<?xml version="1.0" encoding="UTF-8"?><rss version="2.0"><channel><title><![CDATA[SmallBusinessNotes.com Recent Articles: Taxes]]></title><link>http://www.smallbusinessnotes.com/business-finances/taxes/</link><description></description></channel>
<item><title>Independent Contractor Tax Tips</title><link>http://www.smallbusinessnotes.com/business-finances/independent-contractor-tax-tips.html</link><description><![CDATA[As an independent contractor, you are still obligated to pay federal, state and local taxes on the income you receive. It can be challenging to file your income taxes without the assistance of a W-2 wage statement. Here are some general tips to ensure you are paying your taxes correctly. Pay Your Licensing Tax Many independent contractors do not know about licensing taxes, but these fees can add up over the years and result in a large expense if not paid on time. When you do business within a particular state, you must pay a flat fee licensing tax. Not...]]></description><pubDate>November 24, 2010  5:42 PM</pubDate></item><item><title>Obama's Health Care Tax Credit for Small Businesses</title><link>http://www.smallbusinessnotes.com/business-finances/obamas-health-care-tax-credit-for-small-businesses.html</link><description><![CDATA[ The Small Business Health&amp;amp;nbsp;Care Tax Credit offered as part of the Affordable Care Act Tax Provisions aims to make it more affordable for small businesses to offer health care coverage for the first time or continue coverage despite the economic down turn. The credit comes as part of a larger effort to increase the number of Americans covered by regular health insurance through Congress's passage of President Obama's sweeping reform of the health care industry in 2010. Beginning April 19, 2010, small businesses across the county received postcards from the IRS explaining the credit and encouraging them to find...]]></description><pubDate>December  7, 2010  4:08 PM</pubDate></item><item><title>Home Office Small Business Tax Deductions</title><link>http://www.smallbusinessnotes.com/business-finances/home-office-small-business-tax-deductions.html</link><description><![CDATA[ When you work from home, you can capitalize on small business tax deductions that greatly reduce the operating expense of your new enterprise. Many people note standard deductions like office supplies and operational costs. Few also consider all the ways they can deduct from the cost of their home, whether owned or rented, in order to make their home business more efficient. Consider these deductions come April to greatly minimize your taxable income in a lawful manner. Rent and Mortgage Deduction If you were to go rent an office space to house your business, you would be permitted to...]]></description><pubDate>December  7, 2010  4:08 PM</pubDate></item><item><title>IRS Business Tax Audit Secrets</title><link>http://www.smallbusinessnotes.com/business-finances/irs-business-tax-audit-secrets.html</link><description><![CDATA[ Audits by the Internal Revenue Service (IRS) can be the bane of any business. The time and expense alone can be a devastating blow. Knowing in advance what can trigger an audit and what auditors are looking for if you do get audited can help you structure your systems to clearly demonstrate the validity of your business practices. The IRS is currently developing plans to increase tax collections. One area of particular focus is individuals with incomes exceeding $100,000, especially business owners, professionals and investors in partnerships. Small businesses are perceived as being major offenders in noncompliance with tax...]]></description><pubDate>November  1, 2010  5:15 PM</pubDate></item><item><title>Employer Identification Number (EIN)</title><link>http://www.smallbusinessnotes.com/business-finances/employer-identification-number-ein.html</link><description><![CDATA[ An Employer Identification Number (EIN) is also known as a federal tax identification number, and is used to identify a business entity. Generally, businesses need an EIN. You may also need local tax numbers for your state. Note: You may not transfer your EIN if you sell or otherwise transfer your business. The new business owner and operator may not use your EIN. Change of Ownership or Structure: Generally, businesses need a new EIN when their ownership or structure has changed. Refer to &amp;quot;Do You Need a New EIN?&amp;quot; to determine if this applies to your business. EIN for...]]></description><pubDate>November  1, 2010  5:15 PM</pubDate></item><item><title>Tax Software</title><link>http://www.smallbusinessnotes.com/business-finances/tax-software.html</link><description><![CDATA[ Only a few years ago there were a lot of software packages for doing taxes being marketed. Many of those companies are no longer in business or have been absorbed into the major tax packages. Part of the reason for this change is that the leading tax packages have integrated their software with business accounting software, making the generation of taxes directly from your regular accounting system a breeze. The two leading tax packages are TurboTax which integrates directly with QuickBooks , and TaxCut, from H&amp;amp;amp;R Block, which integrates directly with Microsoft Money and QuickBooks . TaxCut TaxCut, while...]]></description><pubDate>November  1, 2010  5:15 PM</pubDate></item><item><title>Options for Filing</title><link>http://www.smallbusinessnotes.com/business-finances/options-for-filing.html</link><description><![CDATA[ IRS e-file for Business and Self-Employed Taxpayers The IRS offers business taxpayers a wide variety of paperless methods for electronically filing their business returns. Nearly 97 percent of business forms can be e-filed. This means that nearly all businesses can benefit from working electronically with the IRS – either directly or through their tax preparer. The most common business forms available for e-file include: Employment taxes – Forms 940 and 941; Partnerships – Form 1065; Estates and trusts – Form 1041; Information returns – Forms 1042S, 1098, 1099, 5498, 8027, and W-2G; Corporations – Forms 1120 and 1120S; and...]]></description><pubDate>November  1, 2010  5:15 PM</pubDate></item><item><title>May Tax Tips</title><link>http://www.smallbusinessnotes.com/business-finances/may-tax-tips.html</link><description><![CDATA[ Car Expenses To take a business deduction for the use of your car, you must determine whether the use was business or personal. If the answer is personal, no deduction is allowed. Personal use includes commuting - driving from your home to your regular place of work. A deduction may be allowed if you have multiple jobs or businesses. Driving from your home to &amp;quot;business one&amp;quot; is commuting, but driving from &amp;quot;business one&amp;quot; directly to &amp;quot;business two&amp;quot; is deductible. Also, you are usually allowed to deduct transportation costs for going from your home to a temporary workplace regardless of...]]></description><pubDate>November  1, 2010  5:15 PM</pubDate></item><item><title>IRS Assistance</title><link>http://www.smallbusinessnotes.com/business-finances/irs-assistance.html</link><description><![CDATA[ IRS Assistance via the Internet Web Site The IRS Web site allows convenient access to information 24 hours a day, 7 days a week. The Web site provides everything from information about electronic filing and paying to tax forms (with instructions), publications, and important tax information for individuals and businesses. The Electronic Federal Tax Payment System (EFTPS) In addition to using EFTPS for your business tax payments, you can also use EFTPS to make estimated quarterly tax payments and installment payments for delinquent taxes. One of the many conveniences of EFTPS-Direct is &amp;quot;payment scheduling.&amp;quot; Payment Scheduling allows taxpayers to...]]></description><pubDate>November  1, 2010  5:15 PM</pubDate></item><item><title>September Tax Tips</title><link>http://www.smallbusinessnotes.com/business-finances/september-tax-tips.html</link><description><![CDATA[ Protection of Your Rights IRS employees will explain and protect your rights as a taxpayer throughout your contact with the IRS. Payment of Only the Correct Amount of Tax You are responsible for paying only the correct amount of tax due under the law - no more, no less. If you cannot pay all of your tax when it is due, you may be able to make monthly installment payments. Interest will still apply. A late payment penalty will also apply, unless reasonable cause is established. Even if you can't pay all of your tax when it is due,...]]></description><pubDate>November  1, 2010  5:15 PM</pubDate></item><item><title>June Tax Tips</title><link>http://www.smallbusinessnotes.com/business-finances/june-tax-tips.html</link><description><![CDATA[ Keeping your business records in a filing system is just as important as any other aspect of your business. So, what's the best way to keep good records? It doesn't have to be complicated. Use any recordkeeping system suited to your business that clearly and accurately shows your income and expenses. Your tax records must support all the income, tax deductions, and credits you show on your tax return. Carefully track all of your income and where it comes from. It's important to separate your business and personal receipts, and your taxable and nontaxable income. Be careful if you...]]></description><pubDate>November  1, 2010  5:15 PM</pubDate></item><item><title>October Tax Tips</title><link>http://www.smallbusinessnotes.com/business-finances/october-tax-tips.html</link><description><![CDATA[ Examinations (Audits) The IRS accepts most taxpayers' returns as filed. If the IRS inquires about your return or selects it for examination, that does not suggest you are dishonest. The inquiry or examination may or may not result in more tax; your case may be closed without change; or you may receive a refund. Repeat Examinations If the IRS examined your return for the same items in either of the two previous years and proposed no change to your tax liability, please call as soon as possible so the IRS can determine whether to discontinue the examination. Publication 556,...]]></description><pubDate>November  1, 2010  5:15 PM</pubDate></item><item><title>February Tax Tips</title><link>http://www.smallbusinessnotes.com/business-finances/february-tax-tips.html</link><description><![CDATA[ Debits and credits present and accounted for. If you decide to keep your own books, or even if you hire an accountant, you should know a few things about accounting methods. An accounting method is simply a set of rules used to determine when and how you report your income and expenses. You choose your method of accounting when you file your first tax return. The two most commonly used accounting methods are the cash method and accrual method. Cash Method This is the accounting method used by individuals and many small businesses. Due to its simplicity, it may...]]></description><pubDate>November  1, 2010  5:15 PM</pubDate></item><item><title>January Tax Tips</title><link>http://www.smallbusinessnotes.com/business-finances/january-tax-tips.html</link><description><![CDATA[ Choosing a Tax Advisor You're starting a new business. Like many people, you may find that, with all your new responsibilities, you may need assistance with your taxes, and you may decide to hire a professional tax preparer - someone with experience preparing tax returns for businesses like yours. There are many types of tax preparers who may be qualified to help you. Enrolled agents, tax attorneys, and certified public accountants are all professionals with expertise in federal taxes. Before selecting a person or firm to handle your business, ask a few questions to see if they offer what...]]></description><pubDate>November  1, 2010  5:15 PM</pubDate></item><item><title>How Long Will it Take to Get an EIN?</title><link>http://www.smallbusinessnotes.com/business-finances/how-long-will-it-take-to-get-an-ein.html</link><description><![CDATA[ You should apply for an EIN early enough to have your number when you need to file a return or make a deposit. You can get an EIN quickly by calling the Tele-TIN phone number for your state. If you prefer, you can fax a completed Form SS-4 to the service center , and they will respond with a return fax in about one week. If you do not include a return fax number, it will take about two weeks. If you apply by mail, send your completed Form SS-4 (PDF) at least four to five weeks before you...]]></description><pubDate>November  1, 2010  5:15 PM</pubDate></item><item><title>Other Services Available from the IRS</title><link>http://www.smallbusinessnotes.com/business-finances/other-services-available-from-the-irs.html</link><description><![CDATA[ One-on-One Help from the Social Security Administration (SSA) Employers who need help with general wage reporting information can call the SSA's Employer Reporting Service Center toll free at 800-772-6270. For answers to more technical questions, employer service liaison officers are available around the country. They are the experts in wage reporting. They can help solve even the toughest problems. Call 800-772-6270 and ask for the liaison officer for your area. Other Services Available Form W-2 Filing Information Each year, employers must send Copy A of Forms W-2 with Form W-3 to the SSA by the last day of February...]]></description><pubDate>November  1, 2010  5:15 PM</pubDate></item><item><title>Tax Deductible Business Expenses</title><link>http://www.smallbusinessnotes.com/business-finances/tax-deductible-business-expenses.html</link><description><![CDATA[ Business expenses are the cost of carrying on a trade or business. These expenses are usually deductible if the business is operated to make a profit. What Can I Deduct? To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your trade or business. A necessary expense is one that is helpful and appropriate for your trade or business. An expense does not have to be indispensable to be considered necessary. It is important to separate business expenses from the following expenses: The expenses used to...]]></description><pubDate>November  1, 2010  5:15 PM</pubDate></item><item><title>How to Apply for a U.S. Employer Identification Number (EIN)</title><link>http://www.smallbusinessnotes.com/business-finances/how-to-apply-for-a-us-employer-identification-number-ein.html</link><description><![CDATA[ Useful information: Form SS-4 (pdf) Instructions for Form SS-4 (pdf) Where to File Your Taxes If you need an EIN, fill out a copy of Form SS-4 and apply by one of these methods: Apply by EIN Toll-Free Telephone Service Taxpayers can obtain an EIN immediately by calling the Business &amp;amp;amp; Specialty Tax Line (800-829-4933). The hours of operation are 7:00 a.m. to 5:00 p.m. local time, Monday through Friday. An assistor takes the information, assigns the EIN, and provides the number to an authorized individual over the telephone. Apply by Fax Taxpayers can fax the completed Form SS-4...]]></description><pubDate>November  1, 2010  5:15 PM</pubDate></item><item><title>U.S. Federal Tax Information</title><link>http://www.smallbusinessnotes.com/business-finances/us-federal-tax-information.html</link><description><![CDATA[ The Digital Dispatch Email newsletter from the IRS with information about important upcoming tax dates, what's new on the IRS Web site, recently added Tax Forms and Publications, and IRS News Releases and special IRS announcements. IRS Home Page The Internal Revenue Service home. Approved IRS e-file for Business Providers Information about services offered through private industry companies authorized as e-file providers to file your tax return electronically. IRS Forms and Publications The place on the net to get forms in downloadable format. IRS Local News Net Electronic mail service from the IRS designed to provide localized, targeted and...]]></description><pubDate>November  1, 2010  5:15 PM</pubDate></item><item><title>End-of-Year Tax Planning</title><link>http://www.smallbusinessnotes.com/business-finances/end-of-year-tax-planning.html</link><description><![CDATA[ With all there is to do between now and the end of the year, how could I even bring up taxes? But your rational side is telling you that there may be business issues that you put off now that you will regret in the new year - and that rational side is right. To save you some time and let you sleep a little better, I have put together a checklist to help you look at your business to see whether there are any last minute tweaks you want to put in place. Here are some tips to...]]></description><pubDate>November  1, 2010  5:15 PM</pubDate></item><item><title>Do You Need a New EIN?</title><link>http://www.smallbusinessnotes.com/business-finances/do-you-need-a-new-ein.html</link><description><![CDATA[ Generally, businesses need a new EIN when their ownership or structure has changed. The information below provides answers to frequently asked questions about changing your EIN. Sole Proprietors You will be required to obtain a new EIN if the following statements are true. You are subject to a bankruptcy proceeding. You incorporate. You take in partners and operate as a partnership. You purchase or inherit an existing business that you operate as a sole proprietorship. To apply, refer to &amp;quot;How to Apply for an EIN.&amp;quot; You will not be required to obtain a new EIN if the following statements...]]></description><pubDate>November  1, 2010  5:15 PM</pubDate></item><item><title>Organizing for Tax Management</title><link>http://www.smallbusinessnotes.com/business-finances/organizing-for-tax-management.html</link><description><![CDATA[ In small business, one of the biggest challenges is finding the time to get an ongoing organizational system set up because days easily get filled with tasks needing immediate attention. Yet we all know that a good organizational system can make a major difference in not getting caught by deadlines we are not prepared for looming unexpectedly. An organizational system for your taxes needs to include a list of all the taxes you are required to file, what information has to be reported and when the tax deadlines are that you need to meet. Each business has a wide...]]></description><pubDate>November  1, 2010  5:15 PM</pubDate></item><item><title>December Tax Tips</title><link>http://www.smallbusinessnotes.com/business-finances/december-tax-tips.html</link><description><![CDATA[ IRA, SEP, and SIMPLE Plans Whether your retirement days are near or far, you should be up-to-date on the types of retirement plans available to you and your employees. The plans you will hear most about are IRAs, SEP and SIMPLE plans. In addition to providing for your retirement, they may offer significant tax benefits today. Individual Retirement Arrangement (IRA) IRAs are plans that let you set aside money for your retirement. Banks, financial institutions, mutual funds, and stockbrokers are among those who offer IRA accounts. Traditional IRAs. You can set up this IRA if you are under age...]]></description><pubDate>November  1, 2010  5:15 PM</pubDate></item><item><title>July Tax Tips</title><link>http://www.smallbusinessnotes.com/business-finances/july-tax-tips.html</link><description><![CDATA[ How To Survive Paying TaxesDeath and taxes. Ben Franklin said that they are the only two things in life that are certain. But you don't have to let your tax responsibilities drive you or your business to an early grave. One problem many new business owners may run into is not budgeting money to set aside for your taxes. You may find yourself short on cash when it comes time to file. Even if you cannot pay, file your tax returns anyway! Don't wait until the time to file has come and gone. Gather your records and file all...]]></description><pubDate>November  1, 2010  5:15 PM</pubDate></item><item><title>August Tax Tips</title><link>http://www.smallbusinessnotes.com/business-finances/august-tax-tips.html</link><description><![CDATA[ Over time, business equipment ages, deteriorates or becomes obsolete. You can get back a portion of your cost for certain property by taking deductions for depreciation. Generally, to depreciate your assets, the property must be used in your business or income-producing activity, must have a determinable useful life of more than one year, and must be property you own. You can begin to depreciate the property as soon as it is available for a specific use in your business or income-producing activity. You stop depreciating the property when you've recovered its cost (or other basis), or when you retire...]]></description><pubDate>November  1, 2010  5:15 PM</pubDate></item><item><title>April Tax Tips</title><link>http://www.smallbusinessnotes.com/business-finances/april-tax-tips.html</link><description><![CDATA[ You enter another realm of tax reporting and record keeping when you hire employees. Nowhere are good records more important than when it comes to your employee payroll records, not only for your own benefit, but also for the benefit of your employees. Here are some of the records you will need to keep. Form W-4, &amp;quot;Employee's Withholding Allowance Certificate.&amp;quot; Ask all new employees to fill out this form, sign it, and return it to you. The Form W-4 shows their filing status and how many withholding allowances they claim. Have them double check their social security number by...]]></description><pubDate>November  1, 2010  5:15 PM</pubDate></item><item><title>March Tax Tips</title><link>http://www.smallbusinessnotes.com/business-finances/march-tax-tips.html</link><description><![CDATA[ One of the advantages of operating your own business is hiring family members. However, the employment tax requirements for family employees may vary from those that apply to other employees. Some issues to consider when operating a husband and wife business: How spouses earn social security benefits A spouse is considered an employee if there is an employer/employee type of relationship, i.e., the first spouse substantially controls the business in terms of management decisions, and the second spouse is under the direction and control of the first spouse. If such a relationship exists, then the second spouse is an...]]></description><pubDate>November  1, 2010  5:15 PM</pubDate></item><item><title>The Most Popular IRS Small Business Forms and Publications</title><link>http://www.smallbusinessnotes.com/business-finances/the-most-popular-irs-small-business-forms-and-publications.html</link><description><![CDATA[ Tax Publications The IRS produces many free publications to help you fill out your tax return and to answer your tax questions. Many IRS publications and forms can be downloaded from the IRS Web site at www.irs.gov or ordered free by calling (800) 829-3676. You can buy a CD-ROM of current and prior year tax forms and publications from the National Technical Information Service (toll free (877) 233-6767 or at www.irs.gov/cdorders). You can also get forms via fax at (703) 368-9694 (not a toll-free call). The following are the most popular business publications and related forms. Pub. 1, Your...]]></description><pubDate>November  1, 2010  5:15 PM</pubDate></item><item><title>November Tax Tips</title><link>http://www.smallbusinessnotes.com/business-finances/november-tax-tips.html</link><description><![CDATA[ Small Business Help from the IRS At one time or another, every small business person has tax questions. The IRS offers a variety of types of assistance to small business owners: publications, CD-ROMs, videos, Taxpayer Assistance Centers, tollfree tax assistance, classes and workshops. Publication 3700, Virtual Small Business Workshop CD-ROM - This CD-ROM is a good resource for small business owners. It incorporates audio and video and is closed-captioned in English, Spanish, and Mandarin Chinese. Publication 3207, Small Business Resource Guide: What You Need to Know About Taxes and Other Topics CD-ROM - This CD ROM contains all the...]]></description><pubDate>November  1, 2010  5:15 PM</pubDate></item><item><title>IRS Tax Dates for Small Businesses and Self-Employed</title><link>http://www.smallbusinessnotes.com/business-finances/irs-tax-dates-for-small-businesses-and-self-employed.html</link><description><![CDATA[ Meeting tax deadlines is a critical component of running any business. The Internal Revenue Service has put together a handy calendar of all deadlines for federal business, personal and excise taxes. If you are confused about whether you are supposed to be filing any of those forms listed on the calendar, consult the IRS page on Business Taxes. Each state also has requirements for taxes. Most state tax offices will have information about local tax obligations businesses face. Local Small Business Administration offices can also be a good resource for finding out what taxes you need to be filing....]]></description><pubDate>November  1, 2010  5:15 PM</pubDate></item><item><title>Audit Techniques Guides by Industry</title><link>http://www.smallbusinessnotes.com/business-finances/audit-techniques-guides-by-industry.html</link><description><![CDATA[ The Market Segment Specialization Program focuses on developing highly trained examiners for a particular market segment. A market segment may be an industry such as construction or entertainment, a profession like attorneys or real estate agents or an issue like passive activity losses. An integral part of the approach used is the development and publication of Audit Techniques Guides. These Guides contain examination techniques, common and unique industry issues, business practices, industry terminology and other information to assist examiners in performing examinations. These are the guides that are currently available: Industry PDF Aerospace Industry X Alternative Minimum Tax for...]]></description><pubDate>November  1, 2010  5:15 PM</pubDate></item><item><title>Do You Need an EIN?</title><link>http://www.smallbusinessnotes.com/business-finances/do-you-need-an-ein.html</link><description><![CDATA[ You will need an EIN if you answer &amp;quot;Yes&amp;quot; to any of the following questions. Additionally, if you provide health insurance for your employees, you may need a National Standard Employer Identifer (NSEI) for your electronic health transactions. To determine if you need an NSEI, refer to the Department of Health and Human Services' NSEI frequently asked questions . Do you have employees? Do you operate your business as a corporation or a partnership? Do you file any of these tax returns: Employment, Excise, or Alcohol, Tobacco and Firearms? Do you withhold taxes on income, other than wages, paid...]]></description><pubDate>November  1, 2010  5:15 PM</pubDate></item></rss>