If you've recently landed a gig driving for Uber, walking dogs for Rover, shopping for Instacart, or doing odd jobs on TaskRabbit, you need to be aware that this extra 1099 income may generate a tax bill. Similarly, if you work as a freelancer, ranch hand, doctor, dentist, veterinarian, lawyer, accountant, hairdresser, ... Read More
Business Taxes
Would Clinton’s Corporate Tax Plans Really Hurt Big Businesses?
Say what you will about big business, but many of the nation’s largest multinational companies play a huge role in the nations overall economy as well as it’s political showdowns. When it comes to politics, huge companies often complain, along with republicans, that the country’s corporate tax rates are way too high, bad for ... Read More
5 Tax Tips for Starting a New Business
Starting a business requires a significant amount of planning but the more prepared you are, the greater the odds of success. One of the most important things entrepreneurs need to be concerned with is what new tax responsibilities are involved. If you'll soon be debuting a new business, here's a look at what steps you need to ... Read More
IRS Plans to Step Up Small Business Audits in 2013
In an effort to close the $450 billion tax gap, the Internal Revenue Service has announced that it will increase audits of small businesses in 2013. The IRS will be taking a closer look at a number of key audit areas in which under-reporting of taxes is most likely to occur. If you’re a small business owner, you need to be aware ... Read More
Mitt Romney Proposed Tax Changes if Elected President
Mitt Romney proposes to make the Federal tax code fairer, flatter, and simpler if he is elected President of the United States. His tax proposal has come under much scrutiny because without factoring in economic growth, limited tax deductions and closing corporate tax loopholes, his plan will cut tax revenues by trillions of ... Read More
Tax Tips for Independent Contractors
Independent contractors are not employees of another company, which means they have different tax requirements than individuals who receive a W2 from their employer. Independent contractors are self-employed, either as a sole proprietor or business, and offers tax deductions an employee wouldn’t be able to claim. Here are some ... Read More
IRS Form 1099-K: What Online Sellers Need to Know
If you use an online marketplace - such as Amazon, eBay or Etsy - to run your small business, the IRS may be taking a closer look at your income. Beginning this year, the IRS is requiring third-party payment processors, including PayPal, to issue a 1099-K form to online sellers who meet certain requirements. The following are ... Read More
2011 Business Reporting Requirements for 1099-MISC
If you are a small business owner who pays independent contractors, service providers and other individuals for freelance or contract work, you are required to issue IRS Form 1099. These forms are sent to any individuals who you've made payments to in order to be used in their own tax filing. The information on Form 1099 is ... Read More
2012 IRS Standard Mileage Tax Deduction Rate?
The 2012 IRS mileage rates (2013 IRS mileage rates) vary depending on whether you are claiming mileage for business travel, moving expenses, charitable work or medical-related traveling. Each category of travel has its own mileage rate used to calculate the tax deductible expenses related to driving your vehicle. IRS mileage ... Read More
Backup Withholding Tax Rate: When it Applies & IRS Notifications
If you are an employer or some other entity that makes payments, you must withhold taxes from your employees' paychecks and certain other payments that you issue. However, you must also be aware of any additional taxes that you may have to withhold. For payees who do not furnish a correct Tax Identification Number (TIN), you ... Read More
IRS Worker Classification: Independent Contractor vs Employee
If you're a business owner who utilizes independent contractors, it is crucial for you to be aware of the differences between an independent contractor and an employee in terms of how the IRS defines each. While there are tax benefits to using independent contractors rather than hiring employees, you must be very careful in ... Read More
Who Gets Audited by the IRS?
Are you worried about being audited by the IRS? Do you know whether or not you fall into a high-target area for an IRS audit? Even though most people will never be audited during their lifetime, there are certain tax filing categories that the IRS targets more frequently than others. If you fall into one of those categories, ... Read More
