proprietor

Record Keeping for Business Barter Transactions

December 11, 2009

Courtesy of IRS In today’s economy, small-business owners sometimes look to the oldest form of commerce — the exchange of goods and services, or bartering. The Internal Revenue Service wants to remind small-business owners that bartering transactions generally have associated tax reporting, accounting and record-keeping responsibilities. Bartering is the trading of one product or service [...]

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Contractors Forgot to File

December 3, 2009

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Today TaxMama hears from Ray in Ohio, who has a problem. “My son and I started working for a contractor in Feb 2006 as a sub. The 1099 was in his name and SS#. We worked on a 60-40 split. The 60 came to me, with all expenses paid out of my pocket. We have [...]

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For Many Small Businesses, Fall Filing Deadline Looms for Special Refund Claims

August 14, 2009
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WASHINGTON — Time is running out for many small businesses wishing to take advantage of the expanded business loss carryback option included in this year’s recovery law, the Internal Revenue Service said today. Eligible individuals have until Oct. 15 to choose this expanded carryback option. Eligible calendar-year corporations have until Sept. 15. This carryback provision [...]

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Avoiding Incorrect Self-Employed Retirement Deductions

November 7, 2008

FS-2008-24, July 2008 Retirement plans are not just for big businesses. They are also available for sole proprietorships. If you are self-employed small business owner, you can set up a qualified retirement plan for yourself and your employees. If you are a sole proprietor, you can deduct contributions you make to the plan for yourself. [...]

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Sole Proprietor

June 10, 2008

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Today TaxMama hears from Kathy in Florida who tells us. “My husband currently works “under the table”. We declare his total income and are subsequently hit every year with owed taxes. Would it behoove us to make him a sole proprietor of his own yacht cleaning business? Would we be saving on taxes, or would [...]

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IRS Issues Summer 2007 Statistics of Income Bulletin

September 7, 2007

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 [...]

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Switching Entities

June 6, 2007

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Today TaxMama hears from Kathy in Minnesota who wants to know. “What is the form to elect to change business form? For instance to change from a partnership to a sole proprietor?” Share this:

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Tax Preparation Fees

November 9, 2006

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Today TaxMama hears from Peter in Florida who wants to know, “I am self employed, a sole proprietor running a one person business. Are my income tax preparation costs personal expenses? Or may I record them as business expenses?” Share this:

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LLC Now or Later

July 31, 2006

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Today TaxMama hears from Tommi in NC who asks, “When would be the best time to change from a sole proprietor to an LLC? Now? Or would it be best to wait until the first of the year, since I will have to get a new tax ID number (I will have employees)? Do I [...]

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Doggone It!

October 3, 2005

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Today TaxMama hears from Alice in Montana who asks. “I am a writer, operating as a sole proprietor of a freelance writing and research business. I am nationally published, and have a 20 year tax history doing this. I am writing a children’s book about the dog I adopted and how he was transformed from [...]

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