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New Tax Law

Question: So...Exactly WHAT am I supposed to be doing with regard to the new tax law? Answer: First of all Happy New Year and welcome to 2018. It is gonna be a good year!!! Regardless of all other factors from this point forward, we will indeed have a new tax code for 2018. I am totally sure you have heard more than you would normally choose to hear about taxes and will undoubtedly continue to hear more. Just in case, here is a summary of the biggest changes…

Published on January 30, 2018

Getting a Loan While Self-Employed

Qualifying for personal loans when you are self-employed can be very difficult, especially in today’s economic climate.

Published on June 03, 2013

Ask The Experts: Health Insurance for Employees

Q: I’m about to hire my first employee and I have a few questions. Am I required to provide health insurance? Can I provide a health insurance stipend and have that qualify as providing health insurance? What is a reasonable amount to provide as a health insurance stipend?

Published on June 03, 2013

Ask The Experts: Employee or Independent Contractor

Q: Is there a minimum someone must make for employee taxes to be paid and taken out (including Social Security and Medicare)? If I have employees, will the business be required to carry workers compensation insurance even if they’re part time?

Published on May 02, 2013

Ask The Experts: LLC Formation, Contract Templates

We operate a fast-growing tutoring business with more than 20 tutors. Although we are still small, we’ve decided to form an LLC. This is an exciting time in our business, and we want to make the best choices regarding structure and entity. Does the NASE offer a step-by-step guide to help small-business owners make these difficult and important decisions?

Published on April 01, 2013

Ask The Experts: Home Office Transition

Q: I've been a licensed professional counselor and marriage and family therapist for 21 years, and I've been in solo private practice since 1999 and have always rented office space. My wife and I are in the beginning stages of looking into arranging for me to work out of our home. Could you please provide us with any ideas or issues we need to be paying attention to in this endeavor?

Published on March 07, 2013

Ask The Experts: 1099 Forms, NASE Dues Deductibility

Q: I'm filing 1099 forms for independent contractors that I worked with this year. Can I complete the forms myself or do I need to pay a service to do it for me? Q: Can I deduct my NASE Membership dues on my taxes?

Published on February 04, 2013

Ask The Experts: Business Loss Deduction

Q: I purchased a business in 2000 and am currently in negotiations to sell it to a corporation. At the time, I took depreciation for goodwill, equipment, restrictive covenant, etc. I will be selling this business at a loss. Am I permitted to deduct the loss on my taxes?

Published on November 05, 2012

Ask The Experts: Form 1099

Q: I’m just starting a business. I’ve heard about having to track certain kinds of vendors (or customers) in order to send them a Form 1099 at the end of the year. Does that exist? If so, how is it done, what needs to be tracked, and where is it reported?

Published on October 01, 2012

Ask The Experts: New Vehicle Tax Deduction

Q: We are wondering if buying a new vehicle would be a good tax deduction for us. Our current work vehicle is paid for, but it’s 8 years old.

Published on September 04, 2012

Ask The Experts: New Contract Employee Forms

Q: Can you tell me which employment forms a contract employee needs to complete before starting to work for my company?

Published on June 29, 2012

Ask The Experts: Section 179 Depreciation

Q: Can you take Section 179 depreciation on used equipment? Where is this deduction explained in the IRS rules? I’ve been struggling through Publication 946 and can’t find any requirement that the equipment has to be new to qualify for the deduction.

Published on May 07, 2012

Ask The Experts: Business Vehicle, Business Software

Should our business own a vehicle? Which business software is best for my company? The NASE Experts answer your questions.

Published on December 30, 2011

Can You Avoid An IRS Audit?

Few things are more frightening to micro-business owners than learning that they’ve been selected for an IRS audit. In reality, the odds of being chosen for an audit are small.

Published on March 17, 2011

Unprepared For Your Golden Years?

Whether you’re decades from retirement or only days, have operated a micro-business for years or are just launching one, you’ll find tools and resources here to shore up your future.

Published on July 12, 2010

Is A Roth Right For You?

The benefits of a Roth individual retirement account (IRA), which have been inaccessible to many self-employed individuals and micro-business owners, may finally be within your reach.

Published on March 05, 2010

The ABCs of IRAs, SEPs, And Other Retirement Plans

Long-range planning is a wise idea even in difficult financial times. While micro-business owners have their hands full juggling inventories, meeting customer demands and studying balance sheets, they should also be planning for retirement.

Published on July 29, 2009

Can You Take The Home Office Deduction?

Can you or can’t you take the home office deduction? This is one of the most vexing questions faced by home-based business owners.

Published on July 01, 2009

Act Now To Cut Your Taxes

The year is quickly coming to a close. But you still have time to cut your 2008 tax bill. The trick is to take action now, not wait until April 15 when Uncle Sam expects his dues.

Published on November 01, 2008

Are You Saving Enough For Your Golden Years?

If you’re afraid you’ll be scavenging for pennies during your retirement years, you’re not alone.

Published on September 01, 2008

BLC_TAX Related Blog Posts

Key Tax Incentive Extensions from the American Taxpayer Relief Act

Published on January 11, 2013

Which Retirement Plan Should I Choose? [NASE Experts]

Published on July 19, 2012

Business Meals [Ask The Experts Q & A]

Published on May 15, 2012

Does Your Tax Planning End On New Years?

Published on April 10, 2012

Tax Tip: Surviving An IRS Audit

Published on March 19, 2012

NASE Member Dues Are Tax Deductible [Ask The Experts Q&A]

Published on March 01, 2012

HRA 105 For Medical Expenses [Ask The Experts Q&A]

Published on February 14, 2012

Can I Take A Loan From My 401(k)? [Ask The Experts Q & A]

Published on January 11, 2012

Top Tax Changes For The Self-Employed

Published on January 06, 2012

What To Do With Year-End Inventory [Ask The Experts Q & A]

Published on December 05, 2011

Family Employee Under 15 [Ask The Experts Q & A]

Published on November 07, 2011

Small Business Jobs Act Of 2010 Vs. HRA 105 [Ask The Experts Q&A]

Published on October 20, 2011

How Do I Account For Gratuities In My Payroll? [Ask The Experts Q&A]

Published on September 13, 2011

Still Doing 2010 Taxes And Trying To Obtain Health Insurance Deduction [Ask The Experts Q & A]

Published on August 31, 2011

What Are Consumption Taxes?

Published on August 01, 2011

How Do I Pay Myself? [Ask The Experts Q & A]

Published on May 18, 2011

Self-Employed: How To Survive An Audit

Published on March 25, 2011

What Are Your Responsibilities After You Incorporate Your Business? [Guest Post]

Published on January 03, 2011

Tax Tips for Procrastinators

Published on April 14, 2010

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