Tax Resources

That first year or two of business can be a real boon from the tax perspective. If you make very little money or have a loss, you can be looking at a significant break on your taxes. The goal for any business, of course, is to turn a profit. Once that happens, things are quite different from the perspective of taxes.

When your business hits its tipping point and starts to turn a profit, there are some things you’ll want to do to make the transition easier from a tax perspective:

•Begin making estimated tax payments quarterly.

Some experts will tell you that you’re better off waiting to make estimated tax payments on a quarterly basis until you’ve actually shown … Read more →

Some businesses rely on a vehicle or even a fleet of vehicles to perform their daily tasks. You might have a plumbing business, for example, and a van that takes you from one customer to the next. Your bakery might have a delivery truck, insuring that local restaurants all have freshly baked bread each morning.

Whatever the reason for your business vehicle use, you need to know that there are implications from the business use of vehicles. Here are some things you need to know about the business vehicle deduction as far as the government is concerned:

Business Vehicle Deduction Considerations

•Not all vehicles qualify for the business vehicle deduction. For example, vehicles that are used as equipment – such … Read more →

The prospect of an IRS tax audit is a scary one for the small business owner. It isn’t so much that they’re concerned about having cheated on their taxes; most small business owners are honest and do their best to pay their fair share. What they’re worried about is the possibility of a mistake.

Mistakes do happen when it comes to small business taxes, no matter how careful you are. During the course of an IRS tax audit, you can be pretty sure that the government is going to discover those mistakes, as well. In some cases, even the simplest mistakes can leave you owing hundreds or thousands of dollars in back taxes and penalties.

If your small business is … Read more →

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