Most people only have to keep up one with tax deadline. It's common knowledge that April 15th is Tax Day (though that date actually changes based on holidays, weekends, etc). But for business owners like us, that isn't accurate. We actually have many tax deadlines to worry about through the year, and if your business is a partnership or S-corporation, your return is due in March, not April. … [Read more...]
Closing Tax “Loopholes” on S-Corps
Just when it looked like the small businesses in this country might begin to bounce back, our elected representatives are working to close the “tax loopholes” used by small professional companies operated as S-Corporations: H.R. 4213 American Jobs and Closing Tax Loopholes Act At present, S-Corporation shareholders who are employees working in the business must take a “reasonable wage” via … [Read more...]
Small Business Forecast from MicroEnterprise
The MicroEnterprise Journal has a great new blog post about the forecast for small business in 2010: Forecast: the small and microbusiness econocmy in 2010. Among the highlights of the article is a discussion on one of the advantages that microbusinesses have over the big guys: lower overhead. As a result small and microbusinesses should be among the first to recover and prosper as we head out … [Read more...]
Tax Due Date Reminders
Did you take a pass on the April 15th deadline last spring and file a six-month extension with the IRS? If so, your new deadline is fast approaching. All personal income tax returns on extension will be due on Thursday, October 15th. Remember that the IRS has given you an extension of time to file, but not an extension of time to pay. If your final return shows taxes due, be prepared for some … [Read more...]
Top 10 Bookkeeping Mistakes
SmartMoney recently listed a Top 10 list of Bookkeeping Mistakes to Avoid. Among them are: Forgetting to track reimbursable expenses -- All those little cash receipts for postage, parking, tolls and office supplies really add up. If you don't keep track of them, there's no way you're going to be able to deduct those expenses, or be reimbursed. Not reconciling the books with the bank statement … [Read more...]