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Many self-employed people will run their business as a sole-proprietorship. They are very easy to set up and cost very little to form.
First, decide on a name. For example, John Jones D/B/A (Doing Business As) Prime Time Painters. Then register your name with Town Hall. Get some business cards, letterhead and stationary. You are now well on your way.
This question is asked frequently during tax season.
I suspect it will be asked even more this tax season.
There will likely be even more delays this year than in past years. Congress passed The American Taxpayer Relief Act of 2012 on the last day of 2012. President Obama signed this legislation on January 2, 2013. This has delayed the IRS, which … Continue reading »
It’s time for business owners to file their 1099′s.
Here are 5 Easy Steps to do this:
Form 1099 is due to any independent contractor who is unincorporated and you pay $600 or more to in a year. Additionally all payments for legal services must be issued a 1099 regardless of whether the … Continue reading »
There are a host of reasons small business owners should meet with their CPA. Here are 6 of them:
Smaller business can usually file their tax returns on the cash basis of accounting. The taxable income is based on the revenue received less the deductible expenses. Larger companies must prepare their tax return using the accrual basis of accounting. The accrual basis matches the … Continue reading »
Taxpayers can contribute up to $5,000 per year into a Roth IRA. Taxpayers over age 50 can contribute an additional ‘catch-up’ contribution of $1,000 for a total of $6,000. To contribute to a Roth IRA you need to have earned income at least up to the amount of the contribution. … Continue reading »