Tax Day and Finance Advice

Posts Tagged ‘Tax’

Self-employment brings its challenges. One of them, the presentation and organization! But often as small business owners, we just make things too difficult. Here is a quick and easy to set the annual reporting system to keep your receipts for a fiscal year.

One of them, the presentation and organization! But often as small business owners, we just make things too difficult.

Here is a quick and easy to configure the system presented annually to save their receipts for a fiscal year. Whether you are doing your own taxes or hire a tax professional, this works very well!

1. Take 12 Manila file folders
2. Label individual months of January 200X – 200X December that year.
3. Bin file in your submission to: January to December.
4. Each month, pay your bills for the month in the specified file folder.
5. Presentation is just that easy ! Read the rest of this entry »

Having a business of travel has many legitimate source deductions of taxes you probably did not know. Unfortunately, small business owners end up paying taxes every year because they are not aware of the deductions for small businesses that are available.

Many of the expenses related to your business can be used as a tax deduction. The deductions are of great help if you do not pay taxes through the years if it keeps a record of all your expenses.

1 – Keep the receipt of the company falls. Your business from start-up fee plus a treasure deduction rates. Read the rest of this entry »

In US, If you have a business and you have employees, then you need a Federal Employer Identification Number, or EIN. Basically, it’s a number the IRS uses to identify your business. Your EIN is a nine digit number assigned by the IRS to identify tax accounts of employers.

The EIN is not a substitute for your social security number, and it is important that the owner of the company to use the EIN, not your social security number in the treatment with the IRS.

How to know if you need an EIN? If you answered yes to any of the following questions, you need one: Read the rest of this entry »

Cost of doing business extends far beyond the standard fixed costs of rent, utilities, insurance, etc. I recently read of these two costs of businesses

$ 7,647 per employee regulatory costs (Source: SBA)
$ 767,000 annual payroll cost of absenteeism of the largest employers (Source: CCH Inc.)
From the standpoint of 30,000, many of the costs in these two figures is attributable to taxes in one form or another. Unfortunately today, the taxes have gone beyond the assessment and now extends into all aspects of the business. Read the rest of this entry »

After owning my own accounting business for over 18 years, when it comes to the roster that I have a critical piece of advice for business owners: OUTSOURCE PAYROLL – DO NOT DO IT YOURSELF Seriously!. Payroll is a real headache.There are so many rules, regulations, taxes, insurance, and deadlines that can cost a small fortune if you make the slightest mistake.

OUTSOURCE YOUR PAYROLL – DO NOT DO IT YOURSELF Seriously!.
You must withhold taxes from their gross pay.You employees as an employer match some of those detained taxes.You also pay some taxes that the employee does not. A very specific intervals, time very strict should propel these taxes to the federal and state agencies concerned, the payments are called “payroll tax deposits” The penalties for not correctly calculate and / or not deposited in time they are rigid. . Read the rest of this entry »

Create a system for managing sales tax is not really necessary first. Tax professionals are very used to dealing with the cost of processing credit cards and counters know how to properly declare the sales tax and deductions for processing fees. Losses occur most often when dealers thrifty decide to handle their own tax preparation. Are you one of those “do it yourself, seek the help of a chartered accountant can be something to consider once you start accepting credit cards.

Adequate accounting is the best way to deal with the sales tax on fees for processing, but because there is no way to handle this problem at the register to pass a portion of processing fees credit card equal to the percentage sales tax paid over their customers. Read the rest of this entry »