The IRS announced that it will start Form 1099-K matching in late 2013. In February of 2012, the IRS provided a reprieve from merchant card reporting on business returns for 2011 Schedule C and Forms 1065, 1120S and 1120; however, the IRS plans to change its approach after 2012 returns are filed. The IRS has indicated…
The Internal Revenue Service has a virtual space where small business owners can learn about federal tax responsibilities: Virtual Small Business Tax Workshop. Click to open then click “Start” mid-level on the left. Sit back and learn something. The nice thing is you can do it over as many times as you feel the need.
By Glenna Mae Hendricks, E.A. A commenter asked: Can you still claim business expenses on your taxes if you’re a blog contributor and the website can’t pay you yet because it’s just barely profitable? This answer assumes that you live and practice your profession in the United States. Bloggers networking at SXSW 2009 If you…
By Maesz IRS Tax Tip 2012-16, January 25, 2012 There are many benefits that come from being your own boss. If you work for yourself, as an independent contractor, or you carry on a trade or business as a sole proprietor, you are generally considered to be self-employed. Here are six key points the IRS…
I thought these tips from the IRS were too good not to pass along. –Glenna Mae IRS TAX TIP 2012-01, January 03, 2012 The income tax filing season has begun and important tax documents should be arriving in your mailbox. Even though your return is not due until April, you can make tax time easier…
By Glenna Mae Hendricks, E.A. The first of the year is very fast approaching. This means it is very important for all business owners to start gathering the information needed to file Form 1099-MISC for each sub-contractor who has been commissioned to do work for you and who you paid more than $600 total for…
By Glenna Mae Hendricks, E.A. Starting Jan. 1, 2012, the standard mileage rate for a car (also vans, pickups or panel trucks) becomes: 55.5 cents per mile for business miles driven 23.5 cents per mile driven for medical or moving purposes 14 cents per mile driven in service of charitable organizations Source: IRS announcement of…
Starts with 2011 tax year. That’s this year’s tax return, filed in 2012. New income reporting requirements will require the ability of a business owner who accepts credit cards to segregate cash sales from credit card sales. They must be reported separately on the Form 1040, Schedule C and, also, on Form 1065 (partnerships &…
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