In May I wrote a post titled 59 Tips for the Self Employed in which I suggested that new business owners not work from their homes so as to avoid distractions like the refrigerator, the T.V. and the bed. Many readers and most of my fellow tax bloggers disagreed with me. Now here comes Matthew Bandyk of U.S. News & World [...]
Tags: Self-Employed Taxpayers
June Walker, an unenrolled tax preparer, writes a blog subtitled Tax & Financial Advisor to the self-employed since 1979. In a recent post she advises her business clients to commingle their business funds with their personal funds. You read that write right: She advises the commingling of funds. Listen: You need only one checking account. [...]
Tags: Self-Employed Taxpayers
California tax blogger Mitchell Port writes about the top six things the IRS wants you to know before starting a new business: I especially liked #4: Good records are necessary. Which record keeping system is suited to your business is up to you so long as it shows your income and expenses. Except in a few [...]
Tags: Self-Employed Taxpayers
The IRS has issued announced IR-2009-51 summarizing the tax breaks made available to small businesses and the self-employed under the American Recovery and Reinvestment Act (“ARRA”). Here’s the preamble: Small Business Week is May 17 to 23, and the Internal Revenue Service urges small businesses to act now and take advantage of tax-saving opportunities included in [...]
Tags: Announcements · Self-Employed Taxpayers
Getting Started 1. Incorporate Don’t operate as a sole proprietorship 2. Hire a professional bookkeeper 3. Outsource your payroll 4. Buy an accounting software package 5. Attend local new business owner courses 6. Don’t hire your relatives 7. Think twice 8. Don’t start a business just because you have a cool sounding name for [...]
Tags: Self-Employed Taxpayers
The IRS estimates that more than 30,000,000 U.S. taxpayers have some sort of tax compliance or collection problem. The problems include unfiled tax returns, a pending federal tax liens, and failure to file information returns. But by far the most frequent and serious problem we see is the self-employed taxpayer who has failed to file his tax returns [...]
Tags: Self-Employed Taxpayers
