For many entrepreneurs, travel and entertainment (T&E) tax deductions can be a minefield. Certain expenses for business travel are deductible as long as they meet two criteria: They must be “ordinary and necessary” in the course of doing business, and they must be documented.
Back taxes can have serious consequences for a small business. They accrue interest and penalties, so your tax debt can quickly snowball. The IRS will hold any tax refund your business is entitled to until the past-due taxes are paid.
In this webinar, Martha O’Gorman, CMO of Liberty Tax, talks about the simple tools and tricks that make filing your small business taxes a breeze. Read more
If you run your business as a sole proprietor, you may need to pay estimated taxes to the IRS throughout the year. Read more
As one of the most desirable employee benefits, a retirement plan can help you attract and retain a higher caliber of employees. Read more
If your business is an activity that many people enjoy as a hobby – for example, making jewelry, painting oil portraits or playing in a cover band — and isn't consistently profitable, there can be a fine line between "hobby" and "business."
The moment you dreaded is here: The IRS is going to audit your home-based business. Will the IRS disallow your home-office deduction? Before you panic, take the following steps. Read more
You've found the perfect candidate (or candidates) to help grow your company. Now you need to make sure your employee taxes are in order. Read more