Taxes

Quarterly Reporting

  Monthly you may have to deposit federal and state withholding taxes. Federal rules state you need to deposit monthly if the total employee deducted and employer tax due is more than $2,500 total in a quarter. Review the rules for depositing funds carefully. If not paid according to the rules, penalties and interest apply

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How to Pay Your Employees

  The last few weeks we have been discussed “When to Hire an Employee,” whether you “Should You Hire an Employee or an Independent Contractor?”, and “Laws and Forms Needed When Hiring a New Employee”. This week will discuss how to pay your employees. Hourly Paid Employees If you have chosen to pay your employee

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Contractor Versus Employee

Have you Hired an Independent Contractor or Employee? It is critical that as a business owner, you correctly determine whether the individuals providing services are employees or independent contractors. Determining Whether the Individuals Providing Services are Employees or Independent Contractors   In determining whether the person providing service is an employee or an independent contractor,

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Establish your Business Entity

  Are you starting a new business? You will need to decide if you want to run your business as a sole proprietorship, a partnership, or a corporation, and whether or not to become an LLC.   Here’s a quick reference. An LLC is a legal designation for your company to help protect assets from

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SETTING UP A HOME OFFICE

  Select the Right Spot The space you choose for your home office should be well lit and properly ventilated, with enough room for furniture, supplies, storage compartments and other items you use on a regular basis. Watch window placement for glare issues. Keep in mind your space needs to be used only for business

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Afraid of an Audit? Don’t Forget these Thirteen Deductions!

  Don’t mess with the IRS, but take every legal deduction you can! That doesn’t mean you should cheat yourself, in fact tax law states that you are to report all income and all related expenses. In other words, you are required to file an honest tax return and have the paper work to prove

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Is My Telephone or Cell Phone Tax Deductible?

  By Evyln Carlile & Shelly Cedarblade   The answer should be simple, you need a telephone to operate your business and therefore it should be deductible as an “ordinary and necessary” business expense. However, as you may have guessed, it is not that simple!   IRS Deductions The IRS deductions rules state that “the

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Can You Take the Clothing Tax Deduction?

  By Evlyn Carlile & Shelly Cedarblade   I have heard several times this year, “Everyone I know is taking the tax deduction for clothing.” Just because everyone you know is using work clothes as a deduction doesn’t mean it is legal! The IRS does allow a deduction for the cost and maintenance of work

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IRS Tips for Reducing Tax-Time Stress

  Tax preparation doesn’t need to give you a headache. There are several ways to make it easier on yourself. The IRS offers three tips to help make your tax-filing experience a breeze this year.   Don’t procrastinate. Resist the temptation to put off your taxes until the very last minute. Rushing to meet the

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Tax Advantages of Hiring Your Children

  By Evlyn Carlile & Shelly Cedarblade   Hiring your children as employees can be beneficial for both your children and your business.  If you are a sole proprietor, there are tax advantages for your business and your children will gain valuable work experience working for you.   Tax Advantages to Hiring Your Children  If

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