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, […]
Can you be self employed AND on Social Security?
A reader arrived at Small Biz Survival with this search query:“I want to start a home business, but I’m on Social Security. Can I still be self employed?” This sounds like a good addition to the Small Biz 100 and tax question for Maesz! Here’s the answer:—–Yes… but If she is not “full retirement age,” […]
