Estimated Tax Payments

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 … Read more →

Business Vehicle Deduction

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 fresh 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 … Read more →

Keeping your business’ tax obligations in line can be a challenge. One of the biggest mistakes new businesses make – and one that is responsible for shutting down a significant number of new businesses – is not staying on top of employment and other tax considerations.

There are all sorts of resources out there on line that can get you on the right track, but some can be outdated and, in some cases, outright incorrect. The Internal Revenue Service website at IRS.gov provides small businesses with a number of types of service and information that can help you keep all of your ducks in a row.

Here are some of the resources you can check out at IRS.gov:

•Small Business … Read more →

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