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 →

Selling your business can be bittersweet. On one hand, it means that you’ve built up something that’s successful enough someone else is interested in carrying on the legacy. On the other hand, it means the end of an era, the closing of a chapter.

Selling a business also has some implications from the tax perspective. Let’s take a look at some of the tax-related issues surrounding the sale of a business, a checklist to make the best of the deal:

Selling a business is a taxable event. The government is pretty good at recognizing opportunities for tax revenue, and the IRS is fully aware of the implications of trying to play games with your taxes during the transfer … Read more →

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