Filing taxes for self-employed entrepreneurs and small businesses can be quite complicated. In addition, tax liabilities can vary widely depending on the accuracy of your record keeping and which deductions you take. Since small business people are required to pay 15.3% self-employment taxes on all taxable income, it is in your best interests to take […]
Deductible and Non-Deductible Small Business Expenses Read More »
Bitcoin and other digital currencies have increased in popularity in recent years. The number of people holding Bitcoin is now in the millions, and many online retailers, such as Dell, Microsoft, and Overstock.com are now accepting the currency as payment for goods and services. Bitcoin Basics: Bitcoin is an electronic medium of exchange in which
Calculating Bitcoin Taxes Proving Difficult Read More »
Although we are in the middle of the 2014 tax filing season, it is never too early for businesses to plan their tax strategies for the coming year. Overall, most of the same business tax deductions will still be available; including home office (if you qualify), advertising and promotion, auto expenses, travel, equipment and many
Important Small Business Tax Changes Read More »
Taxpayers who missed the February 15, 2015 deadline to enroll in a healthcare plan through the public exchange or face a penalty received some good news; a special enrollment period will be added, extending the deadline to April 30, 2015 in 37 states. The government also announced that some 800,000 taxpayers received incorrect forms from
ACA Filing Deadline Extended through 2015 Tax Filing Season Read More »
Tax season is in full swing, and for individuals, the critical date is April 15; tax returns for 2014 must be in by this date or taxpayers are subject to penalties on taxes owed. For businesses and self-employed individuals, however, there are several other tax filing deadlines to be aware of before we reach the
Important Tax Filing Deadlines for Businesses in First Quarter 2015 Read More »
Giving to our family, friends, church, and other charities is an important part of life. The gifts we give strongly reflect our values and what we deem to be important. Whom we give to is important to be sure, but how we go about giving may be just as important from a tax standpoint. The
Giving on Purpose Read More »
As we approach spring, most of us are focused on filing our 2014 taxes. However, it is never too early to start planning for next year. For example, if you are an employee, you may have a better idea of how much money to withhold so you can avoid being stuck with a tax bill
Important Tax Law Changes for 2015 Read More »
Tax filing season is already here. And for individuals, this means that their returns are due by April 15. For businesses, however, certain deadlines are approaching much faster. For example, anyone with employees must send out a W2 (to each employee) by January 31. However, do not forget your contract workers; that is, people who
1099 Tax Filing Requirements for Contract Workers Read More »
As 2015 begins, the economy appears to be looking better across most industries. However, to ensure success in the New Year, it is important to make sure you have your finances and tax situation organized. Here is a quick checklist to help you start 2015 on the right foot. Assess your Goals: Before making any
New Year Tax Preparation To Do List for Businesses Read More »
Before leaving town for the year, Congress finally acted on a number of expiring provisions in the tax code. All in all, they passed 55 tax extenders retroactive to January 1, 2014. Some lawmakers wanted to make certain provisions permanent, but no agreement could be made to satisfy both parties. At the end of the
Congress Passes Tax Extenders for 2014 Read More »
