Category Archives: Small Business Tax Tips
What Is 5 S?
ShareThe five S’s are five techniques used in efficient business processes. They were developed by the Japanese and are signified by five Japanese words which happen to start with S. Those Japanese words all happen to translate (or transliterate) into English … Continue reading
Office In Home Simplification
ShareThe IRS recently issued Revenue Procedure 2013-13. This new procedure for computing the office in home deduction (OIH) is intended to simplify the process. In some instances it does. For most people it will probably create a smaller office in … Continue reading
Extension for Farmers and Fishermen
ShareThe IRS announced on Friday that due to the extended processing time for many tax forms, that the deadline for any farmers and fishermen who were counting on the March first deadline for not having to make estimated tax payments … Continue reading
Health Savings Accounts
ShareContributions to a Health Savings Account (HSA) are used to pay current of future medical expenses of the account owner, his or her spouse, and any qualified dependents. Medical expenses must not be reimbursable by insurance or other sources and … Continue reading
Update on mileage rates and per diems
ShareFor 2013 the standard mileage rates have been increased. For business miles the deductible mileage rate is 56.5 cents per mile for business miles driven. For medical purposes the rate is 24 cents per mile and for charitable purposes it … Continue reading
Home Office Deductions
ShareEconomic conditions often dictate that many of us work out or our homes. This creates an opportunity for a home office deduction which could reduce your tax burden if you qualify for it. Usually the home office deduction applies to … Continue reading
MILEAGE RATES
ShareIf your use a vehicle for business, you must keep track of your mileage. It does not matter if you use actual expenses or the mileage rates. You must still be able to document the vehicle was used for business … Continue reading
Forms 1099 for 2011
ShareEveryone needs to be aware of a few 1099 related issues this year. If you have a business and you paid more than $600 to any individual, partnership, or sole proprietorship during the you must issue a 1099 form to … Continue reading
