[Adapted from the “IRS GuideWire,” 16 July 2008] In a tax emergency, would you be ready? Well–organized records not only help you prepare your tax return, but they also help you answer questions if your return is selected for examination or prepare a response if you are billed for additional tax. Fortunately, you don’t have…
Hope you are all keeping track of your miles driven for business. The IRS is in a generous mood. “Due to rising gas prices, the mileage rate will increase by eight cents to 58.5 cents a mile for all business miles driven from July 1 through Dec. 31, 2008.” Check the IRS website.
If you set up your business’s office inside your home, how will you go about deducting the costs of that office? Since not all of your home expenses are for the business, then some sort of allotment must be made in order to accurately reflect business expenses. A certifiable “home office” that is used “exclusively…
So, you have decided officially to become a “business.” Now, what? Well, in order to know how well your business is doing, you will have to keep track of income and expenses: just guessing is not enough. Unless you have specifically chosen otherwise on your tax return, you’ll be reporting on a cash basis. This…
I know, most of us are really small biz owners, but when you get to the place you must hire employees, here are the 10 questions you must NEVER ask in an interview. It might also be a good idea to have these with you if you have applied for a job and go to…
Business.gov, the official business link to the U.S. government, has new search features and content to help small business owners find information. Business owners can now access information on starting and managing a business, including licenses, permits and regulatory information, on more than 9,000 state, territory, county, and city government Web sites.
As filing season starts, cyber scammers are trying new tactics to steal personal financial information from taxpayers. One type of e-mail message tells folks that their returns will be audited. The sender purports to be IRS and directs recipients to click on links that give senders access to their computers and their personal data. If…
(1) Use your bank credit card to pay year end deductible expenses; for transactions with a bank credit card, you take the deductionin the year that the item was charged, even if you pay the bill next year.(2) Remember the rules for substantiating charitable contributionsas you do your year-end giving.Starting this year, donors are required…
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