Category Archives: Business

One Business or Two?

Today TaxMama hears from Paula in the TaxQuips Forum, who has a question. “We have one “established” business that has been in operation since 2005.  In 2010 we started a new business (another S Corp) and our first business funded the start up fees and expenses for the new business in 2010.  The new business […]

The Girl and the Carpenter

Today TaxMama hears from Gabrielle in the TaxQuips Forum, who is trying to help. “My boyfriend is a carpenter and makes about $12,000 annually.  He doesn’t have anyone working under him and really only does small jobs. Last time I did his taxes, he owed $1,700 dollars.  What forms should I be using? I feel […]

Business Loan 1099

Today TaxMama hears from Lucy in the TaxQuips Forum, who needs to know. “ I purchased a business in 2010 by giving the original business owner a down payment and then monthly payments thereafter.  She is a limited liability company, but has dissolved the company in March 2010.  Do I send her a 1099-MISC for the […]

Using the Clubhouse

Today TaxMama hears from Linda in the TaxQuips Forum with this concern.  “I have a very small business teaching classes and sometimes use a local clubhouse as a venue. Some participants pay me directly; others pay the clubhouse. The clubhouse keeps 10% for the use of the clubhouse and sends me the rest of the […]

Gardener 1099

Today TaxMama hears from Seth in the TaxQuips Forum with a sensible question. “I have a lawn guy for my house.  I pay him $90 a month for 8 months out of the year ($720 for the year).  The checks are made out to him directly.  From an IRS standpoint, am I supposed to do […]

TaxMama’s® 10 Tips for Business Success

Running a business or a department is complex, with innumerable people and government agencies pulling on you from all directions. With the endless demand for reports, it’s amazing that anyone is actually able to get work done, produce a product or finish a project. Yet, we do, don’t we? And we do it well. In […]

Out of State Income

Today TaxMama hears from Bruce in the TaxQuips Forum with this hopeful question. “I have a sole proprietorship based in CA.  During 2010 one of my customers was located in Texas and I traveled to Texas to provide services.  Should I report the income I earned from the customer in Texas with California or Texas […]

Expensing Accounts Payable

Today TaxMama hears from Cinda in the TaxQuips Forum with a quickie question. “I bought a company and with it came  $72,310 worth of outstanding debt.  How should I initially set this up and how would I track the payments I make towards these payables?  The payments are an expense correct?”

Mystery Shoppers

Today TaxMama  hears from Brad in Missouri, in the TaxQuips Forum. Brad tells us “ I’m an independent contractor for several mystery shopping companies. Today for example I did a casino shop. I get reimbursed for 1 meal expense up to $10 and paid $35 for the shop itself, but they legally can’t reimburse my […]

Making a Living

Today TaxMama  wants to talk to you about making a living in today’s economy.  It’s not as easy as it used to be  – but you can’t simply wait until conditions improve.

What Happens If You File a Business Income Tax Return After Sept 15?

Guest article by Wayne M. Davies Author of the free report One Simple Step. The due date for business income tax returns on extension is September 15. If that date has passed and you still haven’t filed a return for your corporation, partnership or LLC that is being taxed as a corporation or partnership, what […]