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…
“I’m kind of the spinning plate lady,” Glenna Mae Hendricks said of her small business enterprises. You know Glenna Mae as Maesz, one of our contributors here. She was also one of the featured speakers at the recent entrepreneurship event in Alva. “I’ve been an entrepreneur since the early 70’s,” she said. “I’m kind of…
I have stumbled upon, what I believe to be, an easier way to keep track of items paid on-line. I signed up to receive my credit card and utility billings on-line. The following is how it works. I: get notices via e-mail; go the the site; print only the page on my bill that contains…
One of our readers left us a comment, with this question, “I live in a small town and I would love to start a community Farmer’s Market that would be on the line of a ‘Flea Market’. Where do I start?” Great question! Here are some ideas to get you going. First you need to…
[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…
So, you have decided officially to become a “business.” Now, what? Well, in order to know how well your business is doing, you will have to keep track of income and expenses: just guessing is not enough. Unless you have specifically chosen otherwise on your tax return, you’ll be reporting on a cash basis. This…
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