Deadlines are definitely a necessary evil – no one likes to feel the pressure of a deadline on their back but without them, we would procrastinate. And procrastinate. And procrastinate. This week on our ABC’s for small business blogging segment, F is for filing, and meeting, deadlines.
We need a bit of a push if we ever expect to get anything done. And, for many, that “deadline” is the end of the year. It’s a simple enough deadline, and gives you 364 days of wiggle-room. We hear from a lot of people that say they want to start a business by the end of the year. They have an idea, they have a plan, and they just need to actually get that paperwork filed and their business opened. So they put it off, month after month, because they gave themselves until the end of the year. Continue reading
That April 17th tax deadline is just four weeks away! Most small business owners know how important it is to get their taxes finished early, but we want to make sure the small businesses we’ve helped create aren’t simply just sending in the necessary forms and hoping for the best.
We want you to know how to maximize every single deduction, decrease any chance of an IRS audit, and keep as much of your hard earned money as possible. With that in mind, we’ve teamed up with 1800Accountant.com to give everyone reading our blog and using our services a free business tax consultation. There are no obligations to stick with 1800Accountant if you do not want to, and you won’t regret setting up a consultation with their team of licensed CPA and accountants to help make sure you’ve followed a sound tax strategy.
If you’re interested, simply click here or on their logo above to access the webpage where you can sign up for your appointment with 1800Accountant.com. As we said before, it’s completely free, there are no obligations and it is a great way to get some professional advice regarding your small business’s tax obligations. If you’d like, you can also call them at 1-800-822-6868; just be sure to mention MyCorp!
Don’t miss this opportunity for free tax help, and remember to sign up as soon as possible to make sure you get an appointment slot that will fit your schedule.
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:
- Pass through of gains
- Pass through of losses
- Transfer of assets to the entity, and
- Transfer of assets from the entity
This is not the first time we’ve decided to impart advice to our lovely readers based on the wisdom of Matt Groening and the Simpsons Team. Sure they entertain, but they have a message.
A message we typically dredge up from the depths of the episode and then spell out for you underneath a video clip.
Sadly for little Otto, there will be no Metallica concert this April 15th. I’m Kent Brockman.
MyCorp is clicking into tax season with the rest of the business world, so we only thought it fair to bring the lovable misfits from Springfield back to see what they have to say on the subject. You’ll be hard pressed to find anyone who enjoys doing their taxes, except maybe for Ned Flanders, but hopefully a bit of humor will take the bite out of the process.
Or maybe it will just give you an excuse to procrastinate. That’s almost as good. Continue reading
Small businesses face a unique set of challenges in the current economy.
The Senate voted to repeal the unpopular 1099 tax reporting requirement of the Affordable Health Care Act Tuesday, April 5th. This is the first piece of legislation that officially repeals part of President Obama’s widely-debated health-care reform movement.
Small business owners have expressed their frustration at the provision, which would require them beginning in 2012 to report to the IRS all payments of more than $600 on 1099 forms—work that many small companies just don’t have the time or manpower to do. According to the Washington Post, The bill would have generated an additional $22 billion in tax payments over the next ten years. In addition, the major provisions of the Health Care Act include: Continue reading
If you’re a procrastinator like me, then you’re just starting to prepare for the upcoming tax due date. As it turns out, you’re not alone. Many firms responsible for sending out tax information to the taxpayers don’t even deliver the information until February or March, making it very difficult for those taxpayers to get their tax returns done on time. In fact, over 40% of Americans file after the beginning of April. If you fall into this category, don’t be discouraged and give up on your tax returns! There is still plenty of time to get it all done! Here are some useful tips to getting your tax return filed properly in the next two weeks.
File Online. One of the best moves during this tax season is for you to file online. A great (and surprising!) thing about filing online is that there have not been very many computer problems, and the IRS is only working to make it better by improving the process. Over two-thirds of people filed online last year, and that number will only be increasing. The updated and improved website will help guarantee few problems. However, it is always advisable to not wait to file online until the night before taxes are due as websites and the internet in general can be very unpredictable when too many people are using them. Continue reading
Congratulations! You incorporated your business! Now comes the dreaded question: now what? One of the most common obstacles encountered by new businesses is their own fear or self-doubt. With confidence and a good network of other entrepreneurs, starting and growing a business can happen quite easily. It takes persistence and focus, but it can be done. Having good resources – other entrepreneurs, experienced business owners – who can serve as a sounding board is extremely important. Continue reading
In case the first five tax deductions weren’t enough (and let’s face it, you can never have too many tax deductions!), here are five more deductions that can save you a lot of money come tax time.
6. Professional Fees and Classes Deductions. You may have already known that you can deduct certain office equipment, your home office supplies, and health insurance, but did you know that you can also deduct many of the other costs of having a job? Any professional fees that you pay to continue in your career are deductible on your tax return, as well as much of the costs of attending classes, seminars, and training sessions. Subscriptions to professional journals, newspapers, and books are also included as tax deductions. Finally, don’t forget any membership fees you pay to trade organizations, professional groups, or chambers of commerce! All of these things will earn you quite a large deduction on your tax return as long as you keep track of what you spend and save your receipts. Continue reading
As Valentine’s Day approaches, let MyCorporation help you give your business the love and attention it deserves. Let Mycorp help you love your business! On February 14th, MyCorp is offering a FREE corporation or LLC from 7am to 7pm in honor of “Love Your Business Day.” In addition, MyCorporation also offers all the products your business needs – free Quickbooks, business cards and a domain name!
On February 14th, love your business by incorporating or forming an LLC to save on taxes and protect your personal assets. As a sole proprietor, your liability for business debt is unlimited. Personal assets such as your home, personal bank accounts, and other valued assets may be at risk. What does this mean? It means that if your business experiences severe financial difficulties, creditors can take away your personal property such as your home, retirement savings, or any other asset you or your spouse own. Continue reading
January is winding down meaning that tax season is officially upon us. Gone are the carefree days of the holiday season and now the inevitability of taxes is looming ahead. Don’t lose heart though! Paying taxes is a requirement but paying too much in taxes is not. 2011 presents new opportunities to excel at preparing your taxes by using the allowable deductions to your advantage. Here are five of the most commonly missed tax deductions. Learn them. Love them. Use them on your tax return this year. Continue reading