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Thursday, March 18, 2010
An evening on the town on Austin’s 6th Street might not have been the most restful way to prepare for the first ever double seminar day in TaxTalk history, but it was fun! After an invigorating jog before sunrise, the NASE team made our way to the Texas State University SBDC for our first seminar of the day. The university was on spring break, so while we didn’t see many students, we had no trouble finding a parking space. There are a lot of numbers involved in doing your taxes, but sometimes it is other numbers that can catch your attention. Did you ...
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Wednesday, March 17, 2010
Keith, Maureen and Molly of the NASE (first, middle, last) pose with SBDC staff. Posted by Molly Nelson - It was another early morning at the North Texas SBDC at El Centro College for our fourth seminar of 2010. Because the seminar was so close to the NASE's headquarters in Grapevine, Texas, we had a great showing of employees and friends of the NASE - Maureen and me from the NASE's DC office, as well as John Hearrell and Scott and Barbara Scribner joined Keith at the seminar. The staff from the North Texas SBDC was so helpful and welcoming. We had ...
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Wednesday, March 17, 2010
Business owners wait for Keith to begin the tax seminar. It's pronounced like aisle with an "L" at the beginning and we were fortunate enough to have a additional NASE team member with us for this seminar. Robynn is our superstar in the Chicago area, and she was kind enough to let us crash her office so we'd have a quiet place to do a webinar with the Wyoming SBDC network. The Lisle event was a great sized seminar – 20 people. That means it’s small and intimate enough that the attendees feel comfortable asking questions from the start, and throughout the presentation. ...
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Thursday, March 11, 2010
The Purple Pig, Chicago, IL Next stop on the trail is Chicago! We’ve never been to most of the Small Business Development Centers (SBDCs) where we are holding seminars this year. So we never know what we’re going to get when we pull up to a location. The Illinois SBDC/Duman Microenterprise Center is at 216 W. Jackson Blvd., #700, Chicago, IL. The cab driver pulled up and “216” was directly above… a liquor store. We scrambled to checkthe location and confirmed that it was, indeed, the address. Thankfully, the entire building above the liquor store was also “216” also, and inside, ...
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Tuesday, March 02, 2010
Tackling our first tax seminar of 2010 in Salem, Oregon I love tax season because I enjoy getting out to talk to self-employed business owners about what they do. Unfortunately, I also have a bit of a reputation around the office for cutting it close when it comes to arriving at the airport. I almost didn’t make the flight on Monday morning due to multiple accidents on the freeway in my hometown of Dallas. After I got through security, I ran to the gate and got directly on the plane. Let's just say it's a good thing that I am ...
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Tuesday, February 23, 2010
Q: I heard I could hire my child and take a tax deduction. How does that work?
A: Allowance isn't deductible, but wages are! Put your child to work and take the deduction!
First of all, don't go out and have kids just for this - that's a bad idea. But if you do have a kid, put them to work in your business. They can file things, answer the phone, clean your home office...anything you can think of that is appropriate for them to do. It will give them a chance to learn about your business, and also teach ...
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Tuesday, February 16, 2010
Q: I donated a very large amount of items to charitable organizations in my local areas. I have receipts from the charities, showing a value of approximately $9,000 in goods. Are there any limits to the amount of charitable donations I can deduct from my taxes? Can I carry over anything I am not able to deduct? Do I deduct these donations from my business income or personal? I am a self employed sole proprietor.
A. There are limits to the amount that can be deducted in any one year. The limit is based on your adjusted gross income and ...
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Tuesday, February 09, 2010
Q: I purchased a new truck for my business in May 2009. It is an asset, and I am wondering how much of the purchase price I can deduct from my income this year. Do I depreciate it? Do I get to deduct any mileage for business expenses or is it limited to depreciation only? A: The business use of your vehicle would be a deductible expense to the extent that it is indeed used for business. As you might have guessed, the personal usage of your car, including commute mileage, would not be deductible.
There are two basic ...
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Wednesday, February 03, 2010
I’m taking TaxTalk on the road in March and April and visiting 16 cities across the country – hopefully coming to an area near you. Attend a TaxTalk seminar and let us help you navigate your business taxes – learn tips to save your micro-business money, network with micro-business owners and get a free copy of the book I co-authored, “Schedule C: From A to Z.” The seminar is great for those new to self-employment, because we can teach you how to expense start up costs, and explain the most common sole proprietor tax forms. And if you’ve ...
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Monday, January 25, 2010
Q: I’ve been self-employed for two years and finally want to start a retirement plan in 2010. Where can I get tax information on different types of plans? A: The IRS Retirement Plans Navigator is a guide devoted specifically to retirement plans for self-employed individuals and small employers. It’s available online at www.retirementplans.irs.gov. At the site, you can do a side-by-side comparison of nine different plans. The comparison shows you attributes such as contribution limits, whether an annual tax return is required, whether you can take a loan from the plan, and more. The site also provides detailed information ...