Freelancing is the new way to work for millions of Americans in today’s economy. Many are attracted to the freedom of working in the comfort of their own home. Freelance workers typically are subcontractors performing various tasks for one or more clients, often electronically with the ability to transmit their work to clients via email […]
Bookkeeping Tips for Freelancers Read More »
If there is a fear business owners have over most others, it is an audit from Uncle Sam. Small businesses are highly susceptible to an IRS audit because of the extensive itemization of the returns they typically file. To avoid an IRS audit, a business needs to structure their tax paying and filing activity in
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Customer loyalty programs have been around for several decades, and today, airlines, hotels, car rental agencies, and most retailers have one. Many business owners wonder just how valuable a rewards program is. Consider these findings from The Center for Retail Management at Northwestern University: Only about 12% to 15% of consumers are loyal to one
Customer Loyalty Rewards Your Bottom Line Read More »
The plan that many aspiring entrepreneurs have may be a flawed one. They have an idea or product that they are positive will work, even if the rest of the world is blatantly skeptical. They will do anything to prove that they are right about their product or idea; even if it means simply ignoring
How a Business Plan Helps Determine if Your Business Idea is Viable Read More »
According to the Washington Post, the payroll tax hike that took effect on January 1 likely just wiped out any improvement you made in your income over the past year. If you’re a median-wage single person, you’re likely to bring home around $900 less this year than you did last year. An upper-middle class, two-breadwinner
How Will The Payroll Tax Hike Affect You? Read More »
The Alternative Minimum Tax (AMT) was introduced back in 1969 and acts as a method for the government to tax wealthy people who would normally have ways of lowering their tax burden through special channels. People who end up paying the AMT learn that they cannot deduct common things such as property taxes, investment advisory
How the Fiscal Cliff Deal Affects the AMT Read More »
In order to avoid paying capital gains taxes, it is helpful to know and take advantage of the so-called ‘loopholes’ in the tax code. One of the most useful is called the 1031 Exchange or alternately the Starker Trust Exchange. It works likes this; if you inherit and then sell a vacation, rental, or other
Capital Gains Loopholes: The Mighty 1031 Exchange Read More »
The American Taxpayer Relief Act (ATRA) extended a number of business tax credits through 2013 and changed more than 30 credits and deductions that range from the Expense Mine Safety Equipment Credit to the American Samoa Economic Development Credit. Some of the most useful credits for business owners include: The Housing Allowance Exclusion for Qualified
The Ups and Downs of the American Taxpayer Relief Act Read More »
Everyone by now has probably noticed that their paychecks are a little slimmer than they were at the beginning of last year; 2% lower, to be precise, due to Congress not extending the temporary reduction of the Social Security payroll tax. But that’s only the widely known tax change and the one with the broadest
What Happened When the Bush Tax Cuts Went Away? Read More »
Businesses are overwhelmed with paperwork these days. Employee payroll, insurance, retirement plans, the list goes on and on. And with laws and regulations changing constantly, keeping up with all that paperwork AND staying in compliance with the government can be more than a full time job. In past years, the solution was to bring in
Finding a Reputable Payroll Service Provider Read More »
