Author Archives: Wayne Davies
Two Overlooked Small Business Tax Deductions
When it comes to tax deduction strategies, we all look for The Magic Pill. It’s tempting to wonder whether there’s a secret list of unknown and unused tax deductions that the government is hiding from the average small business owner. … Continue reading
Small Business Tax Questions – Do I File My Business Tax Returns Quarterly or Annually?
Have you started a small business and need to know when to file your tax returns? Perhaps you’ve heard about filing quarterly returns and are wondering if that requirement applies to you? Read on to get answers to these important … Continue reading
Posted in tax questions, tax return preparation
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Small Business Tax Questions – How Are LLC’s Taxed?
Do you own a limited liability company (LLC) and need to know how your income from the business will be taxed? Or maybe you’ve heard about LLC’s and are wondering if you should form one for our business? Read on … Continue reading
Posted in incorporation, tax questions
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What’s the Difference Between Form W-2 and Form 1099-MISC?
If you own a business and are paying people who perform services for you, it’s crucial that small biz owners understand the difference between Form W-2 and Form 1099-MISC. What is Form W-2? Form W-2 is issued to employees at … Continue reading
Posted in Form 1099-Misc
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Small Business Tax Questions – Does It Matter Whether You Give Your Workers A W-2 or A 1099-MISC?
Do you own a small business and pay workers to perform services for you? If so, are you wondering whether to give them a W-2 or a 1099-MISC? Read on to find out. The short answer to this question is … Continue reading
Posted in Form 1099-Misc, independent contractor, IRS, tax questions
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Small Business Tax Questions – How Do You Pay A Part-Time or Seasonal Employee?
Do you own a small business and do the most of the work yourself? But on occasion you find it necessary to hire some help, perhaps on a part-time or seasonal basis. How do you handle these intermittent employees? This … Continue reading
Posted in payroll taxes, tax questions
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Can Your Business Account Be Used To Pay Personal Expenses?
Do you ever use your business bank account to pay personal expenses? Perhaps you’ve got some bills due tomorrow and to save time, you pay the mortgage or the electric bill right from the business account. Is that OK? This … Continue reading
Small Business Tax Questions – When Is The Due Date For Business Income Tax Returns?
Do you own a small business and are wondering when to file your federal income tax returns? This article will give you the information you need to keep the IRS happy. The due dates for federal business tax returns depend … Continue reading
Small Business Tax Questions – Should You Incorporate Your Sole Proprietorship?
If you are running your business as a sole proprietorship, perhaps you are thinking about incorporating. This is a major decision and you should give it serious consideration. There are advantages and disadvantages to forming a corporation. Here’s an overview. … Continue reading
Posted in incorporation, tax questions
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Self-Employed Tax Questions: Should I Buy A Company Car?
Here’s an excellent question that I received recently: “Thank you for your emails. I am about to buy a car, and I am trying to decide whether to make it a company car. My consulting business is a single-owner LLC, … Continue reading