Category Archives: Business

*AskTaxMama Newsletter, *Tax Quips, Auto Expenses, Back-Up Withholding, Bankruptcy, Business, Depreciation, Employer ID Number, Estimated Taxes, Exempt Organizations, IRS News, ITIN, Non-Profit, Non-Profits, Sec 199A - Small Business Income Deduction, Social Security and SSDI, SSNs, Withholding

Small Business Week

Posted on by TaxMama
10
May

  TaxMama® welcomes you to Small Business Week! The IRS has been sending out all kinds of helpful information. (You know – I’m from the IRS and I’m here to help you!) Dear Family, It is, indeed, Small Business Week. And since many of you own your business, or run a business or profitable hobby […]

Continue reading →
*AskTaxMama Newsletter, *Tax Quips, Business, Business plan, Corporations, Employee Benefits, Employee Business Expenses, Employees, Independent Contractors, IRS News, Licenses, LLC, partnership

Switching from Employee Status to Independent Contractor

Posted on by TaxMama
13
Feb

Today TaxMama® wants to give you something to think about before switching from employee status to independent contractor.  

Continue reading →
*AskTaxMama Newsletter, *Tax Quips, 1099s, Business, Contracts, Deductions, Fair Market Value

Taxable Complimentary Stuff

Posted on by TaxMama
12
Oct

Today TaxMama® hears from Rick in the TaxQuips Forum. Let me summarize his issue. He just learned that he is getting a $9,000 1099MISC for items he receives to review. He can’t use most of those things, but he’s not allowed to sell them. Yet, he will be paying taxes on the retail value of […]

Continue reading →
*Tax Quips, Bookkeeping, Business, Mileage

Doubling My Income

Posted on by TaxMama

Today TaxMama® hears from Idlkotr  in the TaxQuips Forum, with a good question.  “I have the opportunity to be an independent contractor. I am an occupational therapist who will be working with disabled children in their home. Thus, a lot of driving. I will be doubling my income. I do not have a clue how […]

Continue reading →
*Tax Quips, Bookkeeping, Business, Business plan, Business Taxes, Estimated Taxes, Refund

Unexpected Loss

Posted on by TaxMama

Today TaxMama® hears from Chan  in the TaxQuips Forum, with this question “If my business had an unexpected loss of $102k at end of year last year but I made my quarterly payments anyway – will I have a large refund or credit if so? Where did my tax dollars go? Why has my accountant […]

Continue reading →
*Tax Quips, 1099s, Amnesty, Business, Employees, FBAR, VCSP, VCSP TEE

Looming Deadlines

Posted on by TaxMama

Today TaxMama® wants to alert you about some important deadlines looming at the end of June 2013.

Continue reading →
*Tax Quips, Business, Business Expenses, Employee Business Expenses, Grants

Research Grants

Posted on by TaxMama

Today TaxMama® hears from a couple of people in the TaxQuips Forum, with similar questions. The second one combines both person’s concerns. “My wife is a graduate student who received a few research grants this year. Some of them want to give the money directly to her instead of through the university, and have asked […]

Continue reading →
*Tax Quips, 1099s, Business, Business Expenses, Construction

1099s for All Income

Posted on by TaxMama

Today TaxMama® hears from G in the TaxQuips Forum, with a question that raises a common issue. Let me rephrase the issue. “I used a subcontractor (or paid for parts) on a job for a customer. I only got to keep a part of the income. The rest went to pay the sub or for […]

Continue reading →
*AskTaxMama Newsletter, Business, IRS News

Many Business Tax Filers Can File Next Monday

Posted on by TaxMama

Courtesy of the IRS Many businesses will be able to file their 2012 federal income tax returns starting Monday, Feb. 4. Filers of forms affected by January tax law changes will need to wait until late February or early March. The Monday opening covers non-1040 series business returns for calendar year 2012, including  Form 1120  […]

Continue reading →
*Tax Quips, Bookkeeping, Business, Gifts

Holiday Business Gifts

Posted on by TaxMama

Today TaxMama® wants to talk about business-related gift-giving for the holidays .

Continue reading →