BLC_TAX

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…

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

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?

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?

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?

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?

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?

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?

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?

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.

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

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.

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

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.

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.

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.

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.

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.

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.

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