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4 New Small Business Tax Surprises

4 New Small Business Tax Surprises

Here are two words small business owners seldom like to see together: “taxes” and “surprise!”  Trying to cope with overwhelming complex tax laws is hard enough without the occasional grenade the IRS tosses across the moat.  But BizBest figures you’d rather know now, before getting a notice in the mail.  Here, then, are tips on […]

Bonus Depreciation Tax Breaks Make 2011 a Year to Buy

Bonus Depreciation Tax Breaks Make 2011 a Year to Buy

If you are thinking of buying new vehicles, equipment, machinery, phones, computers or other technology for your business, 2011 could be the year to do it.  That’s because not one, but two laws passed late last year have greatly increased the amount of your immediate tax write-off for making such purchases. The so-called Section 179 […]

What 1099 Reporting Rule Repeal Means to Small Business

What 1099 Reporting Rule Repeal Means to Small Business

Okay, small business owners just dodged a bullet. Chalk one up for common sense. The insane expansion of 1099 reporting hidden in 2010’s massive health care reform bill is now toast. President Obama put a stake in its heart on April 14. Expansion of mandatory IRS 1099 form filing would have required every small business […]

New SBA Study says IRS Small Biz Audit Crackdown is Bogus

New SBA Study says IRS Small Biz Audit Crackdown is Bogus

Ten years ago, a landmark IRS report claimed that small business owners under-report income by $80-100 billion yearly and account for over half of the U.S. “tax gap” of owed by uncollected taxes.   As a result, small business owners have been subjected to increased audits and reporting requirements, including the controversial new 1099 rule. But now […]

Claim Your Small Business Health Care Tax Credit

Claim Your Small Business Health Care Tax Credit

If you’re a small employer with a health insurance plan and pay at least half of employee premiums, you probably qualify for a new health care tax credit worth thousands or even tens of thousands of dollars.  Contrary to rumors and media reports, most small businesses do in fact qualify for substantial tax credits, and […]

Business Owner Guide to Top Legal and Tax Trends

Business Owner Guide to Top Legal and Tax Trends

Starting and operating a small business is never easy, and all of the tax and rule-making authorities that get in your way don’t help. Legal and regulatory issues, trends and requirements are always changing, forcing business owners to run a new gauntlet each year.  To keep you on top of things, here are 11 trends […]

What You Must Know about Hiring Independent Contractors

What You Must Know about Hiring Independent Contractors

If your business uses independent contractors, the best tax advice is simple: Watch your back! Why?  Because state governments are lining up to help the IRS nab businesses they believe have misclassified workers as independent contractors instead of employees. In tax terms, the difference is huge. If the IRS says you did it wrong, the […]

10 Tips to Avoid a Tax Audit for Small Business

10 Tips to Avoid a Tax Audit for Small Business

As Washington digs for every dollar to stem the federal deficit, IRS audits of small business tax returns are up – way up, and headed even higher.  And know this too:  Sole proprietors – the dominant type of small biz ownership – are 10 times more likely to be audited than other business entities such […]

Surviving the IRS Employer Tax Crackdown

Surviving the IRS Employer Tax Crackdown

As budget deficits go stratospheric, the federal “tax gap” is once again a hot topic in Washington. The tax gap is money the government believes should be paid in taxes, but isn’t.  So bureaucrats are beefing up enforcement of existing rules or implementing new ones created by Congress, forming a new gauntlet of compliance requirements […]

How a Bigger Business Bash can save Money

How a Bigger Business Bash can save Money

As a cost cutting move, many companies have downsized their office celebrations.  But in some cases, putting on a bigger business bash might actually be a way to save the company money. Here’s why: If you host a small get-together just for select employees, customers or other invited guests, the IRS will consider your event […]