tax implications of gifting. So before you bestow a part of what you own to someone, check with us to make sure you understand when taxes might be due.
To read more about the tax implications of gifting, click here.
Posted by: Alicia Davis @ 10:43 AM
Monday, January 13, 2014
8 Things You Should Know About IRS Audits
Yes, the word strikes fear in every taxpayer's heart. Here are the basics.
You may know someone who's been through an IRS audit. You've at least heard that it can be a grueling, complex process. But how much do you really know about this potentially-unpleasant procedure? Here's some of what every business owner should know.
What is an IRS audit?
In an audit, the IRS examines your company's accounts and financial information. The agency's intent is to make sure that your return is in accordance with tax laws and that you paid the correct amount of tax.
To read more about IRS Audits, click here.
Posted by: Alicia Davis @ 11:10 AM
Wednesday, November 11, 2009
Getting Ready For The Holidays
With Thanksgiving fast approaching, many of us
are dreaming of a new kitchen in which to cook our holiday feasts. If
you are lucky enough to upgrade your kitchen with new
energy-efficient appliances, make sure you save your receipts.
This year, the IRS has increased the energy credit to 30% of
cost, with a $1,500 credit limit. This limit also includes
improving the efficiency of your home by replacing old windows,
insulation, heating systems, etc. This is just one way to "go
green" and save green this holiday season.
Posted by: Emily Iris @ 12:41 PM