Individuals are opting to start new businesses at a rapid pace. This phenomenon is likely the result of various reasons including the slow economy, early retirement, and folks just wanting to get away from the everyday grind of working for someone else. If you are considering fulfilling the dream of owning your own business, you might [...]
If escalating energy costs have you looking for ways to reduce your gas and electric bills, here are some tips on how you can cut costs and reap tax-saving energy credits as well. A great way to cut energy costs and save up to $1,500 in federal income taxes is to make certain energy-efficient improvements [...]
The Hiring Incentives to Restore Employment Act (the HIRE Act) includes two temporary payroll tax breaks intended to boost hiring. An interesting point about these breaks is that they could be claimed for a business owner's newly hired spouse. They might also be claimed for wages paid to other newly hired relatives of a minority [...]
One of the most common areas of contention between the IRS and businesses is the issue of worker classification. If a worker is an employee, the business is responsible for payroll taxes and fringe benefits. However, if the worker is an independent contractor, the business is generally not responsible for payroll taxes. The IRS estimates [...]
If debt collection is a problem for your business, deducting uncollectible (bad) debts from your tax bill may somewhat lessen the sting of simply writing them off. Here is some basic information on deducting business bad debts. First, the debt must be legitimate. A bona fide debt arises from a debtor-creditor relationship and is based [...]