Starting a business is like starting your own baseball team. Start-up (Spring training) is when you are doing your research, deciding on a business name, zoning requirements, setting up your business, deciding on what form your business will take (sole proprietorship, corporation, LLC). You’re assembling all the parts of your business (team), getting ready for [...]

So you’ve finally done it: you started your own business. You’re making money and feeling great, maybe even enough to buy that new car or home you’ve been coveting. But wait! What about Uncle Sam? Doesn’t he want his cut of your new pie?
Of course he does. And, that guy who wants to sue you [...]

Sorry to crash your party, but as we bring in the New Year, it’s also time to bring in a New Tax Season. As a small business owner or self-employed person, one of the easiest ways to keep Uncle Sam off your back and out of your life is to file your forms, payments and [...]

Tired of dealing with those complex depreciation rules? Thanks to recent tax law changes, here’s how to avoid them completely while benefiting from a lucrative small business tax break that not only puts money in your pocket, but also makes the filing of your income tax return much simpler.
What am I talking about? It’s called [...]

Have you been thinking about incorporating your small business or self-employment activity? The advantages are many!
For starters, you’ll be protecting yourself and your family from the possible of a business ending lawsuit. Forming a corporation is Step One on the path known as “Asset Protection” — you are moving from the world of unlimited liability [...]

One of the largest burdens on very small employers is dealing with taxes. Fortunately, the IRS has taken a major step to reduce this burden.
Quarterly Federal Tax Returns – Not!
There are millions of small businesses that labor under the burden of filing federal tax returns each quarter of the calendar year. These quarterly returns have [...]

As a self-employed sole proprietor you can deduct as an ordinary and necessary business expense the costs of a qualifying home office on Schedule C.
If you are an employee of your own one-man corporation, whether a regular “C” corporation or a “sub-chapter S” corporation, you have three choices for handling the costs of a qualifying [...]

Deferring income
Shifting taxable income from the current to the next tax year is useful only if you expect your next year’s income to be equal or less than your current year’s one.
• Waiting for a bonus? Keep waiting. Applies only to Cash-Basis-Tax-Payers. See if you can receive it in January of next year. Doing so [...]

Who must may self-employment tax? If you are self-employed, you will be responsible for self-employment tax. For the purpose of determining self-employment tax, you are self-employed if you are a sole proprietor, an independent contractor, a member of a partnership, or are otherwise in business for yourself. As a self-employed individual you will have a [...]

Taxes, taxes, taxes – who cares about taxes in September? The end of the year isn’t for another three months and I don’t have to file till April 2006. Who is even thinking of these things now? Well, you should be.
Avoid Grief – Plan Now
Is this you? Every year in April, are you surprised by [...]