From Tiare Rath
You’ve decided to open your business and now you’re facing the daunting task of structuring it as a corporation. Many entrepreneurs opt to form limited liability companies or an LLC.
Currently, every state, including the District of Columbia, allows single-owner LLCs. To create an LLC, you’ll need to file the proper documents with [...]
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The IRS has long targeted self-employed taxpayers (aka independent contractors and freelancers) for audits. But the agency might start auditing even more people who own their own business and work for themselves. Mark Minassian, the About.com Guide to Business Law and Taxes, says not just contractors,
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By Jan Verhoeff
Everyone has some kind of home office, if you happen to run a business from that home office, it’s deductible. But… There are a few important things you need to do to make certain your deduction is provable.
Clear a specific room or space for your office. Give it a square footage, something [...]
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Jeff Cornwall, The Entrepreneurial Mind, Belmont University
Well, the tax code just got longer, but this time the added pages (now about 65,000 and counting) should help out some small businesses, at least in the short-run.
The Small Business and Work Opportunity Tax Act of 2007 was recently passed in conjunction with legislation to continue [...]
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What You Need to Know About Itemized Tax Deductions
Wondering what items you can deduct from your income taxes, and how to go about doing it? William Perez, a certified public accountant and tax guide for About.com, clarifies what does and doesn’t qualify for itemized tax deductions, explains why, and shows you how to take it [...]
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Without a corporation handling records on your behalf, filing taxes may not go as smoothly as you’d hoped — potentially leaving you on the IRS list of people to audit. No sweat. About.com’s authority on taxes, William Perez, is here to guide you through the ways to avoid and handle IRS tax audits.
1. Freelance Writers [...]
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If you’re anything like me, the very thought of taxes makes your eyes cross and sends you running for cover under the nearest desk. Take heart! About.com’s very own tax guru, William Perez, is here to help us — in this first of a four-part series, offering freelance writers online help with taxes. What are [...]
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Posted in Credit Improvement, Credit Scores, Debt Reduction, Entrepreneurs, Estate Planning, FICO Scores, Family-related, Home-based Business Support, Mortgage Reduction, Real Estate Taxes, Residential Mortgages, Retirement, Small business, Uncategorized on Jun 11th, 2007 1 Comment »
Bloggers have begun to supplant traditional media in influence and audience in a wide array of areas, none more recent and more profound than in personal finance. Whether their goals are as ambitious as becoming a millionaire or as humble as paying down their credit card debt, tens of thousands of people over the past [...]
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Don’t tax you, don’t tax me, tax that fellow behind the tree. — Russell B. Long, late senator from Louisiana
If you’re self-employed, sell used items occasionally on eBay or own a home, now would be a good time to start keeping really good records. Your tax returns could receive more scrutiny, thanks to a growing [...]
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Gail Buckner, CFP
So, another tax-filing season is behind us and you’ve really had it. You’ve promised yourself/your spouse that this year you’re finally going to do something to reduce your income tax bill. Such as turn your love of motorcycles (or cake decorating, or furniture re-finishing, or gardening, or…) into a business.
Just a side business; [...]
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