Category Archives: Small Business

Author's Sales

Today we hear from Robin in Tennessee who has lots of questions. “I am a published author and would like to sell some of my books myself. How do I report this income to the IRS? Does the IRS consider this selling as a small business? And if so, will I need an employer identification […]

Paying Payroll Tax

Today we hear from Amanda in TN who tells us. “I am an owner of a small business. I need to know what form to use for my payroll deposits. Do I pay quarterly or monthly? I’ve been trying to figure this out since our first payroll last month. So can I double my payments […]

Doctors Billing

Today we hear from a doctor’s wife, with a common problem, (note: I can’t find the original question, so I hope you read this reply.) “We have a couple of doctors who use my husband’s physician number to bill insurance companies and Medicare for services. When we receive the money, we pay it over to […]

Handyman’s Qualifications

Today we hear from Rachel in Texas who’s annoyed. “I am trying to figure out how to verify if a company really exists and is paying taxes. My homeowners association pays, what until now, I thought was a single handyman. But when I asked for his qualifications they stated that he worked with a company. […]

IRS Issues Summer 2007 Statistics of Income Bulletin

Courtesy of IRS – IR-2007-153 WASHINGTON — The Internal Revenue Service today announced the release of the summer 2007 issue of the Statistics of Income Bulletin, featuring data from 21.5 million individual income tax returns that reported non-farm sole proprietorship activity in tax year 2005. Profits from all non-farm sole proprietorships totaled $269.9 billion in […]

Nanny Tax

Today TaxMama hears from Tom, who’d like to know. “Can you point my wife and me to any basic resource for information on tests to determine whether one needs to do withholding or taxes in general for nanny services? And, then, how to actually execute the necessary record keeping and filings.”

Starting, Operating or Closing a Small Business

Tax Advice for Starting, Operating or Closing a Small Business Courtesy of the Internal Revenue Service To many citizens, running a successful business is part of the American dream. But while they may be experts in their chosen field, few small business owners are tax experts. From starting a new business to operating or even […]

Flipping Houses

Today TaxMama hears from Geri in North Carolina, who asks, “What can you tell me about flipping Houses? Is this a Schedule C Business, or Schedule D? There is a lot of different information out there, about how to handle flipping houses for tax purposes.”

Tax Calendar for Small Businesses on IRS.gov

Tax Calendar for Small Businesses on IRS.gov Are you running a small business? Would you like a calendar packed with valuable business tax information? The IRS is offering a free calendar to help you keep track of tax deadlines and important dates throughout the year. You might be surprised to learn that the IRS publishes […]

Mixed Tele-Signals

Today TaxMama hears from Charles in Louisiana, who tells us. “I have an Internet consultation business (LLC) and I use my Internet connection and mobile phone primarily (but not exclusively) for business. Should I be able to expense these?”

Selling Your Home Office

Today TaxMama hears from Jon in Colorado, who’s been listening to friends. “My wife and I have a small business that we operate from our house in the country. We moved here eight years ago because it had a large detached four-car garage (1,100 SF), which we use as our studio. We also use two […]

EIN for Two Businesses

Today TaxMama hears from Linda in VA who has this story. “We have a small residential construction business and have established an EIN. We also have a very busy notary business. Until now we have used our Social Security numbers when registering as independent contractor to do notary work. We’d like to get better organized […]