By Cliff Ennico ’Tis the season for last-minute tax questions. Here are some of the more interesting ones I’ve received in the last week, and my best suggestions: Q: I am not yet registered as a business with the government, so have no tax I.D. number. I was just doing this as a trial for […]
Join THE Small Business Expert, Susan Solovic, in this podcast on legal tips for freelancers is Barbara Weltman. Weltman has been a tax and business attorney since 1977. She has the knowledge entrepreneurs need to get ahead and stay ahead. Whether she’s writing books on small business taxes, legal issues for business and business finance […]
Sharpen your pencils. It’s time to deal with the IRS again. In this article we want to talk about something that’s referred to as the “Hummer deduction.” To be specific, it’s known as the Section 179 deduction. And it translates to allowing a business to write-off up to $500,000 for qualifying purchases — like newly-bought […]
“I am a software developer. Most of my work is done for established companies on a contract basis, but lately I’ve taken some assignments from startup companies. These companies usually pay me in cash (sooner or later), but one client has offered me a one percent interest in the company as a ‘thank you’ for […]
Caught up in the frenzy of March Madness? Don’t forget it’s also tax season. The filing deadline is just around the corner, and while you can’t escape paying Uncle Sam, you can make sure you don’t pay more than legally required. However, because the tax laws change every year, knowing what you can and can’t write off is confusing to say the least. Some business owners miss perfectly legitimate deductions while others get creative and take more than they should resulting in potential problems down the road.