Ten Tips for Business Owners Source: IRS Summertime Tax Tip 2009-20 If you are a small business owner, whether you hire people as independent contractors or as employees will impact how much taxes you pay and the amount of taxes you withhold from their paychecks. Additionally, it will affect how much additional cost your business…
WASHINGTON — The Internal Revenue Service today announced the availability of video and audio products to help taxpayers take full advantage of the 2009 tax provisions in the American Recovery and Reinvestment Act. The IRS has launched a YouTube video site and an iTunes podcast site to better serve taxpayers. People can visit the video…
The IRS may have some useful tax credits for you if you hire members of certain targeted groups. The work opportunity credit has been extended to cover members of targeted groups who begin work for you before September 1, 2011. For tax years beginning after December 31, 2006, there is no longer an alternative minimum…
The IRS has a very nice video/audio section for Small Business issues. I realize that many small business owners do not like to consider the tax side of their business. This is a bad idea. Eventually you will have to pay attention even if only once a year when you file your tax returns. You…
If you file your own taxes and have not yet gotten them finished, here is a little extra deduction that is new for this year. If you do not itemize deductions, and if you own your own home (that means, probably, that you make mortgage payments), you may add the amount of any real estate…
An anonymous commenter asked us to confirm that inventory does not affect profit and loss statements, but does affect cash flow. Inventory is product you buy to resell, so yes, it affects your cash flow. You spent money to purchase it. You collect money when you sell it.If you are preparing Cash Flow Statements, you’ll…
For those of you who have contracted work out to other people, and who have paid those people $600 or more in the past year, now is the time to report that to the IRS and to remind the subcontractors that the payments they received are taxable. It is time to issue Form 1099 MISC….
If you chose the standard mileage rate to deduct your vehicle expenses for your business use, NOW–right now–is the time to record your odometer reading. You will want to have total miles driven for the year and miles driven for business purposes. Business miles will, of course, come from your record of business usage of…
Glad you dropped in to the rural and small town business blog, established in 2006.
We want you to feel at home, so please take our guided tour.
Meet our authors on the About page.
Have something to say? You can give us a holler on the contact form.
Want to search our past articles? Catch up with the latest stories? Browse through the categories? All the good stuff is on the Front Page.
We partner with campaigns and organizations that we think best benefit rural small businesses.
Copyright © 2006–2026 Becky McCray • Site by Webdancers