[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 […]
New Mileage Rates from IRS
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.
Got a Home Office? How deductible is it?
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 […]
When NOT to be a Sole Proprietorship: Forming an LLC or S Corp
Sole proprietorship is the simplest form of business, but it also has some disadvantages. So for this installment of the Small Biz 100, I’ll talk about some of the situations where you don’t want to be a sole proprietorship and what types of business you might want to form. Important: I am not an attorney, […]
