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Bartering and Taxes - Some Tips from the IRS

Wed, 22 Feb 2012 11:16:31 +0000

Barter is a "good news" "bad news" kind of thing. Yes, taxes are due for bartering income, but on the other hand you can take barter expenses as deductions.

The IRS has a new article with tax tips for businesses that engage in bartering. Barter is the exchange of goods and services between businesses and individuals. Good time to consider how you will pay taxes on barter transactions.

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Why You Can't Make Business Taxes Disappear

Mon, 20 Feb 2012 08:22:45 +0000

Joe Kristan at Iowa Business wrote a brilliant article about why there is no Tax Fairy. He included some illustrations of his point along with a final warning:

[i]f you make a lot of money and you want to continue to control and use it, you will eventually have to pay taxes. There is no special "de-tax" plan or double-secret pay-no-taxes-ever trust scheme that your preparer is just too lazy or ignorant to tell you about.

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Home Office Deductions - The Myth of the IRS "Red Flag"

Fri, 17 Feb 2012 09:27:46 +0000

Many self-employed business owners work at home. But many are terrified that taking a home office deduction will somehow trigger an IRS audit. Not so, say tax professionals.

In this article on Tax Tips from Professionals on FlexJobs.com, the tax professionals agreed that

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Corporate Income Taxes Due March 15 - Where is Your Corporate Tax Return?

Wed, 15 Feb 2012 04:37:12 +0000

Corporations and S Corporations must file and pay their federal income taxes by March 15. Not April 15. Maybe this is one advantage to having a limited liability company, partnership, or sole proprietorship, because they are not required to pay taxes until April 15. If you think you will not be able to file by the March 15 deadline, you can file an extension on IRS Form 7004,which will give you until September 15 to file.

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Tips for W-3s and 1096 Forms - Due End of February

Sat, 11 Feb 2012 09:52:56 +0000

Today, some tips for preparing and filing those W-3 forms (for employees) and 1096 forms (for contract workers and others).

W-3 Forms are the summary transmittal forms totaling all the 2011 tax numbers (wages, federal and state income tax withheld, etc.) on the W-2 forms you gave employees at the end of January. These forms must be sent to the Social Security Administration no later than February 29, 2012

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To Wait or Not To Wait - On Tax Forms, That Is

Thu, 09 Feb 2012 05:38:59 +0000

Patience is a virtue, so I guess I'm not very virtuous. I'm meeting with my CPA this week to give him the information for my business and personal taxes.

But I'm missing a couple of forms, including a 1099-MISC from one of my clients. I want my refund, darn it. So should I wait until I have all the forms, or go ahead and file anyway?

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Preparing to Calculate Your Home Office Deduction

Sun, 05 Feb 2012 05:14:58 +0000

I just took my business taxes to my tax preparer (yes, I have someone else do my business taxes) and we spent most of our time going over the information needed for my home office deduction. Let me take you through the discussion, which was very thorough, so you can understand the information you should bring with you for this important tax deduction.

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Tax Software for Business Taxes - 4 Reviews

Thu, 02 Feb 2012 05:53:39 +0000

William Perez, my colleague over at Tax Planning, has reviews of four top tax software programs for 2011 taxes, and he has included information about preparing small business taxes with three of these programs. I have included details on which software version to buy if you want to prepare Schedule C for a small business or to do a corporation or partnership return.

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Can I File Schedule C-EZ for My Small Business Taxes?

Mon, 30 Jan 2012 10:11:51 +0000

Schedule C is the tax form you use to report on the business taxes you owe for your small business (sole proprietorship or single-member LLC. If your business is VERY small, you may be able to file Schedule C-EZ instead.

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Why Your Small Business Needs a CPA

Fri, 27 Jan 2012 05:41:04 +0000

Alyssa Gregory at Small Business Information has a new article about why your small business needs an accountant. Every business, no matter how small, needs a financial and tax advisor for all the reasons Alyssa mentioned. But I would go further and specify that your business needs a Certified Public Accountant (CPA), not just an accountant.

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