3 Key Record-Keeping Steps to Start the New Year Right
Records are an essential element in claiming deductions on your taxes. Here's how to keep them in order to ensure you don't miss out on savings. Read story
Barbara Weltman
Writing Off the Cost of Business-Related Debt
To buy equipment and run your business, it's inevitable that you'll incur debt at some time or another. Generally, interest on business loans is fully ded... Read story
Handling Commuting Costs: Employer and Employee Perspectives
Generally the cost of commuting to and from work is not deductible by an employee. However, certain payments by employers-called qualified transportation ... Read story
Help for Small Business with Federal Taxes
The month of April may be a time when you are acutely aware of taxes. Certain recent developments may be of help to you as a small business owner. ... Read story
Simplified Rules for Required Minimum Distributions
Proposed Treasury regulations released in mid-January [ 2001] greatly simplify computations for required minimum distributions (RMDs) from qualified retir... Read story
What to Discuss at Year-End Board Meetings
Before the end of the fiscal year (e.g., December 31 for calendar-year corporations), boards of directors of small corporations should meet to discuss a w... Read story
Gearing Up for 2001
It's already time to start thinking about taxes for 2001. If you plan carefully and take these steps, you can minimize your tax bill for the coming year.<... Read story
What roles do the members of an LLC play?
Law & Taxation mentor Barbara Weltman responds to the following question from an inc.com user: What roles do the members of an ... Read story
When Should You Commence Social Security Benefits?
Assuming you've worked a sufficient amount of time and paid into the Social Security system (through FICA withholding on your wages or taxes on your net e... Read story
Revisit Your Method of Accounting
The accounting method used by your business governs the timing of reporting income and expenses. The two main methods are the cash method and the accrual ... Read story
Midyear Tax Planning for Small-Business Owners
Now's the time to review your tax picture for the current year. This will allow you to take actions that can reduce your 2000 taxes. These actions can als... Read story
Tax Incentives for Hiring in a Tight Labor Market
Having trouble finding employees? The tax law provides incentives for hiring certain individuals you might not otherwise have considered. W... Read story
I'll be the sole owner of a party production company. Which form should my business take?
Law & Taxation mentor Barbara Weltman responds: As the sole owner, your choices are limited to sole proprietorship, S corporation,... Read story
What Small Employers Need to Know about Employment Taxes
If you have any employees (including yourself if your business is incorporated), you'd better comply with employment tax requirements in order to avoid pe... Read story
Avoiding Insurance-Related Traps
As a small business owner you may be operating under some false assumptions you need to clear up: Trap: Believing that ... Read story
What Will It Cost Me to Hire an Independent Contractor as an Employee?
Q: Currently I use independent contractors in my business. What is the additional cost of making them my employees? A:Read story
Do Sole Proprietors Need an Employee Identification Number?
Q: I'm starting a business as a sole proprietor. I don't plan to have any employees. Do I need an employee identification number, or can... Read story
How Can My Employees Pay for Medical Coverage on a Pretax Basis?
Q: I have a small business and can't afford to pay for my employees' medical coverage. I've heard there's a way that my employees can pa... Read story
Tax Elections for Small-Business Owners
While many tax rules are automatic, there are a number of instances in which owners can choose their tax treatment. Here's a listing of some elections ava... Read story
What Should You Do about Charitable Giving?
Charitable giving is encouraged by the IRS, but there are limitations to what you can deduct from your taxes for this act of generosity. Read story
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