For those of you who have contracted work out to other people or partnerships and have paid those people or partnerships $600 or more in the past year, it is soon the time to report that to the IRS and to remind the subcontractors that the payments they received are taxable. The same is true […]
2011 Standard Mileage Rates
Starting Jan. 1, 2011, the standard mileage rate for a car (also vans, pickups or panel trucks) becomes: 51 cents per mile for business miles driven from 1 Jan thru 30 Jun; 55.5 cents per mile 1 Jul thru 31 Dec, 2011 19 cents per mile driven for medical or moving purposes from 1 Jan […]
Can a sole proprietor have more than one business
Question: Can a sole proprietor have more than one business? Answer: Yes. Next question. Easy peasy. Seriously, as a sole proprietor, you may have one (1) business or several businesses. There is no limit to the number of businesses in which you may engage. The Internal Revenue Service says you must report your income and […]
One key tip when calling the IRS
Did you ever want to be able to actually talk to someone “in the know” at the Internal Revenue Service? Well, here it is: a list of IRS phone numbers and web site links designed to give you the answers you need. It is quite an extensive list. I only have one caveat: stay away from the […]
