When it comes to businesses and taxes, things can get complicated. No one wants their profits sucked up by Uncle Sam’s vacuum because they missed something important when setting up the business. One question that most people ask is if they need to have a federal employer identification number. We will attempt to clear up [...]

The first decision that you make when starting a business is what type of business it will be. Of course, we want it to be a successful business; that goes without saying. But the business setup is what we are specifically talking about now. Here is a list of different business entities. Choose the one [...]

We all look forward to receiving our paycheck. We can calculate from the number of hours we worked on our salaried amount how much we should get paid. When the check comes, the amount on the bottom line is always less than anticipated. We see a list of abbreviations on the side for deductions made [...]

In the world of taxes, tax credits help taxpayers to lower their tax bill. One such credit is the Earned Income Credit, or EIC. This credit was instituted as a way to help low income wage earners to rise above their circumstances.

In the world of taxes there are many forms. Most are familiar with the basic forms but there are also ancillary forms that need to be filled out by businesses of all sizes. One of those forms is the 1099 form. It is used to report income earned by non-employees, investment dividends, and interest earned.

People who own businesses are subject to other tax requirements according to the IRS. This is true even if you have a job where you are an employee and not your own boss. The government might be looking for you to dish out some additional cash on that business enterprise in the form of self-employment [...]

When it comes to traveling and entertainment expenses for business, they need to be well documented so that no eyebrows are raised with your tax return. We’d all like to take a trip to Hawaii and write it off on our taxes but that may not be possible unless the trip complies with the tax [...]

Well, it’s that time again — tax time. It’s time to gather all of those rumpled receipts from the shoe box and straighten them out. Whether you are doing your own taxes or having the service performed by someone else, getting all of your papers in order beforehand will help. Here are some tips for [...]

Sometimes we have to bite the bullet. I mean that we have to pay some of our hard-earned money to Uncle Sam. However, there is a big difference between owing him $5,000 and owing him $500. Here are three ways to reduce the amount you have to produce at tax time:

Starting a small business is one way to supplement your income. Small businesses do not have to operate out of a storefront. They can be started in your home. The government allows small businesses several tax deductions each year that some people may not be aware of.