Tax Time
A new video on the Small Business section of the IRS Video Portal looks at how good recordkeeping can reduce stress at tax time. It is never too early to start thinking about your tax return.
Can you sell a sole proprietorship or have more than one owner
Because there are so many sole proprietor businesses, two questions come up over and over: Can you sell a sole proprietor business? and Can a sole proprietor have more than one owner? Can you sell a sole proprietorship? Pirate Bob, Sole Proprietor Yes. You are not selling stock like you would in a corporation, and…
So, You Are Being Audited?
First rule: Don’t panic. You have probably done nothing wrong. In the past 5 or so years, my clients have received about a dozen of those lovely letters from the IRS. There has been no change for any of them. The IRS conducts many of what they call “letter audits.” These are merely requests for…
Are unpaid internships legal
A big discussion at ChrisBrogan.com about unpaid internships spilled over into the question of whether unpaid internships are legal in the US. I used to work in the field of workforce development (back in the dark ages), so I wasn’t afraid to head to DOL to check. Here’s what my research says:Unpaid internships would not…
Annual IRS Small Business Survey
A small business related announcement from the Internal Revenue Service: The Small Business/Self-Employed (SB/SE) division of the IRS will begin conducting its annual telephone survey of taxpayers starting January 18, 2010 and running through mid-April, 2010. This survey is targeted to small business and self-employed taxpayers who file certain income tax forms, including: 1120, 1120S,…
New Online Small Business Tax Workshop
New business owners always have questions about taxes. I visited this IRS-made site. It is remarkably “user friendly” and intuitive. The video is of an excellent quality and there are many features that make it very easy to use. You should, at least, go watch/listen to the Introduction. Then you can chose whichever area is…
Doing business in more than one state
Andrea left this question as a comment: I have an online business based in California. I currently ship from Nevada. I want to also start shipping from Illinois. My question is -do i need a business license and/or to pay taxes in NV and IL? Jeanne Cole, our contributor from the Small Business Development Center,…
Claiming Business Use of Your Car
If you are going to use the standard mileage deduction, you need to keep track of the business miles driven. There are two ways to prove to the IRS how many miles you have driven your car for business. Under either method it is very advisable to record the odometer reading on the 1st day…
