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That new employee may be a blessing that will help you reach new heights of productivity and profitability, but when it comes time to prepare your new payroll you will find headaches and expenses galore that just might have you wondering what you have gotten yourself into. Learn your obligations concerning your employee’s payroll tax and avoid costly mistakes or, worse, running afoul of the [...] Don’t let the self-employment tax take you by surprise! Understand what self-employment tax is and how to plan for it in order to save yourself money come April [...] The boring, white bread retirement plan isn’t just for the hoi polloi, entrepreneurs, business people, and other high achievers absolutely cannot afford to overlook its virtues; which go far beyond just tax [...] Don’t passively wait for the IRS to decide your fate if you owe taxes. Learn your options and potential strategies now, before it is too [...] Save taxes on health insurance, foreign bank accounts, give workers a 1099 to protect yourself from the IRS, and other news for [...] Every year at around this time most money web sites will throw up a list of “Top 10 Red Flags for the IRS.” The premise is that you should avoid doing some things on your tax return because you may draw unwanted attention from a nosy IRS agent that bears a shocking resemblance to SS Colonel Hans Landa (the Nazi detective from “Inglourious Basterds.” Using medieval techniques of torture (no one has ever accused the IRS of being unduly modern), he will extract compromising information, a hefty chunk of change, and your first born. Well, the madness stops here! Ignore those ridiculous lists and instead focus your efforts on legally minimizing your tax bill the smart [...] 2010′s Great Roth Conversion isn’t just a neat, one-off tool for the rich, it can have repercussions for the hungry, up-and-coming entrepreneur as well. Roth plans can be a boon long-term for those who believe that they will end up in a higher tax bracket in the future than the one that they are in now. Since every entrepreneur is a dyed-in-the-wool optimist, if you’re not currently in the highest tax bracket, you probably plan on being so in the future! So let’s review what makes the Roth so attractive and see who are the primary candidates who could benefit from a Roth conversion or a Roth [...] Admit it, you don’t really think about taxes before you turn your shoebox full of receipts over to your accountant sometime in March, right? She gives you back a form and you sign it and send it in along with a fat check, if you’ve had a good year, or maybe, if the year sucked (2008?) you actually get some money [...] |
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