Spring Clean Your Business Finances & Get a Jump on Next Year’s Tax Time

How stressful was tax time this year?  Are you looking forward to forgetting all about Schedule C’s and 1099-whatzit’s until 2014? We don’t blame you. But what if I told you that taxes don’t have to be stressful and with the right preparation tax time could breeze by just like spring?

In fact, Outright is offering an email series “Spring Clean Your Business Finances” to do just that – get your business finances in order so you can master tax time 2014 (and beyond).
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How to Determine Your Home Office Qualifies for a Tax Deduction

This article was written by Beth Duff of MerchantExpress.com.

Small business owners who use part of their home to run their business are entitled to deduct certain expenses on their tax returns. However, certain rules still apply when it comes to this home office deduction.

According to the IRS, there are two basic requirements that determine if your home qualifies for the deduction:

The regular and exclusive use requirement means you must regularly use part of your home exclusively for conducting business. If you run your business out of an extra bedroom or dedicated office space in your house, you can take the home office deduction for that space. If you work from your dining room table during the day and use the room for its intended purpose the rest of the time, you do not meet the regular and exclusive use rule and are not eligible for the deduction. Continue reading

Guest Post: How to Do Your Taxes if You’re a Freelancer

This article was originally printed on LearnVest.com.

You’re free! Free to sleep in until 11 a.m., free to work while your adorable toddler plays at your feet, free to … keep really good records of all your expenses for your taxes.

We know. Not so fun. The reality is, being self-employed can be awesome for 11 months out of the year, and then come crashing down on your head in the form of lost receipts and unpaid estimated taxes in April. We want to save you from that sinking feeling. Read on for what every freelancer needs to know for your taxes.

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1099-K: Should You Expect This Tax Form in the Mail This Year?

All set to do your taxes? Online sellers and freelancers all over the US are getting ready to start filling out their forms, or at least organizing their paperwork in order to prepare for April. If you’re like them, you’re probably wondering if there are any surprises in store for this tax season. Enter the 1099-K…

What is Form 1099-K? Continue reading

Partnership 101

For the last installment in our series on the tax treatment of entity types we’re going to cover the Partnership. If you’ve been keeping up with our posts, this will seem eerily familiar. Why? Because the LLC is typically treated just like a Partnership!

The four considerations we’ve been covering are:

  1. Pass through of gains
  2. Pass through of losses
  3. Transfer of assets to the entity, and
  4. Transfer of assets from the entity

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