SECRET TAX TIP #6 Avoid Extra Tax With A Wise Business Purchasing Plan! Avoid the dreaded Alternative Minimum Tax by postponing purchases of depreciable assets or leasing rather than purchasing depreciable assets in years when you have high income and itemized deductions. The alternative minimum tax is calculated by adding to your alternative minimum tax base any ...
SECRET TAX TIP #4 Even Small Deductions Can Add Up To Big Tax Savings! Don’t forget the “de minimis” fringe benefits for maximum tax savings. Did you know that the tax code allows you to deduct for things such as (a) tickets to theatres and sporting events, (b) cocktail parties for employees and guests and ...
Running a small business and trying to keep up with all the tax regulations and new IRS codes is no joke. Mess this up and you’ll have to pay big penalties, not to mention possibly suffer through a business ending IRS audit! Let me introduce myself. My name is Bernadette and I run my own small ...
To be effective in any business, not only must you do a good job at selling your product or service, but it is imperative that you keep good records. Tax records are no exception to the rule. Did you know that when you don’t keep up with your expenses, you end up overpaying your taxes? Tax rates are high enough, and there’s no need to pay more than your share.
When determining whether your workers are employees or independent contractors, there are several factors you must consider. The traditional test to determine a worker’s status involves the concept of control. The IRS developed 20 factors to resolve a worker’s status as an independent contractor under the common law. The burden of proof is also on the taxpayer. It is understood that at least 11 of these factors should present evidence of an independent contractor’s status under the common law tests.