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Tag Archive for business

Valuation Of Your Business – Basis For Tax Planning

Ron Oddo

Few business owners relish spending money on something they don’t need. And for most owners, hiring an expert to estimate the value of their companies falls into that don’t-need category.

So it is no surprise that owners typically respond to an exit planning advisor’s recommendation to get an estimate of value for the company with some variation of: “Now? But I’m not planning to leave for years!” or “I built this company so I—better than any so-called expert—know what it is worth!”

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IRS Mileage Rate 2016 for Business, Charity, Medical

MileIQ

The IRS Mileage Rate 2016 is important for anybody looking for a driving-related deduction. Use this rate to determine how much your write-off can be for business-related drives, as well as charity driving and moving/medical trips.

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Can Self-Employed Take The Standard Tax Deduction?

MileIQ

Taking the standard deduction is one of the simplest ways to lower your tax burden. Can the self-employed take the standard deduction? Read on to learn more about the standard deduction, who is eligible to claim it and if it’s worth it for freelancers and small business owners.

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What The IRS Counts As A Business Drive

MileIQ

Hopefully, you’re already tracking your miles in order to get the largest mileage deduction you’re entitled to. (If you are not, click here to start.) But, what counts as a business drive? Let’s go over what trips the IRS considers as business drives and what it doesn’t.

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Hobby VS Business Loss – A U.S. Tax Court Case Ruling

Harold Goedde

A loss from a legitimate business activity is fully deductible against other income. If the loss exceeds income, it can be carried forward to offset business income in future years. If an activity is deemed a hobby by the IRS, a loss cannot be deducted. The IRS has many criteria for determining whether an activity is a hobby or a business [See the author’s article on hobby losses for details].

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Choosing Between A ‘C’ OR ‘S’ Corporation – Selling Options For your Business

Ron Oddo

Usually, no other factors carry the weight of the tax issue or significantly differentiate the C from the S Corporation. Limited liability is attainable in both the C and S Corporation forms. Voting rights need not differ. An S Corporation conducts business, on a day-to-day basis, exactly as a regular corporation. The only difference between the C and S Corporation is the filing of a one-page IRS form (Form 2553) electing treatment as an S Corporation.

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Webinar – Rainmaking For Tax Professionals – Build Your 2017 Marketing Plan

(3-Part Webinar Series – Have Your 2017 Marketing Plan Ready Before Christmas – 12/7, 12/14, and 12/21)

You are invited to join this webinar if you want to build out your entire marketing plan for 2017! Monika Miles will be leading this super smart webinar that will result in your having your 2017 Marketing Plan in place before Christmas.

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Employee or Independent Contractor For Tax Purposes?

Taxation is just one of many areas of law involved in disputing a workers status as either an employee or an independent contractor for the purposes of payroll taxes. Because of recent improvements in the exchange of information between federal and state agencies, one investigation into a workers status may trigger another. Or, a dispute by one worker can domino into additional disputes by other workers. If a business owner misclassified a workers status a number of years ago, it could be found responsible for significant federal and state employment tax deficiencies and penalties, as well as a variety of benefits if the worker sues and is ultimately determined to be an employee.

The IRS use the following list of 20 factors to examine the nature of the relationship between a business and a worker and make a determination between employee or Read more

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