Entertainment_Expenses

You can deduct ordinary and necessary expenses to entertain a client, customer, or employee if the expenses meet the directly-related test or the associated test. Entertainment includes any activity generally considered to provide entertainment, amusement, or recreation, and includes meals provided to a customer or client. An ordinary expense is one that is common and…

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Tax_Credits_General_Business_Credit

Your general business credit for the year consists of your carry forward of business credits from prior years plus the total of your current year business credits. In addition, your general business credit for the current year may be increased later by the carry back of business credits from later years. You subtract this credit…

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When_HR_Department

Whether it employs 50 people or 5,000, every company must manage certain basic issues related to human resources. These generally include recruitment, interviewing and hiring of employees, orientation and training for new hires, maintenance of personnel records and compliance with Equal Employment Opportunity Commission guidelines and reporting requirements, and the administration of salary reviews, increases…

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Business_Travel_101

A business trip is a good opportunity to do productive work for your business while earning substantial deductions. But it’s important to know the rules and limitations of deductions for business trips. You need to be aware of what constitutes a business trip, what things are deductible, and what you need to do to support…

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What_if_You_Cant_Pay

Question: You have completed your return. You owe more than you expected, and don’t have the cash to pay by April 15. What should you do? Answer: File your return anyway. There are two sets of penalties: Failure to Pay and Failure to File. The Failure to Pay penalty is 0.5% – 1% per month.…

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As an employer, your payroll responsibilities extend far beyond issuing employee checks. Your company is also required to: Pay the company share of payroll taxes; Deposit tax dollars withheld from employee paychecks; Prepare reconciliation reports and financial reports on payroll expenses; File payroll tax returns. Related Article: Taxes to Withhold for New Employees Types of…

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Independent_Contractors_Pros_And_Cons

Since the economy has started to rebound from the recession, the US has seen an increase of 1.8 million independent contractors. Independent contractors now account for over 7% of the total US workforce— but are they a good fit for your business? What is an Independent Contractor? It’s important to know the precise difference between…

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Best_of_The_Year_2014_11_Commonly_Overlooked_Tax_Deductions

This article was voted one of the best of 2014 by our readers, so be sure to mind your manners. As a small business, you need to take advantage of every tax deduction that applies and make sure that you don’t leave money on the table. Below are 11 commonly overlooked tax deductions and ways…

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Business_Use_Of_Your_Automobile

If you are transporting supplies, products or customers you are using your automobile for business. If you’re using your automobile for business activities, you need to understand your coverage and ascertain that your coverage is both adequate and not overlapping. What’s in an Auto Policy? There are six parts to an auto policy. Your policy…

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