Taxes

Internet Sales Tax Bill May Stall in House of Representatives

By Anita Campbell - May 9, 2013 - 10 Comments

Small business owners: if you are opposed to the Internet Sales Tax bill, you may be able to breathe a sign of relief - for a while anyway. If you are in favor of the Internet Sales Tax bill, be prepared to have your patience tested. Earlier this week, the U.S. Senate passed the Internet … Read More

Senate Passes Internet Sales Tax; Bill Moves to House

By Joshua Sophy - May 7, 2013 - 4 Comments

More than two-thirds of U.S. Senators voted in favor of the so-called Internet Sales Tax on Monday evening. Small business owners who do business online are divided on the measure. According to CNNMoney.com, the Senate voted 69-27 Monday to pass their version of the Marketplace Fairness Act. … Read More

How You Can Lower Your Self Employment Taxes

By Nellie Akalp - May 1, 2013 - 7 Comments

The end of tax time typically brings renewed interest in business structures. Fresh from filling out their tax forms, sole proprietors and partners in a general partnership are often concerned about self employment taxes and wonder if there’s a way to legally keep more of their hard earned … Read More

Small Businesses Divided on Internet Sales Tax

By Anita Campbell - Apr 25, 2013 - 5 Comments

The U.S. Senate is expected to vote this week on an Internet sales tax. The proposed law aims to give states the power to require out-of-state sellers to collect sales tax for online sales. If you think this issue sounds familiar, you'd be right. It's legislation that has been kicked around … Read More

IRS Looking to Tax Free Lunches Offered at Tech Firms

By Joshua Sophy - Apr 23, 2013 - 1 Comment

Federal tax officials may bring more reality to the old adage "There's no such thing as a free lunch." According to reports from the California Bay Area and Silicon Valley, the Internal Revenue Service is considering whether to tax free lunches and other perks routinely offered to employees at … Read More

Texas Tops List of Best Small Business Tax Systems, California At Bottom

By Joshua Sophy - Apr 22, 2013 - 4 Comments

If you were to choose a state to do business in based solely on state tax systems, Texas and North Dakota would be at the top of the list. And at the bottom? Try California, Hawaii and New Jersey. The Small Business and Entrepreneurship Council has released its annual Business Tax Index … Read More

Tax Code Burdens Small Business Owners, Leaders Promise Change

By Joshua Sophy - Apr 18, 2013 - 2 Comments

Tax time may finally be behind small business owners, but the pressure remains. Small business owners face a tax time crunch much more than once a year, and new data from the National Small Business Association confirms just how much filing taxes can slow down operations. According to a report … Read More

10 Small Business Tax Deductions You Shouldn’t Ignore

By US Small Business Ad… - Apr 2, 2013 - 3 Comments

Tax season is here, and it’s time to rifle through your business expense records and make the most of any legitimate small business tax deductions you can claim to lower your overall taxable income. Unfortunately, many taxpayers who qualify for a variety of deductions—most notably the home … Read More

IRS: Dirty Dozen Tax Scams Threaten Your Business

By Joshua Sophy - Mar 30, 2013 - Leave a Comment

You've worked hard on your business, and don't want all that hard work destroyed by scammers aimed at draining your company of profits and cash flow. Identity theft continues to lead the Internal Revenue Service's annual Dirty Dozen list of scams perpetrated on individuals and … Read More

U.S. Capital Equipment Tax Deduction Rule Pending

By Joshua Sophy - Mar 23, 2013 - 2 Comments

A new law being proposed in the U.S. House of Representatives will stabilize the amount small businesses can deduct for machinery, equipment, vehicles, furniture, off the shelf software and other qualifying property. An official IRS release on the proposed law explains: The section 179 … Read More

Small Business Owners: The IRS Says You Are Tax Cheats

By Scott Shane - Jan 28, 2013 - 5 Comments

Small business does a lot for America, accounting for roughly half of private sector GDP and employment. Their economic contributions probably account for part of the reason that small business is our country’s most trusted group. A recent Pew Foundation survey revealed that 71 percent of … Read More

IRS Increases Standard Mileage Rates for 2013

By Annie Pilon - Dec 4, 2012 - 9 Comments

The IRS just released its standard mileage rates for 2013, which show slight increases from the current 2012 rates. These rates are made available so that employees, self-employed individuals, and other taxpayers can calculate their tax-deductible transportation costs for business, charitable, … Read More