Category: Tax Planning for Small Business

Tax requirements when hiring family members

  Family members can be great for business. There are a number of positive results when a business relies on kinship: financial benefits, tax benefits and the growth of the business. But one needs to consider proper planning when involving family in business affairs. One positive impact in family businesses …

5 Simple Tax Tips for Start-up Entrepreneurs

There is nothing wrong with being an employee. It’s often more secure and less risky than starting your own business. But if you really want to earn more than your usual income from your 9-5 job and several gigs, you have to start your own business. Starting a business is …

Home Office Deductions: What and How to File

If you’re working at home whether as a self-employed or an employee, you can deduct particular expenditures for the part of your home that you use for your home-based business and/or employment. When deducting such expenses in your home for business purpose, you should consider the following: Use your home …

Guide to Self-Employed Taxes for Home-Based Business Owners

It is nerve-racking to make money through self-employment. However, making money can be even more stressful during the time when taxes are computed and collected out of your business income. To avoid the stressful impacts of tax collection, here are some important questions and answers for you to be fully …

Effective Tips for Tax Procrastinators

It’s almost the last day of tax day and some people have yet to start gathering their documents for the filing of tax returns. According to survey, 20 percent of Americans wait until April to file their tax returns. Tax experts will tell you, though, that it’s not a good …

Tax Obligations When Employing a Family Member

Hiring family members into your business has many advantages. Of course, you won’t understand why if you haven’t started doing it yet. First, you can have financial benefits by doing so. Second, you are entitled to tax benefits for your business. Third, it can help you establish a wonderful opportunity for …

How to Make More Profit from Your Home-Based Business

A lot of people dream of starting their own business. Everybody wants to be his or her own boss. There’s nothing better than to craft a plan without the constraints from other people, implement it with your own sense of deadline, and reap the fruits of your own labor. But there’s …

5 Simple Tax Tips for Start-up Entrepreneurs

There is nothing wrong with being an employee. It’s often more secure and less risky than starting your own business. But if you really want to earn more than your usual income from your 9-5 job and several gigs, you have to start your own business. Starting a business is …

So You Haven’t Filed Your Taxes Yet?

This rant is addressed to those who have not filed their taxes yet for the last 5, 10 years -- whatever it is.   Whichever industry you're in, you probably don't know the IRS is out there watching you on social media. And maybe you're thinking that you're off the radar. …