-
Writing Off Casualty or Disaster Losses for Your Business
September is National Preparedness Month and the theme this year from Ready.gov is prepare for disasters to create a lasting legacy for you and your ... -
Reward and Punishment on Your Tax Return for Being a Pass-Through Owner
If your business is a sole proprietorship, partnership, limited liability company, or S corporation—all pass-through entities—you report your share of business net income or loss ... -
Multiple Businesses: Thorny Tax Traps
Today, many go-getters aren’t satisfied running one business. They pursue multiple ventures at the same time. There may be various reasons for this, including having ... -
Thresholds Are Confusing for Information Reporting
Saying that tax rules are confusing is an understatement. Sometimes they’re almost impossible to understand. When it comes to requirements for reporting certain income, expenses, ... -
5 Reasons to Become a C Corporation
Almost all small businesses in the U.S. are pass-through entities—sole proprietorships, partnerships, limited liability companies, and S corporations. When it comes to small businesses, of ... -
What Does “Income” Mean for Tax Rules?
The word “income” is a generic term for the accretion to wealth. The word “income” connotes wages and earnings from self-employment. But for tax purposes, ... -
What To Do If You Fall Behind in Tax Deposits
If you are an employer, you are required to deposit your employment taxes on a regular schedule that’s dependent on the usual amount of the deposit. ... -
Additional Taxes on Small Business Owners
There’s been much discussion about “taxing the rich” and making them “pay their fair share.” What may get lost in the discussion are the special ... -
Writing Off the Cost of Business Driving
Gas prices at the pump have nearly doubled in one year, causing severe strain on business budgets. This is especially so for businesses that are ... -
A Tax Portrait of Business Owners
With National Small Business Week recently passed, it’s a good time to look at how business owners appear on their personal tax returns. The IRS’s ... -
You Pay Company Expenses: Who Takes the Deduction?
It’s common for business owners to pay various expenses from their own pockets. It just may be easy to do. But it can impact who ... -
Employers’ Tax Burden for Having Remote Workers
COVID-19 started a revolution in remote work arrangements. Initially, workers were forced to work from their homes because of government-mandated shutdowns. Then, workers continued working ... -
What’s Up with Form 1099-K?
Third-party payments over a threshold amount must be reported annually to the IRS. This is done on Form 1099-K. Who does the reporting, what are ... -
Cancellations Can Have Tax Consequences
Things get canceled all the time…meetings and appointments, customer orders, and leases to name a few. Sometimes cancellations are good for your business, sometimes they’re ... -
5 Things to Remember about the Home Office Deduction
The pandemic caused many small business owners to abandon their offices—and the rent for them—in favor of working from home and allowing staff to do ... -
Big Tax Break for Section 1202 Stock: Which Businesses Qualify?
Tax breaks are being pared, but one that remains is the ability of certain corporations to issue stock that owners will eventually be able to ... -
Supplement to J.K. Lasser’s Small Business Taxes 2022
The pandemic triggered numerous changes in tax law as reflected in the book. But tax law is not static and new legislation, IRS pronouncements, and ... -
Supplement to J. K. Lasser’s 1,001 Deductions and Tax Breaks 2022
Tax law is not static and new legislation, IRS pronouncements, and court decisions continue to tweak tax rules. They affect reporting on 2021 returns as ...
SMB Taxes
Small business ideas, business tax news and small business consulting from Barbara Weltman to provide business owners with the information they need to succeed. Visit our small business blog, Idea of The Day®, small business books and articles on small business taxes, small business finance and small business legal advice.
