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…
Becky is out of town due to a family emergency. I am swirling in the depths of the tax season. But, here’s a little goody I encountered the other day. While not exactly a “how-to-run-your-business” idea, it might help your productivity and improve the quality of your working life. Novothink has announced that its hotly…
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,…
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…
Internet providers who charge customers by how much they use would have to justify their prices to federal regulators under a bill introduced last week. Freshman Rep. Eric Massa (D-N.Y.) filed the bill after some providers tested plans to charge customers more if they download video or otherwise use a lot of bandwidth. The companies…
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…
Here’s the reader question of the day: “In accounting, how do you post a land purchase?” Of course, I promptly turned this over to Maesz, our resident accounting expert. Here’s her reply: This is for a pure land purchase — no buildings, fences, wells, etc (technically these must be assigned value at purchase and then…
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….
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