Archive by category Taxes

Obama Tries to Assuage Small Businesses’ Fiscal Fears

Obama Tries to Assuage Small Businesses’ Fiscal Fears

Photograph by Andrew Harrer/Bloomberg When President Barack Obama met with small business owners at the White House on Tuesday, he tried to reassure them that he’ll reach a deal with Republicans in Congress to keep tax cuts for the middle class from expiring Jan. 1. The 15 business owners who spent more than an hour […]

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Tax Help for Housecleaners and Cabdrivers

Tax Help for Housecleaners and Cabdrivers

Photograph by Jan Johannessen/Getty Images People who need help filing taxes but can’t afford to hire a preparer can go to community groups funded by the IRS for free tax prep. Many people who work for themselves can’t use the help, though, because the programs are barred from preparing returns with substantial business income. That’s […]

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How to Get Ready for an IRS Audit

How to Get Ready for an IRS Audit

Photograph by Jim Corwin/Getty Images The IRS examined just over 1 percent of all individual tax returns for the 2011 tax year, but the self-employed are more likely to be asked to document their returns, says Jackie Perlman, principal tax analyst at the Tax Institute, the research and analysis division of tax prep company H&R […]

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More Reasons Not to Fudge Business Expenses

More Reasons Not to Fudge Business Expenses

Photograph by Smith Collection It’s easy for entrepreneurs hatching startups to fudge the line between personal and business expenses. Is that laptop really used for your company, or for your kids? Are you discussing business at lunch, or gossiping with a friend? Beyond the typical admonitions about tax audits, running personal expenses through your business […]

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Why Small Businesses Won’t Stop Underpaying Taxes

Why Small Businesses Won’t Stop Underpaying Taxes

Photograph by Michael Lewis/Gallery Stock There’s a way for Congress to lower the federal budget deficit to less than $1 trillion, maintain the Bush tax cuts for everyone, and abstain from making a single dollar of spending cuts. While this sounds like the kind of have-your-cake-and-eat-it-too solution our elected officials fantasize about, no one in […]

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Crowdfunding Sites Launch a Preemptive Strike on Fraud

Crowdfunding Sites Launch a Preemptive Strike on Fraud

Photograph by Brendan Smialowski/AFP/Getty Images Joined by Democratic and Republican lawmakers President Obama signed HR 3606, the ‘Jump start Our Business Startups (JOBS) Act’, which aims to give start up and growing companies improved abilities to raise funds The crowdfunding provisions of the JOBS Act, which President Obama signed into law on April 5, are […]

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How to Lower Your Company’s Property Taxes

How to Lower Your Company’s Property Taxes

Photograph by Dan Monick/Gallery Stock If your business is not profitable, try boosting your bottom line before pulling the plug and selling Question: My business is making negligible profit, mainly due to the high property tax in Wayne County in New York State. How can I make a case for reducing the property tax, lest […]

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Paying Yourself When You Start a Business

Paying Yourself When You Start a Business

Photograph by Simon Willms/Getty Images (Clarifies sixth paragraph to show two types of taxes would be owed.) I recently formed a recording studio as an LLC, but I am anxious about all the income going into accounts receivable and having less immediate income for me and my family. Does this money circulate within my business […]

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