Business Expenses

In Business Yet?

February 27, 2012
montessori around the world

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Today TaxMama® hears from sh1207 in the TaxQuips Forum with this question. “In 2011, my wife started a home-run Montessori school in October. We spent about $2,000 in setting up the Montessori (supplies, furniture, license, etc.). We only got $600 in income from one child, who was with us for 3 hrs a day starting [...]

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Delivering Newspapers

January 31, 2012

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Today TaxMama® hears from Trina in the Tax Quips Forum who wasn’t an employee. “I started working for a newspaper company over the summer of 2011, delivering papers to homes using my own vehicle. The company did give me company checks, but they did not take any taxes out. I believe they called their employees [...]

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IRS Announces New Voluntary Worker Classification Settlement Program

September 23, 2011

[Note: Stay tuned to TaxMama's TaxWatch column in MarketWatch.com next week, for an anlysis of this program before you participate in it.] Past Payroll Tax Relief Provided to Employers  Who Reclassify Their Workers as Employees WASHINGTON – The Internal Revenue Service today launched a new program that will enable many employers to resolve past worker classification [...]

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Outsourcing Payroll and Third Party Payers

August 5, 2011

   Courtesy of the IRS [TaxMama Note: payrolls and payroll tax deposits tend to case THE most problems for small businesses. Somtimes, outsourcing is your best option.] Employer’s Outsourcing Payroll Responsibilities Many employers outsource some of their payroll and related tax duties to third-party payroll service providers. They can help assure filing deadlines and deposit [...]

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New Business Taxation

August 3, 2011

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  Today TaxMama hears from Bradley in the TaxQuips Forum with a business idea. “I’m thinking about starting a business like Groupon. My partners and I are planning on sharing the cost of the coupon with the company offering it. We want to know if we will be taxed on the full amount, or just [...]

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Tax Deductions for Scuba Diving

June 24, 2011

  Article reprinted with the permission of W. Murray Bradford, CPA   QUESTION:  I sell property and casualty insurance in Florida. I also like to scuba dive. I would like your opinion on whether or not the following is deductible. I  spent five hours with a prospect. First we went on a dive, then we [...]

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IRS Increases 2011 Mileage Rates

June 24, 2011

 Courtesy of IRS http://www.irs.gov/pub/irs-drop/a-11-40.pdf The following standard mileage rates will apply: January 1 – June 30:  51 cents per mile for business miles driven July 1 – December 31:  55.5 cents per mile for business miles driven January 1 – June 30: 19 cents per mile driven for medical or moving purposes  July 1 – December [...]

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