Displaying items by tag: Taxes

Get through tax time without a migraine or massive fines by avoiding these rookie tax blunders....

“Dissolving a business can often be the start of a new business or a business transition. When a business is no longer active, it’s important to dissolve the business” says Deborah Sweeney, CEO of MyCorporation.com.She adds, “by leaving an inactive business open without properly dissolving it first, the owners of said...

Here are three important tips for how entrepreneurs can avoid getting into trouble with the IRS....

The Internal Revenue Service came under political fire for one of its units’ extra scrutinizing of conservative groups seeking tax-exempt status. Now the IRS is facing criticism from some lawmakers for targeting thousands of small business owners and inquiring if they underreported income.Under the heading “Notification of Possible Income U...

The highest court in New York ruled today that the state can collect sales tax from out-of-state retailers such as Amazon.com, rejecting online retailers’ claims that the Constitution protects them.The taxes would apply when online retailers generate at least $10,000 in yearly sales to New Yorkers via commissions through “Associates...

As part of the American Taxpayer Relief Act, two tax credits popular among start-ups were retroactively extended through 2013. Don't miss out.While you're probably still smarting from the increased individual tax rates you'll soon be paying as a result of the American Taxpayer Relief Act, there was a small win for entrepreneurs when the most...

Your accountant will love you if you follow these record-keeping basics. And auditors will have less cause for concern....

The Internal Revenue Service scrutinizes the use of contractors carefully, so don't let worker-classification rules trip you up or you could wind up extra taxes, penalties and interest. Here's how to avoid tax problems with 1099 workers....

Save some time with the IRS' new method for calculating home office tax deductions.Tax season is fast approaching, and those of you with home offices know how hard it is to calculate your residence-based business deductions under current §280 tax laws.But there’s good news: After acknowledging how “complex and burdensome”...

Music producer Dr. Dre has gone from rapper, to the highest paid musician and in the process became a shrewd businessman.His company, Beats Electronics, has followed the example of other celebrities such as U2 and set up shop in the tax haven of West Cork, Ireland. The move is sure to save the already rich rapper plenty of money.Dr. Dre was named...