Did life get the better of you this year, and despite your best efforts, it just doesn’t look like you’ll be able to file your tax returns by the deadline? If so, filing an extension could be a great option for you. If you’ve never filed an extension before, you probably have questions about what [...]
When you drive your car for work, it probably doesn’t show up on your Statement of Profit and Loss, but it could be a significant tax deduction for your small business. If you aren’t keeping good records of your business miles, you could be needlessly throwing away hundreds (or thousands) of dollars every year, by [...]
When you’re new to the world of self-employment, getting your first tax returns filed can be especially confusing. Even if you kept good records, there may still need to be some work done to get them organized so your tax returns can be prepared. Ideally, you’d be able to walk into my office with a [...]
New for 2017, the IRS has swapped the due dates for Partnership tax returns and C Corporation tax returns. This is a move that makes sense, but if you aren’t paying attention, you could get caught off-guard and wind up facing some hefty penalties if you file late under the new rules. Who Does this [...]
Form 1040, Schedule C, Form 1065, Form 1120 or 1120S? What's the right answer for your business? When you start a new business, you probably already know that you’ll have to file and pay income taxes. But how do you know where to report the income and expenses for your business? The correct tax form [...]
As we get closer to the start of the filing season for your 2016 income tax returns, more and more people are starting to ask me questions about how to get ready and what to expect this year. If you’re looking to get a quick overview of the basics, this is the Q&A for you. [...]
If you’ve been in business for a while, at some point you’ve probably paid an independent contractor to provide services for your business. If you’ve paid an independent contractor $600 or more during one year, you may also know that you’re required to issue them a Form 1099-MISC and send a copy to the IRS. [...]
How Many of These Accounting Wake Up Calls Have You Had? I’ve consulted with a lot of small business owners over the years. And I’ve noticed that they all pretty much go through the same “evolution” when it comes to tracking their expenses and revenue (also known as “accounting”). PHASE ONE: No System. When they [...]
Crowdfunding has been around for a long time (at least if that Wikipedia thing is to be believed) and, like a lot of activities, the internet has made it way faster and easier than it used to be. Not surprisingly, as it gets easier to raise money for a cause, more people are jumping onto [...]
Imagine This: You’ve had a great year. You’re killing it at work, business is good, your stock portfolio is up and you want to share the wealth and make a generous contribution to your favorite charity. So, what do you do? You call up your broker, tell them to sell 10 thousand dollars [...]
