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Hiring Children as Employees This Summer? What You Need to Know

Fri, 17 May 2013 02:29:16 +0000

Before you hire children as employees this summer, here are some laws and regulations you need to know about:

1. Check the child's age, using a driver's license or birth certificate. Don't rely on the child to give you this information. Check on work permits, depending on your state's requirements.

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Why Business Owners Need an Exit Strategy

Mon, 13 May 2013 05:50:54 +0000

Now that the economy is improving, you may be looking to sell your business. But before you take that step, stop and make an exit plan. Recently I interviewed John Leonetti, CEO of Pinnacle Equity Solutions and author of Exiting Your Business, Protecting Your Wealth to discuss exit plans.

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I Didn't Get Paid for My Work - Can I Claim a Bad Debt Deduction?

Thu, 09 May 2013 11:17:26 +0000

A reader asked, "I did work for a client who didn't pay me. Why can't I deduct that amount from my taxes as a bad debt?" Good question, and one I get asked fairly regularly. Bad debts are a bit confusing, because not every non-payment is a bad debt. To have a bad debt you have to have recorded the income and then not get paid. The only way this can happen is if your business is set up on the accrual accounting system; in this system, income is recorded when the bill is sent to the customer. Since most small businesses use the cash method of accounting, most can't claim bad debt expenses.

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IRS Worker Reclassification Program (VCSP) Expanded - Until June 30, 2013

Mon, 06 May 2013 09:46:47 +0000

If you have been considering whether to re-classify workers from Independent Contractors to Employees, you may want to do that now.... The IRS is offering a temporary expansion of its Voluntary Classification Settlement Program (VCSP) up to June 30, 2013.

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Home Based Business Expenses - What's Deductible, What's Not

Sat, 04 May 2013 11:27:46 +0000

Someone asked me recently, "Can I deduct the cost of lawn care from my home business taxes?" Having a business at home has benefits, but it also can be confusing when it comes to figuring out which expenses are deductible and which are not.

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New I-9 Form Use Begins May 7, 2013 - Get More Information at Teleconference

Thu, 02 May 2013 08:39:26 +0000

Reminder: Beginning May 7, 2013, employers must begin using the revised I-9 form to verify work eligibility of new employees. The U.S. Customs and Immigration Services (USCIS) has revised this form to make it more "user friendly." To be sure you are using the correct form, look for the expiration date; it should say "3/31/2016."

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Why Your Business Needs an Employee Handbook

Tue, 30 Apr 2013 01:25:21 +0000

A reader commented that she was being disciplined because she violated a "verbal guideline." But if it's not in writing, is it really a guideline? You know I always say, "If it's not in writing, it doesn't exist." Even if you have only one employee, you need an employee handbook/policy manual.

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Got an EIN? Then You Must File - and Pay - Business Taxes

Sat, 27 Apr 2013 09:31:48 +0000

I recently received a question from a reader who wanted to get a business tax ID number (an EIN) so he could get a big discount on a product he purchased for personal use. The EIN is for employers, but almost all businesses these days need a tax ID for several purposes, including bank accounts and doing business with customers and suppliers.

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What If I Move My LLC to another State?

Tue, 23 Apr 2013 03:22:29 +0000

There's lots to think about when considering a business move, especially a relocation from one state to another. Each U.S. state has different requirements for legal types registered with that state. One major effect of the move might be a change in your business type. For example, should you close out your LLC in one state and start a new one in the new state?

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Simplified Home Office Deduction Available for 2013 Business Taxes

Fri, 19 Apr 2013 15:25:46 +0000

The IRS has announced a new alternative way to calculate your home business space deduction, for 2013 taxes. This sounds like a great deal, but don't get too excited. The new simpler deduction method is capped at $1500 ($5 a square foot times a maximum of 300 square feet).

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