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Small Biz Tip: Taxes: Audits

Tips from March 11, 2010 The Small Business tips today discuss types of tax audits. Correspondence Audit: Simple procedure. The IRS requests you to document an item on your return by a specific date. Routine test for compliance. Field Audit: The dreaded audit. IRS asks for documentation of various items on your return and meet with an IRS agent for thorough review of records. Be prepared to answer questions and have all paperwork needed. Taxpayer Compliance Measurement Program Audit: Lengthy and detailed. Document and provide proof for every single item in your return. IRS and Congress use this for research and statistics, and are arbitrary regardless of how careful and perfect your tax return is.  Criminal Investigation Audit: Suspicion of tax evasion. The IRS will try to prove you have purposefully not paid your income taxes. If they are successful, you can face large fines and jail time. If you face this type of audit,... [Read Full Article]

Small Biz Tip: Taxes: Common Errors

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]

Small Biz Tip: Businesses to Start Now: Money Matters

Tips from February 23, 2010 The Small Business tips today discuss businesses in the financial industry to start NOW! Small Business Financial Adviser: Help businesses save money by planning, budgeting, & re-evaluating their finances.  Personal Accounting: During the rough economic situation, people are having a hard time adjusting their personal finances. Retirement Consulting/Planning: Baby boomers are preparing to retire. Help them out & give them financial advice. Tax Adviser: Tax time is quickly approaching! Ask family, friends, & community if they need assistance. Daily Overview: People have questions about their finances in this economy. Provide them with answers with your business. [Read Full Article]

Who Needs Santa When You Have Social Media?

Government, Politics, and the Economy U.S. Stocks Extend Global Rally on Retail Sales, APEC Pledge U.S. stocks added to a global rally, sending the Standard & Poor’s 500 Index to a 13-month high, after retail sales increased more than forecast and Asian government leaders pledged to maintain economic stimulus spending. Bloomberg.comThe Economy6 Steps for Surviving the RecessionThe news today just is not very good. Every time we think we are on the upside of the downturn, we get thrown for another loop, hit with another tax, told it will be just a few more months before all this turns around. [Read Full Article]

Tech: The Return of Risk-Taking

Government, Politics, and the EconomyTech: The Return of Risk-Taking Suddenly, there are mergers and acquisitions, IPOs, and investors galore. Will the reenergized industry lead the U.S. out of the Great Recession? BusinessWeek.comManagement and Operations33 Highly Useful Presentation Tools Use these tools for presentations to engage your audience, and get your point across using the latest technology. Management and Operations [Read Full Article]

Small Biz Tip: Taxes: Important Tax Deadlines

Tips from Wednesday, April 1, 2009 The Small Business tips today highlight the other important tax deadlines, besides April 15. Most annual returns are due April 15 for unincorporated companies and S corporations. C corps: 2.5 months after close of fiscal year. Estimated taxes are due four times a year: April 15, June 15, September 15, and January 15. Sales taxes are due quarterly or monthly, depending on the rules in your state. Check out Depending on the size of your payroll, employee taxes are due weekly, monthly or quarterly. Daily Overview: As small business owners, you are responsible for monitoring and reporting aspects of your taxes year round. I am not a tax professional and have attempted to condense sometimes complicated and detailed tax tips into 140 characters per line. My interpretat... [Read Full Article]

Small Biz Tip: Taxes: Deductions

Tips from Monday, March 30, 2009 The Small Business tips today will cover tax deductions you don't want to miss. All office supplies can be deducted. These expenditures can offset your taxable business income. Your car's mileage, lease payments, gas, repairs and insurance are deductible. Remember detailed documentation! The entire cost of a hotel stay is tax deductible! The entire cost of travel is too! Eating out is only 50% deductible though. Your business phone expenses are 100% deductible as well. IRS assumes you already have a phone, so tally accordingly! Daily Overview: Don't cheat on your taxes, but that doesn't mean you should cheat yourself. Take every deduction you can. I am not a tax professional and have attempted to condense sometimes complicated and detailed tax deduction tips into 140 characters per line. My interpretation may not be exact. Please contact a tax professional wh... [Read Full Article]

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