Taxes

Top Tax Trends For 2013

By Barbara Weltman - Dec 4, 2012 - 5 Comments

In 2012, taxes made headlines and it is likely that taxes will continue to be at the forefront in 2013. Congress needs to act on many measures impacting small businesses. The IRS is in gear to continue or initiate a number of programs impacting small businesses. Here are some trends to watch for … Read More

Don’t Raise Rates, Cut Deductions

By Scott Shane - Nov 19, 2012 - 5 Comments

John Arensmeyer, the founder of small business advocacy group Small Business Majority, recently suggested that small business owners accept President Obama's demand that marginal tax rates be raised on the top two percent of earners as part of any plan to avoid the fiscal cliff. He told the … Read More

Successful S-Corp Owners: Watch Out For A Tax Increase

By Scott Shane - Sep 3, 2012 - 5 Comments

The Obama Administration's plans to increase taxes in 2013 won't hit all small business owners equally. Owners of successful S-corps and partnerships, it turns out, are most likely to face a tax increase. The economic impact of the administration's tax plans, particularly their impact on … Read More

The Days of Not Collecting Internet Sales Tax Could Be Ending

By Anita Campbell - Aug 8, 2012 - 9 Comments

One of the many benefits of buying online is that often the seller does not collect sales tax on the transaction (unless the seller does business in the consumer's state). In essence, it's as if the cost of buying something is lower when no sales tax is collected, especially on big ticket … Read More

The Politics and Economics of Taxing Small Business Owners

By Scott Shane - Jul 16, 2012 - 25 Comments

President Obama wants to raise taxes on households making more than $250,000 per year by letting President Bush’s tax cuts on upper income earners expire. Mitt Romney opposes this move, saying that raising taxes on the wealthy would hurt job creation. Because both candidates want to appeal to … Read More

Small Business Owners And The Estimated Tax Payment

By Nellie Akalp - May 17, 2012 - 1 Comment

For new small business owners, meeting your tax obligations is a big adjustment – particularly when you’ve been used to having an employer take out income tax withholdings with each paycheck. When you have your own business though, tax time isn’t just once a year; rather you have to make … Read More

Haven’t We Seen This Tax Cut Before?

By Dawn R. Rivers - Apr 30, 2012 - 2 Comments

Whenever politicians start throwing "small business" around, it's best to sit up and pay attention. It's also best to take what they say with a grain of salt. Long time readers know that I've been saying since forever that small business policy that misses most of the small businesses in the … Read More

South Dakota, Texas Top List of Best State Tax Systems

By Anita Campbell - Apr 16, 2012 - 14 Comments

The Small Business and Entrepreneurship Council (SBE Council) just published its Business Tax Index 2012. The list covers what the SBE Council's formula determines is the " Best to Worst Tax Systems for Entrepreneurship and Small Business." Topping the list of the most favorable states for … Read More

Small Business Taxes: How Business Structure Impacts Allowable Deductions

By Nellie Akalp - Apr 3, 2012 - 2 Comments

Whether they’re looking to avoid that ‘double taxation’ conundrum or reduce self-employment and payroll taxes, business owners wonder which legal structure is right for their business, financial situation, and taxes. The issue of double taxation and the S Corporation and LLC’s … Read More

The S Corp Deadline Approaches: Is It Right For You?

By Nellie Akalp - Feb 22, 2012 - 13 Comments

If your business is a corporation, you’re already aware that March 15th is the most critical tax deadline of the year. But March 15th is an important deadline for another reason…it’s the deadline for electing S Corporation status. Choosing the right business structure is a significant … Read More

Less than a Tenth or More than Four Fifths?

By Scott Shane - Jan 2, 2012 - 3 Comments

Should we worry about the number of businesses that would affected by a tax increase or the amount of small business income that would be subject to the tax? It’s an important question. The share of small businesses and the fraction of small business income hit by tax increases are usually … Read More

Just What We Need: More Tax Forms

By Susan Payton - Dec 21, 2011 - 11 Comments

If it's not already enough of a headache keeping up with business expenses come tax time, small businesses that accept credit cards (both online and in brick-and-mortar locations) now have another element to add to the tax equation. It's called the 1099K form. Aimed at addressing the fact that the … Read More