[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…
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.
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…
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,…
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,”…
In our massively connected professional networks, handing work off to friends and associates is pretty common. But it also triggers some tax issues in the US. When you pay someone to write an article, to be your virtual assistant, to redesign your site, to work with you on a project for your client, basically anytime…
“I just got my first paying side gig! Now what? Am I a business? What do I have to file? How does all this work?” If you are active in the world of social and creative media, you may find yourself with an unexpected offer to accept advertising, do some consulting work, or speak for…
As filing season starts, cyber scammers are trying new tactics to steal personal financial information from taxpayers. One type of e-mail message tells folks that their returns will be audited. The sender purports to be IRS and directs recipients to click on links that give senders access to their computers and their personal data. If…
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