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Wayne Davies, EA

If you’re self-employed (i.e. you’re a sole proprietor and file Schedule C), are you wondering how much federal income tax you may have to pay this year? Now that the year is winding down, this is a good time to address this issue.  If you have a loss in your small business, you’ll pay zero federal income tax. By a [...]

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How Are LLC’s Taxed?

by Wayne Davies, EA on November 3, 2011 4:08pm

in Tax Matters

Do you own a limited liability company (LLC) and need to know how your income from the business will be taxed? Read on to find out. A limited liability company is the chameleon of business entities. Believe it or not, there is no LLC-specific federal income tax return. But that does not mean your business [...]

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If you’re a small business owner or self-employed person, what do you do if you have little or no income this year, along with substantial expenses? Do you have to report and deduct those expenses in the year in which they are or paid or incurred? Or can you wait until next year, when you [...]

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Did you file an extension for your 2010 personal income tax return back in April? If so, here’s some good news for you – you have a few extra days to procrastinate! Read on for details. Normally, by filing Form 4868 by April 15, you get an automatic six-month extension of time to file your [...]

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If you filed an extension for your 2010 corporation, partnership or LLC income tax return, this is a friendly reminder that the September 15 due date is just a few days away. Are you ready? Here’s some good news and some bad news. First, the good news. The IRS has provided some tax relief to [...]

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Looking for a way to let the government subsidize your next vacation? Read on.

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It’s August. It’s hot. What’s a small business owner to do? The lazy hazy days of summer are the best time to increase your tax knowledge, maximize your tax deductions, and slash your tax bill.

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Wondering how to reduce your taxes without running afoul of the IRS? Here’s five legal tax-slashing strategies guaranteed to make your day brighter and your tax liability lower.

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The IRS has increased the mileage rate for business use of a vehicle – effective July 1, 2011.  Read on for details. 

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Getting ready to donate used items to your local charity but not sure how to determine it’s value for tax deduction purposes?  Read on.

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