If you are running a small business or thinking of starting your own business then one very important consideration is how you handle your accounting and tax requirements. Reporting, filing and compliance with the numerous tax regulations that apply to many different levels of running a small business are very complex and difficult for even the savviest financial operators to navigate.
Every year new rules and regulations are added to the already long list. However, with the addition of the Affordable Care Act to address healthcare concerns nationally, it has increased the number of tax rules for small businesses even more than normal for the 2014, 2015 and tax years ahead.
It is also important to note small business owners should remember that even if you plan to pay a tax preparer or CPA to complete your 2015 business tax returns, you are still ultimately responsible for what is on the returns and how it is reported. Therefore, it is a good idea to always be up to date with small business tax information and know exactly how the information for your business is being reported.
Things like golf trips, trips to casinos, eating at expensive restaurants, and tickets to your favorite sporting events are frequent activities on the company bill and can be deducted when related to business entertainment expenses. Find out more!
The purpose of the accrual method of accounting is to match income and expenses in the same year. Under this method of accounting, income is generally reported in the year it is earned and expenses are deducted or capitalized in the year they are incurred?...more
Primarily, individuals and sole proprietors who do not have inventory use the cash method of accounting. If inventory is necessary to account for your income, the accrual method of accounting is used for sales and purchases?...more
Each quarter (15th of January, April, June and September) employers must file Form 941 with the IRS outlining the withheld income taxes including all tips, wages, sick pays, unemployment benefits, etc plus social security and Medicare taxes. This article will help you in filling out the form 941.
Some tax credits are listed under the general business credit, which is figured out using the credit from this year plus the carry forward from previous years.
A most significant change in this new law is that for sales entered into after December 17, 1999, taxpayers are prohibited from using the installment method of accounting for dispositions of property that would otherwise be reported using an accrual method of accounting?
What are the basic rule and restrictions when it comes to deducting business expenses when traveling abroad?
In part due to the more than nine years of US stock market gains coupled with the fact that the economy is in the midst of its longest running expansion ever, a new class of Americans who need to be concerned with estate taxes and the infamous? Death Tax? has been created. Find out how you can beat it!
What form do I use to claim business use of my home for tax deduction purposes? What are the criteria that must be met in order to be able to use this deduction? Find out the answers here!
Businesses that abuse tax shelters are being sought out
With the Taxpayer Relief Act of 1997, Congress has introduced new regulations to curtail the abuse of the tax shelters that many businesses are involved in. In this article we will try to show you what the IRS deems as an "abusive tax shelter".
If you are an owner of a business whose tax deposits for one calendar year exceed $200,000 then they are required to use the IRS Electronic Federal Tax Payment System (EFTPS) starting in the second succeeding calendar year (If you exceeded this amount in 1998, then starting Jan 1st, 2000, they have to start using EFTPS).
Do you have a hobby that costs you a fair amount or that you spend a lot of time doing? You may be able to turn that hobby into a business, thus saving your some additional tax dollars!
Let us show you the benefits that can be enjoyed by everyone, especially small businesses, from the section 179 deduction. The maximum deduction for the year 2000 is up to $20,000 from $19,000 in the previous year.
Establish a Keogh retirement plan before the December 31st deadline for the tax year. You will be able to deduct the contributions on the present year?s tax return. You don?t have to actually put the money into your Keogh until the date of your tax return.
Find out what an ESOP is and how it can affect your tax liability. Why is it in your best interest to create a succession plan?
Not all tax professionals are the same. Different types of tax professionals have different educational requirements and different bases of knowledge. Not all can represent you in an audit either. Take a look at our list to determine which may be right for you.
What special deductions am I entitled to as a self-employed person? Can I wait until the end of the year to start paying taxes since I just started my own business? Take a look at the answers o these and other frequently asked questions.
www.ivdgl.org provides a wide array of resources for individuals and small businesses interested in accounting and tax topics. In your quest to get prepared for the soon approaching 2015 tax filing season please feel free to use our site as a resource of assistance. We do our best to provide relevant and current information as well as access to additional services that may be of help you and your business now or in the future.