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?
morePosted by: Wray Rives, March 11, 2010
Comments: 3
Death and Taxes Really Do Go Together
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
One Good Reason to File a Tax Return (Even if You Didn’t Make Any Money)
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 and the IRS
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
What is Depreciation?
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
Help! I Don’t Know Where to Expense My Business Cards!
Business owners get stressed over where to properly categorize expenses, when most of the time it does not matter.
morePosted by: Wray Rives, February 11, 2010
Schedule C
You use Schedule C (Form 1040) to report income or loss from a business you operated or a profession you practiced as a sole proprietor. An activity qualifies as a business if your primary purpose for engaging in the activity is for income or profit and you are involved in the activity with continuity and [...]
morePosted by: Wray Rives,
All the Form 1099 Federal Tax Deadlines You Need to Know for Calendar Year 2010
The deadlines for sending 1099’s to contractors and the IRS can get a little confusing. Use this post to mark your calendars and never worry about 1099 deadlines again! And, of course, never forget that Outright has you covered when it comes to collecting form W-9 from contractors and filing your 1099’s on time.
February 1, [...]
Posted by: Jennifer Escalona, February 5, 2010
Comments: 0
Common 1099 Mistakes – Frequently Asked Questions
1099’s were due to contractors on February 1st and are due to the IRS by March 1st when paper filing and March 31st when e-filing. We’ve mined our team of experts at the Outright Community to find the most common 1099-related mistakes and how you can prevent them. (Or, oops, rectify them!)
It’s February 3rd. What [...]
Posted by: Jennifer Escalona, February 3, 2010
10 Important Tax Facts About Charitable Donations to Haiti
If you have made donations to the earthquake relief efforts in Haiti, you may be able to take a deduction for your contributions on your 2009 tax return which is due April 15, 2010, instead of waiting to take the deduction next year. Here are 10 important facts about charitable contributions for Haiti.
In order [...]
morePosted by: Wray Rives, February 1, 2010
