Tax Blog

Your resource for small-business tax advice.

Wednesday, May 18, 2011
Q: I own a small restaurant, 2011 is the first year of actual activity.  I don't know how to pay myself for the hours I spend there at the restaurant.  Am I suppost to treat myself like one of my employees? That would mean having social security and income tax withheld from myself or do I make member draws to pay my personal bills? A: How you declare income for yourself will depend on the tax structure of the business.... The general rules of how you take out money are as follows:   If you are a sole proprietor (or an ...
Friday, March 25, 2011
The IRS expects 145 million tax returns to be filed for the 2010 tax year and, of those, one in six will be self-employed Schedule C filers. A small percentage of those self-employed businesses will be subject to an audit each year. The NASE knows that many self-employed business owners meet their tax obligations fully, so the audit process need not be feared. The IRS can review tax returns for up to three years, so now is the time to make sure all of the necessary paperwork and documentation is stored with the 2010 tax return.   “As long as taxpayers ...
Monday, January 03, 2011
Posted by Kristin Oberlander - As an NASE Member, you have access to discounts on incorporation services through BizFilings. If you have questions about how to incorporating your business, our guest blogger, Julie Henningfield, offers some pointers to help you figure out the details. Remember to consult with our small business experts at ShopTalk if you have any additional questions! You’ve started your business and decided on business structure type to protect your hard-earned assets. It seems the hard part is over. Wrong. The demands placed on corporations and Limited Liability Corporations (LLCs) do not stop once the formation documents ...
Wednesday, April 14, 2010
Posted by Molly Nelson - Maybe you've had your head in the sand for the past few months, or perhaps you just like the pressure of a looming deadline, but either way you can't get around the fact that tomorrow is Tax Day.  If you haven't filed yet, there is plenty of advice out there.  The NASE's National Tax Advisor Keith Hall offered his own tips last month, and be sure to join this Facebook group to commiserate with fellow procrastinators. Good luck! [Tips for last-minute filers; Tips For Those Filing Their Taxes At The Buzzer; Can’t Make the April ...