Tax concerns for the self-employed and small business owners

Taxes: Self-Employment & Small Business Owners

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Deducting Your Home Office Costs


Whether you are self-employed or an employee, if you use a portion of your home for business, you might be able to deduct the associated costs. A home office deduction is generally easier for self-employed individuals to claim. But even then, the IRS has certain requirements a taxpayer must meet.

New, Simpler Way to Claim Home Office Deduction


If you use a home office for your business, it can save you a lot of money at tax time. It also can be a filing hassle, a record-keeping bother and a constant concern that your tax return will be audited because of your residential workspace tax claim. Now, however, some of those concerns have been eased, thanks to the simplified home office deduction.

How to Pay Tax when You Make Money on the Side


Perhaps you have a full-time job, but also do some contract work on the side. You need to pay taxes on that income, but do you pay estimated taxes right now or wait until you file your yearly tax return? Should you just increase your withholding on my part-time job until then? And does it make sense to increase withholding or pay estimated tax?

The Small-Business Owner and the Taxman


Small-business owners want to hear from lots of people -- except for Uncle Sam. If it's your business, then it's your business to hire a capable accountant to manage your tax filings and returns.

The Skinny on Paying Estimated Taxes


If you have income that isn't subject to withholding taxes, then you probably should be paying estimated taxes. It doesn't matter whether the untaxed money comes from a job, investments, alimony or prizes you've won. If Uncle Sam doesn't get his share close to the time you received the money, you could end up owing not only taxes but also penalties and interest.

Tax Breaks for Small Businesses


Are you looking for a new business partner? Consider Uncle Sam. The federal government offers a wide variety of tax breaks that could help your business not only survive, but thrive.

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Am I an Employee or a Contractor?


Your employer expects you to keep hours like any other employee and even pays you sick and holiday pay. But they do not withhold taxes from your check. Here's how to know whether the IRS will consider you an employee or contractor.

A Dozen Deductions for Your Small Business


Small-business tax rule No. 1: Don't mess with the IRS. But that doesn't mean you should cheat yourself. Take every legal deduction you can. Here are a dozen that even savvy small-business owners and entrepreneurs sometimes forget.

Employee vs. Contractor: A Tax Distinction


Many companies, large and small, hire seasonal workers. And while it's good to have extra income, make sure you understand how you're treated by your new, temporary employer. If you are classified as an independent contractor instead of an employee, you could face some tax troubles at filing time.

Tax Help for Business, Pleasure Trips


You really need a break, but it's been a tough year for your business and you're not comfortable spending money on vacation travel. Let Uncle Sam help pay for your business trip. When you tack on personal vacation days to the beginning or end of a business trip, your out-of-pocket costs could be minimal since much of the business portion of your travel could be tax-deductible.

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