Wayne Davies, EA

Do you ever use your business bank account to pay personal expenses? Perhaps you’ve got some bills due tomorrow and to save time, you pay the mortgage or the electric bill right from the business account. Is that OK? This article will answer that question. Like many tax questions, the answer is “It depends.” It [...]

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Have you started a small business and need to know when to file your tax returns? Perhaps you’ve heard about filing quarterly returns and are wondering if that requirement applies to you? Read on to get answers to these important questions. Annual Income Tax Returns. All small businesses must file a return annually. Generally speaking, [...]

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If you are self-employed and hire employees to help you in your business, you have just entered the world of federal payroll tax reporting. Here’s an overview of your responsibilities to the Internal Revenue Service (IRS) and the Social Security Administration (SSA). Form W-4. This form should be completed by each employee and submitted to [...]

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If you want to donate your old stuff instead of having a yard sale, you must make sure that what you want to donate can actually be deducted on your tax return. How do you know? Here’s a simple rule to follow: If you’re unsure whether your item qualifies for a tax deduction, then consider [...]

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If you are self-employed and use your vehicle for business purposes, you have two options for taking a deduction for use of that vehicle: Option #1 is known as the Actual Expense Method. You write off the actual expenses such as gasoline, repairs, maintenance, insurance and depreciation. Option #2 is called the Mileage Rate Method, [...]

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Are you self-employed and wondering whether you should form a limited liability company (LLC) for your small business? Before you take the plunge, read on to make sure you understand the difference between these two business entity types. A sole proprietorship is an unincorporated business owned by one person. Other common synonyms for a sole [...]

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If you’re a small business owner or self-employed person, you are probably well aware of the annual requirement to file an income tax return. In addition, if you made certain payments to sole proprietors in the course of your business, you may also be required to issue information returns. Read on to find out if this [...]

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Every year we hear what sounds like good news: the IRS makes an announcement that the standard deduction and personal exemption amounts for the following year have increased due to an inflation adjustment. And this year was no exception, as we recently got word that the 2012 amounts have gone up. Gee, aren’t you excited? [...]

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With the year-end payroll filing season right around the corner, if you own a small business and are paying people who perform services for you, it is critical that you understand the difference between Form W-2 and Form 1099-MISC. Form W-2 is issued to employees at the end of the year. You must give each [...]

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Do you own a small business and pay workers to perform services for you? If so, are you wondering whether it matters whether you give them a W-2 or a 1099-MISC? Read on to find out. The short answer to this question is simple: It matters a lot. And there’s a lot at stake here, so do [...]

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