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According to National Federation of Independent Business (NFIB), here are a few tax deductions that small business owners often make mistakes with:Filed under: Uncategorized | Tagged: bank loan, Business, business miles, income tax, IRS, tax deduction | Leave a Comment »
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Many small business owners who prepare their own tax returns often shy away from taking the Home Office deduction for their business, but oftentimes the ability to deduct the home office can save a lot money, particularly
Filed under: Uncategorized | Tagged: Business, home office, income tax, IRS, Small Business, tax deduction | Leave a Comment »
As a followup to some previous posts, namely “Employee vs subcontractor – Why the Federal rules are more important to know“, and “Employees versus Independent Contractors in New Hampshire – Do you know the law?“, I’ve gotten a number of inquiries from people who weren’t sure they were being properly classified as either an employee or as a sub-contractor.
Enter Form SS-8. This is an IRS form used to request a determination from the IRS on status of workers, and can be requested by the employer, contracting party, employee, or sub-contractor. You should be aware that the IRS’s responses to these forms do tend to lean towards treating someone as an employee, though.
So when does it make sense to get this determination?
Filed under: Uncategorized | Tagged: 1099, 941, Business, employees, employment tax, IRS, New Hampshire, payroll, Small Business, W-2, W-4, worker classification, workers compensation insurance | Leave a Comment »
There are numerous reasons why the Internal Revenue Service may contact you throughout the year, so if you receive an IRS missive in the mail, don’t panic. Instead, open the letter and deal with it straightaway. Whatever you do, don’t put it off.
Chances are you are receiving a computer-generated letter because the IRS thinks you owe it money.
Filed under: Uncategorized | Tagged: CPA, Department of Revenue, income tax, IRS, New Hampshire, Small Business, tax deduction | Leave a Comment »
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Years ago, comedian Steve Martin gave us an easy formula for making a million dollars without paying tax. “First . . . ya get a million dollars.” Then, when the tax man comes to your door and says you never paid taxes, just tell him “I forgot!” That’s a great plan, assuming you can get your hands on the million bucks and you’re willing to take your chances with the tax man. But what about those of us who don’t have a million dollars and those of us who remember we have to pay taxes? Are there better ways for getting that tax bill down to zero?
Filed under: Uncategorized | Tagged: CPA, homebuyer tax credit, income tax, Interest/ Dividend Tax, IRS, tax credit, tax deduction | Leave a Comment »
