The only way federal, state and local governments operate is from tax revenue. If you run a small business, you may have even noticed a trend where governments are trying to expand the reach of their taxes and dreaming up new taxes, because the economy is cutting into their revenue stream. Let's run down a list of taxes that impact the self-employed.
morePosted by: Wray Rives, June 2, 2010
Comments: 10
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
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 [...]
morePosted by: Paul O'Brien, April 5, 2010
Comments: 12
Certainly home office expense is a popular tax deduction for the self-employed and freelance workers who actually use a part of their home to conduct their business. I know my small business clients who office out of their home are very careful to track their utilities and home insurance costs, so they can get those [...]
morePosted by: Wray Rives, March 31, 2010
Since the late eighties, American small businesses' cost and burden of dealing with taxes has more than doubled, leaving us to wonder: What's really being done to help working America simplify taxes?
Most troubling is not the cost of taxes, but the mere fact that sole proprietors and self employed professionals, (and the self-employed [...]
Posted by: Paul O'Brien, March 25, 2010
Comments: 1
So if you are an online seller, how do you handle those PayPal fees when it comes to tax time?
morePosted by: Wray Rives, March 11, 2010
Comments: 6
The Pennsylvania legislature is considering sweeping changes in their states sales tax laws that would lower the tax rate from 6% to 4%, but add over 70 goods and services to the list of items subject to sales tax.
morePosted by: Wray Rives, March 5, 2010
The IRS estimates that it is holding over $1.3 billion (that's right I said billion dollars) in income tax deposits for individuals that did not file a tax return in 2006. $1.3 billion from just one year and those folks don't have much longer to claim their money.
morePosted by: Wray Rives, March 3, 2010
Comments: 3
Cost of goods sold can be a difficult concept for small businesses. Cost of Goods Sold is the cost to produce or acquire the products that you sell.
morePosted by: Wray Rives, February 19, 2010
It is expected that a piece of equipment's value will begin to decline "as soon as it leaves the lot." (This is why items like rare coins or gems are not able to be listed as depreciated items, if that's your line of work, since they tend to increase in value over time).
The IRS [...]
Posted by: Lisa Shaw, February 14, 2010
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