How To Survive The New 2011 1099 Reporting Requirements for Business

By now most business owners and independent contactors in the US are well aware of the new 1099 reporting requirements that were included in the 2010 Patient Protection and Affordable Care Act. This expansion of 1099 reporting, included to help cover the costs associated [Read More]

Ignorance Is Not Bliss: What Tax Records Businesses Need to Keep

Last week we went over the individual tax payer’s record keeping requirements, this week I want to discuss what business owners should be holding onto and for how long. Obviously businesses have a more extensive list of record keeping requirements than individual do [Read More]

New Small Business Tax Bill: Short Term Fix, Long Term Costs

The senate recently passed a small business tax bill that included $12 Billion in tax benefits aimed to help small business grow and is expected to pass the House and be signed by the president as soon as possible. [Read More]

Tell the IRS Just What You Think About the New 1099 Requirements

Don’t forget you have until the 29th of this month to let the IRS know just what you think about the new 1099 reporting requirements Congress recently put into place. Haven’t really heard much about it yet? Well, if you’re a small business owner or a small [Read More]

5 Ways Tax Planning Can Help the Average Joe

Many people don’t think they make enough to worry about tax planning, but what they don’t realize is no matter what your income level, tax planning can help you make adjustments that will significantly reduce your tax liability. [Read More]

IRS Working Out the Kinks in New 1099 Reporting Requirements

Warning: file_exists(): open_basedir restriction in effect. File(/var/www/vhosts/fredrickjames.com/httpdocs/blog/index.php/var/www/vhosts/fredrickjames.com/httpdocs/blog/wp-content/uploads/antisnews-cache-thumbs/temp/f6b23259002a0400de9f2122c3993cf2.jpg) is not within the allowed path(s): (/var/www/vhosts/:/tmp:/web:/do_not_remove/php_include) in /var/www/vhosts/fredrickjames.com/httpdocs/blog/wp-content/themes/antisnews/cropper.php on line 727

By now you've probably heard quite a bit about the new 1099 reporting requirements that were included in the Health Care Reform Bill and the concerns for the disproportionate burden it will place on independent contractors, freelancers and small business owners. [Read More]

Small Business to be Hit Hard by New SECA Rules

remote host "taxdollars.freedomblogging.com" not allowed Warning: file_exists(): open_basedir restriction in effect. File(/var/www/vhosts/fredrickjames.com/httpdocs/blog/index.php/http://taxdollars.freedomblogging.com/files/2010/03/Tax-Shakedown.jpg) is not within the allowed path(s): (/var/www/vhosts/:/tmp:/web:/do_not_remove/php_include) in /var/www/vhosts/fredrickjames.com/httpdocs/blog/wp-content/themes/antisnews/cropper.php on line 727 Warning: mime_content_type(/http://taxdollars.freedomblogging.com/files/2010/03/Tax-Shakedown.jpg): failed to open stream: No such file or directory in /var/www/vhosts/fredrickjames.com/httpdocs/blog/wp-content/themes/antisnews/cropper.php on line 401 Warning: finfo_file(/http://taxdollars.freedomblogging.com/files/2010/03/Tax-Shakedown.jpg): failed to open stream: No such file or directory in /var/www/vhosts/fredrickjames.com/httpdocs/blog/wp-content/themes/antisnews/cropper.php on line 409

To avoid paying the 15.3% tax, S Corporations have for years taken advantage of paying cash to shareholders as distributions instead of wages—not exactly what the IRS had in mind. Don’t forget that S Corps also avoid corporate level income taxation too because that [Read More]

Fast and Easy Cash Accounting….oh, it’s Accrual World

remote host "ic2.pbase.com" not allowed Warning: file_exists(): open_basedir restriction in effect. File(/var/www/vhosts/fredrickjames.com/httpdocs/blog/index.php/http://ic2.pbase.com/g6/91/683691/2/71164742.C8bM1uyI.jpg) is not within the allowed path(s): (/var/www/vhosts/:/tmp:/web:/do_not_remove/php_include) in /var/www/vhosts/fredrickjames.com/httpdocs/blog/wp-content/themes/antisnews/cropper.php on line 727 Warning: mime_content_type(/http://ic2.pbase.com/g6/91/683691/2/71164742.C8bM1uyI.jpg): failed to open stream: No such file or directory in /var/www/vhosts/fredrickjames.com/httpdocs/blog/wp-content/themes/antisnews/cropper.php on line 401 Warning: finfo_file(/http://ic2.pbase.com/g6/91/683691/2/71164742.C8bM1uyI.jpg): failed to open stream: No such file or directory in /var/www/vhosts/fredrickjames.com/httpdocs/blog/wp-content/themes/antisnews/cropper.php on line 409

Accrual Method or Cash Method Accounting? It’s one of the first questions you’re usually asked when setting up your accounting software and it can be one of the most puzzling. This topic is complicated and often confuses a lot of people (you are not alone if you’re [Read More]

New to Self-Employment Business Orientation: How to Avoid Tax Problems & Pave the Way to Success

Today people have more choices than ever before when it comes to making a living. Even those who keep their regular full time positions as employees are taking on side work as independent contractors and some are choosing to make the leap to full time self employment or [Read More]