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Articles by Wayne Davies

Browse published articles attributed to Wayne Davies, with full-archive search.

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By Wayne DaviesRecently published1 topic

How to Prepare Schedule C, Part III, Cost of Goods Sold

If you are a Sole Proprietor, you must file Schedule C, Profit or Loss From Business (Sole Proprietorship). And if you are a Sole Proprietor whose business involves sale of a product, you must complete Part III of Schedule C, Cost of Goods Sold. The purpose of this article is to help you with this all-important task, because it is likely that Cost of Goods Sold is one of the largest expenses (if not the largest expense) in your business.

Primary topic: Personal Finance

Personal Finance

14,928 views

By Wayne DaviesRecently published1 topic

What Not to Report As Wages on Schedule C, Line 26

The purpose of this article is to help you understand the purpose of Schedule C, Line 26, Wages. Whether or not you have employees, if you are a Sole Proprietor, it is critical that you properly deduct expenses related to compensation. The purpose of Schedule C, Line 26 is to deduct employee compensation. The IRS has labeled this line "Wages", but employee compensation includes not only wages paid to hourly employees, but also salaries, commissions and bonuses paid to employees. The key here is this: whatever you pay your employees should be reported on this line.

Primary topic: Personal Finance

Personal Finance

12,070 views

By Wayne DaviesRecently published1 topic

How to Prepare Schedule C, Part IV

If you are a Sole Proprietor who is deducting Car and truck expenses on Schedule C, Line 9, you may be required to complete Part IV of Schedule C, "Information on Your Vehicle." The purpose of this article is to explain how to complete this section of Schedule C. Schedule C, Part IV begins on Page 2, Line 43 and ends on Line 47. This is a series of information questions designed to find out more about the vehicle you used for business. Here's an explanation of each line in this section.

Primary topic: Personal Finance

Personal Finance

7,884 views

By Wayne DaviesRecently published1 topic

Schedule C Tax Deductions - "D" is For "Don't Do Depreciation"

Do your eyes glaze over at the thought of those mind-numbing depreciation rules? Well, take heart, sole proprietor. Thanks to a tax law known as Section 179, you can probably kiss those depreciation rules good-bye. Depreciation is the name we use for deducting the cost of business assets such as office equipment and furniture (computers, printers, fax machines, copiers, desks, bookcases, etc) and other items that the tax code says have a "useful life" of more than one year.

Primary topic: Personal Finance

Personal Finance

4,557 views

By Wayne DaviesRecently published1 topic

The Section 179 Business Income Limitation

For small business owners, one of the best deductions available is known as the Section 179. This tax rule allows you to deduct the full cost of business equipment in the year of purchase, rather than expensing the cost over several years through depreciation. Usually, it is better to take the full deduction in one year than to take a partial deduction over many years. As good as this deduction is, however, there are situations in which the Section 179 may not be the way to go.

Primary topic: Personal Finance

Personal Finance

4,244 views

By Wayne DaviesRecently published1 topic

Small Business Tax Deductions - "F" is For FICA, FUTA & FIDO

If you own a small business and are looking for deductions, don't miss out on these. The first two you've probably heard about but don't really understand (until now). The third one may seem far-fetched (pardon the pun) but is legitimate if the circumstances described below fit your situation. 1. FICA.

Primary topic: Personal Finance

Personal Finance

4,073 views

By Wayne DaviesRecently published1 topic

Schedule C Tax Deductions - "E" is For Employees, Education and Entertainment

Looking for legitimate tax deductions for your income tax returns this year? Here are three common expenses you can deduct on Schedule C, all starting with the letter "E". Employees. There are several legal deductions related to your employees. Obviously, the compensation you pay them is reported on Schedule C, Line 26. Even though the description for this item is "Wages", don't stop there. Salaries, commissions and bonuses are also deductible and should be put on Line 26 also.

Primary topic: Personal Finance

Personal Finance

3,444 views

By Wayne DaviesRecently published1 topic

How to Prepare Schedule C, Part V

For Sole Proprietors, Schedule C can be either your best friend or your biggest nightmare. There are parts of this two-page form that you will learn to love or grow to hate. There are five parts to Schedule C, and the purpose of this article is to help you with Part V, Other Expenses - hopefully this will become one part of Schedule C that you come to enjoy preparing.

Primary topic: Personal Finance

Personal Finance

3,080 views

By Wayne DaviesMay 17, 20161 topic

When Is The Best Time of Day to Read The Bible and Pray?

Do you wonder if there is a certain time of day that is best for Bible reading and prayer? Many Christians set aside a special time each day to be alone with God. In some circles this is known as "Quiet Time" or "Daily Devotions" and is typically spent reading the Bible and praying. Perhaps you have given thought to cultivating such a practice. If so, I applaud you and wish you much success in the pursuit of a daily meeting with God. But if you're busy, as most of us are, it

Primary topic: Christianity

2,874 views

By Wayne DaviesRecently published1 topic

How to Prepare Form 4562 For a Sole Proprietorship

If you are a Sole Proprietor who purchased business equipment, and you'd like to deduct that purchase on your income tax return without breaking into a sweat, this article is for you. I'm going to show you how to properly fill out Form 4562 without getting bogged down in those complex depreciation calculations, and you'll get to deduct the full price of your equipment in the year you bought it.

Primary topic: Personal Finance

Personal Finance

2,644 views

By Wayne DaviesRecently published1 topic

What Happens If You File a Business Income Tax Return After September 15?

The due date for business income tax returns on extension is September 15. If that date has passed and you still haven't filed a return for your corporation, partnership or LLC that is being taxed as a corporation or partnership, what are the consequences? The short answer is this: You will probably pay for your tardiness. The long answer is twofold: Scenario 1 - Balance due returns.

Primary topic: Personal Finance

Personal Finance

2,643 views

By Wayne DaviesRecently published1 topic

How to Prepare Form 8829

If you are a Sole Proprietor with a home office, you must file Form 8829, Expenses for Business Use of Your Home. The purpose of this article is to help you prepare this form without getting a headache. This article makes three assumptions about your business: 1. Your Sole Proprietorship is not a in-home daycare facility; 2. Your business has a profit that is greater than your home office deduction; 3. You do not have any home casualty losses to deduct.

Primary topic: Personal Finance

Personal Finance

2,632 views

By Wayne DaviesRecently published1 topic

Schedule C Tax Tips - What Payroll Tax Forms Should You File?

If you own a sole proprietorship and have employees, what payroll-related tax forms are you required to file? This article will answer that question. First things first. Let's check to make sure you really have employees. Take a look at Schedule C, Line 26, Wages. If there's an amount on that line, then you are reporting wages and/or salaries as a business expense, and that usually means your business has employees.

Primary topic: Personal Finance

Personal Finance

2,485 views

By Wayne DaviesRecently published1 topic

How to Prepare Form 4562 - The Big Picture

If your small business is a Sole Proprietorship and you are involved with the preparation of your income tax return, you will eventually run into Form 4562, one of the most complicated tax forms on the planet, if not the universe. But do not despair, for help is on the way. The purpose of this article is to give you an overview of Form 4562 so you know enough to decide whether to tackle this form yourself or turn it over to a professional tax preparer.

Primary topic: Personal Finance

Personal Finance

2,362 views

By Wayne DaviesRecently published1 topic

Schedule C Tax Deductions - How to Deduct the Cost of Goods Sold

Are you a sole proprietor who sells a product? Then you need to know how to deduct expenses related to the sale of those products. The purpose of this article is to give you an overview of what is potentially your biggest tax deduction. First, let's discuss an important concept related to this deduction known as "Cost of Goods Sold." Let's say in 2008 you start a business to sell widgets. You buy the widgets for $50 each and sell them for $100 each. Now it's tax time and you've got to figure out how to calculate the deduction for the cost of what you sold.

Primary topic: Personal Finance

Personal Finance

1,961 views

By Wayne DaviesRecently published1 topic

Small Business Tax Deductions - How to Deduct Meal Expenses Without Keeping Receipts

The mantra of tax record-keeping has remained relentlessly burdensome for decades: no receipt, no deduction. But fear not, you who loathe the never-ending climb up the mountain of paperwork required by the U.S. tax code. Many of our most beloved tax rules have exceptions, and such is the case with this one. Believe it or not, there are actually expenses you can legally deduct without a receipt. Here's one for self-employed folks who travel out-of-town on business.

Primary topic: Personal Finance

Personal Finance

1,825 views

By Wayne DaviesRecently published1 topic

Why Do Self-Employed People Hate the Self-Employment Tax?

For Sole Proprietors, Schedule SE (Self-Employment Tax) is arguably the most hated of all tax forms. The purpose of the form is to calculate the dreaded self-employment tax that all self-employed people must pay. The purpose of this article is to explain the reason for this tax and the resulting hatred.

Primary topic: Personal Finance

Personal Finance

1,785 views

By Wayne DaviesRecently published1 topic

Schedule C Tax Tips - What's Deductible?

What is the most frequently asked tax question? Are you ready? Here it is: "What's deductible?" That's it. Without a doubt, it's the most common tax questio I receive every year. It comes in several forms, such as: -How do I identify all the deductions I'm allowed to take? -Is there anything deductible that I'm not deducting? -How do I make sure I'm taking all legal deductions? -Is there one resource that describes all legitimate deductions, A to Z?

Primary topic: Personal Finance

Personal Finance

1,658 views

By Wayne DaviesRecently published1 topic

Schedule C Tax Tips - 3 Easy Ways to Reduce Self-Employment Tax

Frustrated with the amount of self-employment (SE) tax you pay each year? You should be. The sole proprietor pays twice as much in SE tax (15.3%) as the employee pays in federal payroll taxes (7.65%). What's a Schedule C filer to do? Here are three ways to reduce the dreaded SE tax.

Primary topic: Personal Finance

Personal Finance

1,610 views

By Wayne DaviesRecently published1 topic

How to Prepare Schedule C, Part II

Do you need help reporting expenses on your Schedule C? Are you wondering whether you've accurately captured all deductible business expenses for your Sole Proprietorship? Then this article is for you. Preparing Schedule C is an integral part of any Sole Proprietor's personal income tax return. And Part II is where you get to report all your expenses. What could be more important than that? Here is the list of expenses that are shown in Part II, Lines 8-27: 8. Advertising 9. Car and truck expenses 10. Commission and fees 11. Contract labor 12. Depletion

Primary topic: Personal Finance

Personal Finance

1,360 views

By Wayne DaviesRecently published1 topic

Small Business Tax Tips - I Forgot to Send Out 1099's by January 31 - What Do I Do Now?

Are you a small business owner who hires independent contractors? If so, you may be required by the IRS to send out a Form 1099-MISC to those people. This article will help you determine your obligation to issue those 1099's. The basic rule works like this: Form 1099-MISC is used to report total annual payments made to self-employed people who made at least $600 during the previous calendar year. This 1099 must be given or mailed to the contractor by January 31 of the following year.

Primary topic: Personal Finance

Personal Finance

1,283 views

By Wayne DaviesRecently published1 topic

Small Business Tax Tips - How to Prepare Form 4562 in 5 Simple Steps

If you bought equipment for your business last year such as a computer or a printer, you can deduct those items on your business income tax return. Usually that means tackling Form 4562 and entering one of the most complicated areas of tax law, the dreaded world known as depreciation. For do-it-yourself-ers who abhor the thought of paying someone else to do your income tax return, this article will help you prepare Form 4562 without breaking into a sweat.

Primary topic: Personal Finance

Personal Finance

1,239 views

By Wayne DaviesRecently published1 topic

Schedule C Tax Tips - Why Filing Schedule C-EZ May Be a Big Mistake For Your Small Business

Are you a sole proprietor who files the shorter Schedule C-EZ rather than the traditional (and longer) Schedule C? If so, please read on to find out why you may be making a big mistake. First, a quick review of the qualifications for using Schedule C-EZ. You qualify if you meet these criteria: - Your business expenses are less than $5,000 - Your business has a profit - You have no inventory - You use the cash method of bookkeeping - You have only one business as a sole proprietor - You have no employees - You are not taking the home office deduction

Primary topic: Personal Finance

Personal Finance

1,194 views

By Wayne DaviesRecently published1 topic

Small Business Tax Deductions - "G" is For Gifts & Gas

Here are two valid expenses you can deduct on your small business income tax return, both beginning with the letter "G". Gifts. You can deduct the cost of gifts to customers and other business associates such as vendors, suppliers and service providers (like your accountant, atto ey or insurance agent). Be careful, though, because the deduction is limited to $25 per individual recipient per year. Example: You purchase $60 fruit baskets and give them away over the holidays to your best customers. You only get to write off $25 per gift. The other $35 is non-deductible.

Primary topic: Personal Finance

Personal Finance

1,185 views

By Wayne DaviesRecently published1 topic

Tax Preparation: What Happens If You Don't File a Personal Income Tax Return by October 15?

Most U.S. taxpayers file their personal income tax by April 15. But many take advantage of the automatic 6-month extension by filing Form 4868, which gives you until October 15 to file. What happens in you don't file your return by the extended due date? Here are the possible consequences. Scenario 1: Balance due return. If you have a balance due, you will pay late payment penalties and interest charges for filing and/or paying your tax return late. Here's how that works.

Primary topic: Personal Finance

Personal Finance

1,172 views

By Wayne DaviesRecently published1 topic

How to Prepare Schedule C - Part I

Are you a Sole Proprietor and prepare your own tax return every year? Do you ever need some help with Schedule C? Get out a copy of Schedule C and let's take a look at Part I, Income. The purpose of Part I is to report your income, aka "sales" or "revenue". In other words, how much money did you make during the year from the sale of products or services. Service-based businesses.

Primary topic: Personal Finance

Personal Finance

1,162 views

By Wayne DaviesRecently published1 topic

Business Tax Deductions - How to Deduct a Bad Debt

The purpose of this article is to answer the question: "What do I do if a customer or client doesn't pay me? Do I get to deduct the lost sale amount?" Of course, this is a common problem in any business. Oh that we never encountered a bad debt or an uncollectible account receivable! Perhaps you sell products on credit, and the customer doesn't make good on his promise to pay. Or you may provide a service and do not require payment at the time the work is performed, and send an invoice which the client refuses to pay.

Primary topic: Personal Finance

Personal Finance

1,160 views

By Wayne DaviesRecently published1 topic

Schedule C Tax Tips - How to Report Income on Your Tax Return (Part I)

Do you ever get confused about reporting your income on Schedule C? This article will help you get un-confused. First, let's define what we mean by "income". Generally speaking, income is the money you receive from the sale of products or services in your small business or self-employment activity as a sole proprietor. It is also called "gross receipts", "revenue", or "sales" and is typically reported on Schedule C, Line 1.

Primary topic: Personal Finance

Personal Finance

1,155 views

By Wayne DaviesRecently published1 topic

Small Business Tax Deductions - How to Deduct Your Next Vacation

It is perfectly legal to deduct your next vacation. Here's how to do it. To qualify for this deduction, you must meet the following two criteria: 1. You are self-employed or own a small business 2. On your next trip, you combine business with pleasure. The first requirement is pretty cut and dried. By "small business" we are including any type of self-employment activity, full-time or part-time, home-based or "bricks and mortar". This deduction applies to any type of small business entity: sole proprietorships, partnerships, corporations, and limited liability companies.

Primary topic: Personal Finance

Personal Finance

1,136 views

By Wayne DaviesMay 17, 20161 topic

7 Deadly Sins of Bible Reading (How to Avoid Them Like the Plague)

Reading the Bible can be the gateway to heavenly bliss or the pathway to subtle self-destruction. To read the Bible is to walk on holy ground, so we must come to the Word oh so aware of the fine line that exists between reading and sinning. As you read this article, please take to heart 2 Corinthians 13:5 and "Examine yourselves . . . test yourselves". Sin #1 - Reading without praying - the sin of proud self-reliance. Reading the Word must be bathed in prayer – before, duri

Primary topic: Christianity

1,120 views

By Wayne DaviesRecently published1 topic

Small Business Taxes - What Are Quarterly Estimated Tax Payments and Why Must You Pay Them?

If you are a sole proprietor, a self-employed person or an independent contractor, you are faced with the probability of making federal quarterly estimated tax payments. These are called "quarterly" payments, but don't that word fool you. In typically confusing IRS jargon, here are the due dates: 1st Quarter payment is due April 15. (So far, so good. The first quarter corresponds with the calendar quarter.) 2nd Quarter payment is due June 15. (Confused? You should be, because the 2nd quarter, for purposes of these estimated tax payments, is only 2 months long - April and May.)

Primary topic: Personal Finance

Personal Finance

1,120 views

By Wayne DaviesRecently published1 topic

Small Business Tax Deductions - How to Deduct Non-Deductible Commuting Mileage

For most folks, commuting mileage is a non-deductible expense -- unless you know the legal tax loophole I'm about to reveal. The non-deductibility of commuter miles is painfully true for the employee who fights rush hour traffic every day, twice a day, for 5 to 10 hours a week. All that hassle, and what does he have to show for it? Just gas money down the drain, not to mention the wear and tear on both his vehicle and his stress-o-meter.

Primary topic: Personal Finance

Personal Finance

1,110 views

By Wayne DaviesMay 17, 20161 topic

How to Jumpstart Your Bible Reading with Psalm 119

Are you looking for a simple way to jumpstart your Bible reading efforts? If you ever struggle to find the desire or the energy to sit down and spend quality time in God’s Word, please consider this approach – read Psalm 119 and you are likely to see an increase in your appetite for God’s truth. Psalm 119 is one of the most unique chapters in the Bible. It is certainly the longest chapter, having 176 verses. This psalm is divided into 22 eight-verse stanzas. Now notice that

Primary topic: Christianity

1,084 views

By Wayne DaviesRecently published1 topic

Summer Tax Savings - Why Having a Yard Sale May Be a Bad Idea

Are you planning to have a yard sale this year? If so, this article is for you. Read on to find out whether holding a yard sale is the best way to spend your time. Perhaps there is a better way to get rid of your old belongings while saving time and money.

Primary topic: Personal Finance

Personal Finance

1,062 views

By Wayne DaviesMay 17, 20161 topic

What Is The Most Forgotten Bible Reading Method? (Start Doing This Today)

There are many valid and effective Bible reading methods. The purpose of this article is to introduce you to the #1 most often overlooked and forgotten method of reading the Bible. But first, a question: When was the last time you received a personal letter (or email) from a dear friend or loved one? Do you remember the anticipation you felt as you opened the letter/email and began to read? You couldn’t read it fast enough, could you? Now, stop and think about this: Did yo

Primary topic: Christianity

1,053 views

By Wayne DaviesRecently published1 topic

Schedule C Tax Tips - What Income Tax Forms Should You File?

Are you running a small business as a sole proprietor? Are you confused about which tax forms you are required to file? Here's an overview of the most common forms you'll need to prepare this tax season. 1. Schedule C, Profit or Loss From Business. Be sure you really are a sole proprietor before using this form. If your business entity is not a corporation or a partnership, then your small business could be a sole proprietorship. Other common synonyms for sole proprietor include independent contractor or self-employed.

Primary topic: Personal Finance

Personal Finance

1,047 views

By Wayne DaviesMay 17, 20161 topic

Have You Read the World's Best-Selling Book?

Have you read the most-printed book of all time? According to Wikipedia, that book would be the Bible, which is at the top of their "List of most-printed single-volume books" with 5 billion plus copies. For the record, the Quran comes in second at 4 billion. Charles Dickens "A Tale of Two Cities" is fifth on the list with 200 million copies. J.R.R. Tolkien has two works in the Top Ten – "The Lord of the Rings" and "The Hobbit" (eight and nine, respectively). The Guinness Wo

Primary topic: Christianity

1,044 views

By Wayne DaviesRecently published1 topic

Schedule C Forms That Must Be Filed

All Sole Proprietors must prepare Schedule C as part of their federal personal income tax return. But it's likely that you can't stop there. As the old saying goes - "That's not all!" There's a pretty good chance that by filing a Schedule C, you must also file several other forms that are related to Schedule C. Here's a list of those forms and their relationship to Schedule C. Schedule SE, Self-Employment Tax.

Primary topic: Personal Finance

Personal Finance

1,042 views

By Wayne DaviesRecently published1 topic

Small Business Taxes - How to Pay the Right Amount of Quarterly Estimated Tax

Do you have trouble calculating quarterly estimated tax payments? Here are some helpful tips to make the process much easier and less stressful. If you're newly self-employed and unfamiliar with the IRS' estimated tax payment schedule, here are the due dates for the Year 2009 quarterly estimated tax payments (made via Form 1040-ES): QTR 1: April 15, 2009 QTR 2: June 15, 2009 QTR 3: September 15, 2009 QTR 4: January 15, 2010

Primary topic: Personal Finance

Personal Finance

1,040 views

By Wayne DaviesRecently published1 topic

Summer Tax Savings - Recordkeeping Requirements For Noncash Charitable Donations

The IRS does mandate the recordkeeping requirements for non-cash charitable contributions. The purpose of this article is to help you understand what those requirements are, so you can take a deduction for donating "old stuff" to charity, without any fear of an IRS audit. Generally speaking, you must keep a written record of the following information for each gift: 1. Name of charitable organization 2. Date 3. Place 4. Description 5. Fair market value 6. Method of determining fair market value 7. Original cost

Primary topic: Personal Finance

Personal Finance

1,039 views

By Wayne DaviesRecently published1 topic

How to Prepare the Easy Part of Schedule C

Are you a Sole Proprietor who faces the daunting task of filling out Schedule C every year? If you break out into a sweat just thinking about, you came to the right place. To get the most out of this article, get a copy of Schedule C and have it in front of you as you read on. You can open up your tax return software program to Schedule C, download a copy from the IRS website, or use the printed paper version from a recently filed return.

Primary topic: Personal Finance

Personal Finance

1,038 views

By Wayne DaviesMay 17, 20161 topic

3 Great Prayers to Pray When Reading the Bible

When you read the Bible, it's always a good idea to pray – before, during and after you open the Word of God. The Bible is a supe atural book and you'll need supe atural help to read it and apply it. The purpose of this article is to introduce you to how to pray biblically while reading the Bible. Specifically, what should you pray about? To answer that question, we turn to Psalm 119, the longest chapter in the Bible, and the passage of Scripture most devoted to Scripture, s

Primary topic: Christianity

1,025 views

By Wayne DaviesRecently published1 topic

5 Questions You Must Ask Before Hiring A Good Tax Preparer

Before you hire someone to prepare your tax returns, you want to conduct an interview and ask several important questions. The answers to these questions will determine whether this tax preparation service is qualified to provide what you need. 1. How long have you been doing tax returns?r

Primary topic: Personal Finance

Personal Finance

1,017 views

By Wayne DaviesMay 17, 20161 topic

How To Cultivate The Habit of Daily Bible Reading (5 Things To Do Now)

Looking for some tips on how to cultivate the habit of daily Bible reading? Here's 5 surefire ways to increase your love for God and His Word. 1. Decide what time of day is best for you. Are you a morning person, or is later in the day better? We're all different. Some folks love to wake up in the morning and dive into the Word before doing anything else. But that may not be what's good for you, your schedule or your family – especially if you are a parent with young childre

Primary topic: Christianity

1,017 views

By Wayne DaviesRecently published1 topic

Summer Tax Savings - 4 Reasons to Donate Your Stuff Instead of Having a Yard Sale

The purpose of this article is to persuade you to not have a yard sale this year. Instead of holding a garage sale, why not give all your stuff to a charitable organization? I can think of at least four reasons to adopt this motto: Be charitable not profitable! Reason #1: You'll save time. When you add up all the hours you'll spend organizing, hosting, and cleaning up after, you are likely to spend 20-30 hours doing a yard sale. Compare that to the time it will take you to load up your stuff and take it to the nearest Goodwill Industries or Salvation Army. 'Nuff said?

Primary topic: Personal Finance

Personal Finance

1,007 views

By Wayne DaviesRecently published1 topic

Small Business Taxes - How to Turn Bookkeeping Boredom Into a $175 Per Hour Payday

For most small business owners and self-employed people, bookkeeping is about as much fun as a root canal. But like it or not, it must be done, otherwise you'll end up overpaying your taxes big time. Perhaps this article will help you see this tedious task in a new light. Follow along with me and let's turn your bookkeeping nightmare into the best paying part-time job you ever had. First, a question: How much money do you make right now -- per hour -- at your "regular" daytime job or in your business?

Primary topic: Personal Finance

Personal Finance

1,004 views

By Wayne DaviesRecently published1 topic

Small Business Deductions - How to Drive the IRS Crazy

Looking for an easy way to increase your business deductions? Look no further than your driveway. First, the general rule: your vehicle is deductible to the extent you use it for business. So, if you drive your car 100% for business, all car-related expenses are deductible. But if you use it less than 100% for business, do not despair. Less-than-100% use is very typical among small business owners and the self-employed -- you'll still come out way ahead by keeping good vehicle expense records.

Primary topic: Personal Finance

Personal Finance

1,003 views

By Wayne DaviesRecently published1 topic

When to Take Depreciation Instead of the Section 179 Deduction

The Section 179 deduction is often the best thing for the small business owner since sliced bread. But there are situations when it may not be the best thing for your business. This article will introduce you to one of those situations so you can make the right decision and minimize your taxes to the extent allowed by law.

Primary topic: Personal Finance

Personal Finance

1,001 views

By Wayne DaviesRecently published1 topic

Small Business Taxes - Do You Need an Employer Identification Number (EIN)?

If you run a small business or engage in self-employment activities, you may need an Employer Identification Number (EIN) issued by the IRS, whether or not you have employees. An EIN, also known as a Federal Tax Identification Number, is used to identify a business entity for tax purposes. How do you know whether you need an EIN? If you answer "Yes" to any of the following questions, you must get one: 1. Do you have employees? 2. Do you operate your business as a corporation or a partnership? 3. Do you file any excise tax returns (such as alcohol, tobacco and firearms)?

Primary topic: Personal Finance

Personal Finance

969 views

By Wayne DaviesRecently published1 topic

Small Business Taxes - New Law Turns Tax Loophole Into a Crater

Tired of dealing with those complex depreciation rules? Thanks to recent tax law changes, here's how to avoid them completely while benefiting from a lucrative small business tax break that not only puts money in your pocket, but also makes the filing of your income tax return much simpler. If you are a Small Business Owner or Self-Employed Person, this is one tax break you must know and use.

Primary topic: Personal Finance

Personal Finance

968 views

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