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Reporting Payments to Independent Contractors: 5 Things to Know
If you engage independent contractors and pay them in the aggregate $600 or more during the year, you must report payments to them and to ... -
Some Tax Issues Never Change
In the past several years, business owners have grown accustomed to adapting to many changes in tax rules. Some new rules have been temporary in ... -
The Latest Tax Statistics on Partnerships and LLCs
A partnership is not taxpaying entity, but files an annual tax return, Form 1065, to report income, deductions, and other items. These items pass through ... -
J.K. Lasser’s Small Business Taxes 2022: What's New and What's Ahead
For more than 25 years, I’m proud to say my tax book for small businesses has been the go-to guide for owners and their tax ... -
Looking Ahead to 2022 Taxes for Your Business
While your 2021 tax return hasn’t been filed and likely won’t be for many months, it’s not too soon to be thinking about taxes for ... -
What Is the Global Minimum Tax and Does It Impact Small Businesses
News headlines tout the growing number of countries that have agreed to a global minimum tax rate. At present, 136 countries, which accounts for over ... -
Escaping Federal Tax Penalties
Late with filing a tax return with the IRS? Didn’t correctly figure and pay what you owe? Did something you weren’t supposed to do? Don’t ... -
Tax Credits Ending Soon: What to Do Now
A month from now, on September 30, 2021, a number of business tax credits end. Others are scheduled to expire at the end of the ... -
Tax Breaks for Investing in Small Corporations
During the government’s 2020 fiscal year (ending September 30, 2020), there were 1.8 million C corporations and more than 5 million S corporations. While we don’t ... -
Need a Business Vehicle? Tax Considerations to Factor into Your Choices
Are you thinking about getting a car, truck, or van now? Hybrid or electric-powered vehicle? Buy or lease a vehicle? And in who’s name (the ... -
Slash Your Federal Tax Bill with Income Tax Credits
A tax credit is a dollar-for-dollar reduction of tax liability. During COVID-19, much attention has been focused on employment tax credits for paid sick leave, ... -
Charitable Giving and Your Business
The pandemic has created a great need in a number of communities and for a number of special causes and organizations. But charitable giving is ... -
Tax Deferral from 2020: Time to Pay Up
Due to the pandemic and the desire of the federal government to keep more money in the hands of businesses and individuals, there were certain ... -
The Other Business Taxes: What You Need to Know
Taxes are a cost of doing business. Typically, the focus is on income taxes, but other business taxes deserve equal attention. Here are some issues ... -
Audit Vulnerability for Small Businesses
The word “audit” can send chills down almost anyone’s spine. For small business owners, this scary prospect not only involves emotional stress, but also the ... -
10 Things to Know about Business Meals
You gotta eat, right? But when it comes to meals, what’s business and what’s personal? If it’s personal, nothing is deductible, but if it’s a ... -
Are Taxes a Joke?
Are taxes a joke? Certainly not when you have to complete a tax return and pay the taxes. But over the years, there have been ... -
Figuring Your Estimated Taxes for 2021
The first installment of estimated taxes for 2021 is due April 15, 2021. This deadline applies even though the due date for filing 2020 individual ...
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.
