Education

Owner’s Draw – A Business Owners Perspective, Pt. 2

Yesterday, guest poster Katrina M. Harrell explained the basics of Owner’s Draw. Today, find out how to deal with Owner’s Draw with your bank and in your Outright account.
Why Owner’s Draw is Confusing when Dealing with the Bank

Your bank considers money in and money out on behalf of or to the benefit of the [...]

Posted by: Katrina Harrell, August 12, 2010

Comments: 0

Owner’s Draw – A Business Owner’s Perspective, Part 1

A common question for many sole proprietors is what is Owner’s draw, how do I pay myself and how does Owner’s Draw affect that? This article will walk you through and explain from a business owner’s perspective what owner draw is and how it should be used in your business
Owner’s Draw: What Is It?

Owner’s [...]

Posted by: Katrina Harrell, August 11, 2010

Comments: 5

What to Give Your Accountant at Tax Time (Hint: It’s Not a Shoe Box)

Want to know a great way to save money on your taxes, (and save your tax preparer's sanity)?
Organize your paperwork before you hand it over! It sounds insanely simple, but it will save you money, and get your taxes done faster.
After all, you pay a professional to do your income tax return because they have [...]

Posted by: Mariette Knoblauch, April 6, 2010

Comments: 2

Hosting & Domain Expenses Categorized for Taxes 374 Different Ways

If you needed proof that your small business taxes are a confusing nightmare, consider web hosting and domain purchases. The IRS certainly doesn't make it easy to understand where the expense for your new domain name should fall; from more obvious Schedule C options such as "Utilities" to the obscure, "Depletion" (does any one know [...]

Posted by: Paul O'Brien, April 5, 2010

Comments: 12

At Tax Time, What About These PayPal Fees?

So if you are an online seller, how do you handle those PayPal fees when it comes to tax time?

Posted by: Wray Rives, March 11, 2010

Comments: 6

Are my AT&T Bills Deductible?

If AT&T is your phone service provider (or, frankly, this is true of anyone else who is), you can deduct their costs for business. The trick will be to determine whether it's fully or partially for business use. If are hard line (wired phone) runs to a dedicated business location such as office space you [...]

Posted by: Paul O'Brien, March 10, 2010

Is my IT Support from Geek Squad Deductible?

Even if you were careful not to download worms and viruses from The Google, your computer might misbehave from time to time and even develop some serious hardware issues. It might need a new fan or graphics card, and that might mean a computer repair cost. Call Geek Squad; deduct the cost. If [...]

Posted by: Paul O'Brien, March 9, 2010

Are Animal Crackers Deductible?

If you are not a Marx Brother, you probably bought these to feed and entertain the little ones who attend your daycare (The bad news is that they are too young to now who the Marx Brothers are; the good news is that they are also to young to think Richard is one of them). [...]

Posted by: Paul O'Brien, March 7, 2010

Is My Cosmetology License Deductible?

If you are a hairdresser or beautician, you probably want some reassurance for your customers that you were not solely trained at boot camp. The cost of the cosmetology license so often displayed can be deducted. If you rent a chair or booth at a salon, the cost of the rental is deductible as well. [...]

Posted by: Lisa Shaw, March 5, 2010

Is my Verizon Bill Deductible?

You can deduct the costs of your Verizon services if used for business. A hard line (wired phone) running to a dedicated office space in your home (or otherwise) enables you to deduct the base rate of the Verizon service. However, if your home office has a line being used for both personal and business, [...]

Posted by: Paul O'Brien, March 2, 2010