Click to subscribe via email
There are many essential components to successfully running a small business, but the backbone of it all is proper bookkeeping and implementing a thorough accounting system. Not adhering to necessary record keeping protocol alone can bring a small business to its knees
Filed under: Uncategorized | Tagged: bookkeeping, Business, business plan, CPA, income tax, Small Business, tax deduction | Leave a Comment »
New Hampshire businesses need to start thinking about documenting what is ‘reasonable compensation’ to the owners or partners if they are operating as a sole proprietor or partnership.
As an indirect result of New Hampshire introducing and ultimately repealing the so-called LLC tax several years ago, New Hampshire has now enacted new rules
Filed under: Uncategorized | Tagged: Business, Business Profits Tax, Department of Revenue, LLC, LLC Tax, New Hampshire, partnership, reasonable compensation, Small Business | Leave a Comment »
[/caption]
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 »
A business, whatever the size, is like a wheel with many cogs. And each cog must be in good working condition to keep the wheel running at top speed. One of the important “cogs on the wheel” is bookkeeping, which is simply, keeping records of the business’ financial transactions.
Keeping track of income and expenses
Filed under: Uncategorized | Tagged: bookkeeping, Business, business plan, cash flow, income tax, 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 »
