Tax time for small businesses is typically very stressful. With the April 15 deadline approaching, now is the time (if you haven't already) to get started on preparing your taxes. While researching for this week's tax tips and blog, I came across many tax tips that I didn't know about. Check out my Top 10 Tax Tips!
File Your Tax Return for Free - The IRS Free File program provides free federal income tax preparation and electronic filing for eligible taxpayers through a partnership between the IRS and the Free File Alliance LLC, a group of private sector tax software companies. Free tax preparation and filing via online software is available to anyone with a 2009 Adjusted Gross Income of $57,000 or less. If that’s you, head to the IRS website and choose from a list of approved tax preparers, and get started. If you aren’t sure which preparer to use, ans... [Read Full Article]
Tips from March 9, 2010With many business tax returns due on April 15th, the Small Business tips today discuss common tax return errors and how to avoid them.
The most common business tax return error is also the easiest to avoid – make sure the return is signed by a company officer.
According to the IRS, the #2 business tax return error is failing to include the correct tax ID number. Is yours correct?
Incorrect sequencing or missing forms are easily preventable return errors. Review the instructions for each return one last time.
Late or inaccurate election to be treated as an S corporation. This is a big one, because an invalid election will mean your corporation will be subject to double-taxation for the year.
Daily Overview: With correct preparation and execution, tax time doesn't have to be stressful. Be prepared, organized, and turn to help if you need it.
Big thanks to Ky... [Read Full Article]
According to the U.S. Small Business Administration (SBA), "Small firms with fewer than 500 employees represent 99.9 percent of the 29.6 million businesses" in the United States. Conversely, large businesses numbered only 18,000 as of 2006. Small businesses and the self-employed truly are the backbone of America.
With tax season fast approaching, make sure your small business is well prepared for April 15th by downloading the 2010 IRS tax calendar for small businesses and the self-employed. (Click the below picture to download this handy small business resource in convenient PDF form).
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In The News
Workplace Shootings in Florida, Texas Again Put Focus on Violence on the Job The two shootings are the highest-profile incidents of workplace violence since a Yale University student’s strangled body was found in the university laboratory where she conducted research. A co-worker, Raymond J. Clark III, was later charged with the murder. Workforce.comManagement and OperationsHow to Resolve Workplace Conflict Conflict in the workplace is a painful reality and a key reason for poor productivity and frustration. Do you have people in your workplace that cause problems for everyone else? Do they create additional work for o... [Read Full Article]
Time is running out for many small businesses wishing to take advantage of the expanded business loss carryback option included in this year’s recovery law. Eligible individuals have until Oct. 15 to choose this expanded carryback option. Eligible calendar-year corporations have until Sept. 15.
This carryback provision offers small businesses that lost money in 2008 an excellent way to quickly get some much needed cash if they were profitable in previous years. This option is only available for a limited time, so small businesses should consider it carefully and act before it’s too late.
Under the American Recovery and Reinvestment Act (ARRA), many small businesses that had expenses exceeding their income for 2008 can choose to carry the resulting loss back for up to five years, instead of the usual two. This means that a business that had a net operat... [Read Full Article]
Government, Politics and the Economy
Obama Supports Bank Fees for Risk and Wealth Surtax for Healthcare
President Obama signaled his support for a proposal to impose fees on some of the nation’s largest financial firms to cover losses from risky transactions and avert another market meltdown. He also said that a surtax on the wealthy fits with his ideas on paying for healthcare. Bloomberg.com
GOP Financial Services Overhaul
Republicans have developed their own version of legislation aimed at overhauling regulations of the financial-services industry. The GOP version relies more on free-market principles than on additional... [Read Full Article]
If you are planning to start a new business this year, you must be aware of your responsibilities regarding federal taxes. Here are the seven things that the IRS considers vital for you to know if you plan on opening a new business this year.
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1. Business Structure
First, you must decide what type of business entity you are going to establish. The type you decide upon will determine a great deal about your taxes, such as which tax forms you have to file. The most common types of bus... [Read Full Article]
Government, Politics and the Economy
Stimulus Plan: Where are the Jobs?
That is the $787 billion question: Where is all that government stimulus money, and why hasn't it stemmed the rising tide of US unemployment? BusinessWeek.com
Second Stimulus: Democrats Split
Democrats in Congress are divided over whether to push for more deficit spending to end the recession and stem job losses, complicating the possibility of a second stimulus bill. Bloomberg.com
Management and Operations
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