Archive: Tax Tips

How Do I.... File for a Tax Extension?

Small business owners who need more time to file their taxes can always file a form (pdf) to request from the IRS an extension to pay taxes, but there's also an option to outsource that task for a fee. There are about 10 million businesses and 5 million individuals who...

By Sharon McLoone | February 27, 2009; 05:00 PM ET | Comments (1)

Small Business Tax Advice

Small Business Readers: I'll be hosting a live Web chat on March 2 beginning at 11 a.m. ET with Keith Hall, small business owner and tax adviser to the National Association for the Self-Employed. Please join us and send in your tax questions. I'd love to hear from you! If...

By Sharon McLoone | February 23, 2009; 08:00 AM ET | Comments (0)

Big Businesses Reach Out to Small Firms

You can't argue with free stuff that's useful, especially if it has the potential to make a business run more efficiently. I've been on the lookout for ways that small businesses can cut costs, and some of the nation's bigger companies recently have launched initiatives to help small firms better...

By Sharon McLoone | February 2, 2009; 10:45 AM ET | Comments (1)

Major Tax Changes for 2008

Tax season is here and the nation's smallest businesses should take note of significant tax changes for 2008 as they get their paperwork in order. The National Association for the Self-Employed put together a handy list for micro-businesses and the self-employed. It's also hosting a series of tax seminars around...

By Sharon McLoone | January 29, 2009; 08:00 AM ET | Comments (0)

IRS May Push for Tax Compliance in Virtual Worlds

The IRS soon may keep a closer watch on the thousands, if not millions, of small firms and the self-employed that have sprouted up in virtual worlds. The nation's taxpayer advocate, who recommends to the IRS how to improve the average consumer's tax-paying process, released her annual report Wednesday describing...

By Sharon McLoone | January 8, 2009; 12:00 PM ET | Comments (3)

IRS Announces New Mileage Rate

The Internal Revenue Service today issued its 2009 optional standard mileage rates that are used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2009, the standard mileage rates for the use of a car, van, pickup or panel...

By Sharon McLoone | November 25, 2008; 04:15 PM ET | Comments (0)

IRS Shortens Extension Period for Certain Businesses

The IRS this week announced it has shortened the extension period for filers who have to report on documents affecting partnerships, S corporations, estates and trusts. Income, deductions and credits from partnerships, S corps, estates and trusts are reported to partners, investors and beneficiaries on Schedules K-1 (pdf) and other...

By Sharon McLoone | July 3, 2008; 12:00 PM ET | Comments (0)

IRS Increases 2008 Standard Mileage Rates

The IRS announced Monday that it has increased the standard mileage rate for the final six months of 2008 in recognition of rising gas prices. The rate will increase to 58.5 cents per mile for all business miles driven from July 1, 2008 through Dec. 31, 2008. This is an...

By Sharon McLoone | June 24, 2008; 10:16 AM ET | Comments (5)

New Bill Would Create Standard Home-Office Deduction

Legislation introduced this week by Rep. John McHugh (R- N.Y.) would make it easier for home businesses to deduct home office expenses by offering a $1,500 standard deduction to eligible taxpayers. The Home Office Deduction Simplification Act (H.R. 6214) also would require that the amount be indexed for inflation. The...

By Sharon McLoone | June 11, 2008; 05:00 PM ET | Comments (1)

Many Firms Failed to Claim 'Telephone Tax' Refund

A recent study from a government inspector general adds merit to the complaint long held by the small business community that onerous and complicated rules are putting micro firms at a disadvantage. The report by the Treasury Inspector General for Tax Administration said the IRS's recent effort to refund to...

By Sharon McLoone | May 15, 2008; 03:54 PM ET | Comments (0)

IRS Invites Citizens to Join Advocacy Panel

The IRS is inviting citizens who want to help improve the nation's tax agency to join the national Taxpayer Advocacy Panel. Panelists will do things like identify taxpayer issues, raise issues about their experiences with the IRS and make recommendations to the IRS on customer service issues. The group, which...

By Sharon McLoone | March 24, 2008; 09:50 AM ET | Comments (0)

IRS Releases List of Top Tax Scams for 2008

The IRS today released its list of the top "dirty dozen" tax scams, which affect businesses large and small. This year's list of the most egregious tax schemes is topped by Internet phishing, which is an online ploy to trick consumers into revealing their personal financial information. The agency reiterated...

By Sharon McLoone | March 13, 2008; 03:47 PM ET | Comments (0)

Tax Time for Small Businesses

With the deadline for filing taxes just around the corner, The Washington Post on Sunday ran a special tax package on what filers need to know for preparing and sending their 2007 taxes. I wrote a piece for the package on what tax changes are in store for small businesses....

By Sharon McLoone | March 10, 2008; 10:26 AM ET | Comments (0)

IRS Offers Tax Program for Spanish Speakers

The IRS and Spanish television network Telemundo are teaming up to offer a one-hour tax program for Spanish-speaking taxpayers on Sunday, Jan. 27. The program, "Los Impuestos y Usted" or "Taxes and You," will broadcast at 3:30 p.m. Eastern and Pacific Time, 2:30 p.m. Central Time and 1:30 p.m. Mountain...

By Sharon McLoone | January 17, 2008; 09:12 AM ET | Comments (0)

Taxpayer Advocate Offers Tips for Improving Small Biz Relations

The National Taxpayer Advocate this week released a report that has been getting some media coverage for its recommendations like offering payments of up to $1,000 to taxpayers whose cases are mishandled, but tucked inside the lengthy study are suggestions for how the Internal Revenue Service could better handle its...

By Sharon McLoone | January 11, 2008; 02:08 PM ET | Comments (0)

IRS Offers Speedier Resolutions for Investigations

If you're being investigated by the IRS, you probably want the process to be over sooner rather than later. The agency announced today it has expanded its "Fast Track Settlement" program (pdf) for taxpayers under examination by its small business and self-employment division. The program is now available until Sept....

By Sharon McLoone | December 14, 2007; 03:21 PM ET | Comments (0)

IRS Announces New Mileage Rates

For those of you who support your small business by doing a lot of driving, you'll be interested to know that the IRS recently issued its 2008 mileage rates. Late last month, the IRS announced that as of Jan. 1, the standard mileage rates for the use of a car,...

By Sharon McLoone | December 7, 2007; 03:25 PM ET | Comments (0)

Take Note of New Tax Breaks for Small Firms

Although taxes may not be the first thing on your mind in August, a new package of tax breaks for small businesses took effect late last month that will impact your 2007 filings and beyond. Owners of small entities now can take a greater deduction for new purchases. Under a...

By Sharon McLoone | August 7, 2007; 06:00 AM ET | Comments (1)

 

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