Small Business Archives - Page 6 of 8 - John R. Dundon II, Enrolled Agent

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Small Business

30 Aug Tax Avoidance Transaction – ROBS – Rollover as Business Start-up

Posted at 00:00h in Self Employ, Small Business, Tax Fraud

ROBS - Rollover (of tax deferred or retirement $$) as Business Start ups - arrangements were created to secure available funds held in tax-deferred savings (usually under a prior employerâ€™s plan) for an aspiring entrepreneur without incurring resultant tax liabilities that would ordinarily apply to...

24 Aug Employee vs. Independent Contractor: Business Owners Tips

Posted at 00:00h in Appeals & Audit Resolution, Audit Reconsideration, Business Expense, Earned Income Tax Credit, Employee Business Expense, Employment Tax, Payroll Tax Problems, Self Employ, Small Business, Social Security, Social Security Tax, Sole Proprietor, Tax Deductible Expenses, Tax Guidance & Preparation, Tax Problems & Requests, Wage Garnish

As a small business owner you may hire people as independent contractors or as employees. There are rules that will help you determine how to classify the people you hire. This will affect how much you pay in taxes, whether you need to withhold from...

04 Aug IRS Notice and/or Letter

Posted at 00:00h in Appeals & Audit Resolution, Audit Reconsideration, Back Taxes Owed, Intent To Levy, Intent To Lien, IRS Appeal, IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement, Partial Payment Installment Agreement, Paying Taxes, Small Business, Sole Proprietor, Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief, Wage Garnish

If you receive a letter or notice from the IRS, it will explain the reason for the correspondence and provide instructions. Many of these letters and notices can be dealt with simply, without having to call or visit an IRS office. The notice you receive covers...

09 Jul Six Tips for Students with a Summer Job

Posted at 00:00h in Children, Employee Business Expense, Employment Tax, Family, FICA, Paying Taxes, Payroll Tax Problems, Personal Service Corporation, Self Employ, Small Business, Social Security Tax, Sole Proprietor, Tax Guidance & Preparation

Schoolâ€™s out and many students now have a summer job. Some students may not realize they have to pay taxes on their summer income. Here are the six things the IRS wants everyone to know about income earned while working a summer job. All employees...

07 Jul Summertime Child Care Expenses May Qualify for a Tax Credit

Posted at 00:00h in Child Tax, Children, Dependent, Family, Self Employ, Small Business, Tax Credit, Tax Problems & Requests, Tax Relief, Taxable Income

Did you know that your summer day care expenses may qualify for an income tax credit? Many parents who work or are looking for work must arrange for care of their children under 13 years of age during the school vacation. Those expenses may help...

22 Jun Trust Fund Penalty – Tax Court Case McCloskey v. US. 104 AFTR 2d 2009-6378

Posted at 00:00h in Employment Tax, IRS Penalties, IRS Penalty and Interest Abatement, Payroll Tax Problems, Self Employ, Small Business, Social Security Tax, Sole Proprietor, Sub-chapter S, Tax Abuse, Trust Fund Recovery Penalty

Shareholder Timothy McCloskey was assessed a trust fund penalty due to an unfortunate problem he had with his trusted bookkeeper and chief financial officer, Kathleen Lawson. On September 1, 2004, Kathleen left Timothy an apologetic letter of resignation. Upon reading it, Timothy knew that she...

28 May Special Tax Incentives for Small Businesses to Provide Health Care, Hire New Workers

Posted at 00:00h in Business Expense, Employee Business Expense, Health Insurance, Self Employ, Small Business, Sole Proprietor

Videos HIRE Act: English Small Business Health Care Tax Credit: English WASHINGTON â€” In recognition of National Small Business Week, the Internal Revenue Service encourages small businesses to take advantage of tax-saving opportunities included in recently enacted federal legislation. A variety of business tax deductions and credits...

26 May *****S Corporations and Self Employment Tax

Posted at 00:00h in Employment Tax, FICA, Self Employ, Small Business, Sole Proprietor, Sub-chapter S, Tax Guidance & Preparation

The American Jobs and Tax Loopholes Act, currently in Congress, would subject to Self Employment Taxes (FICA, FUTA, SUTA) all distributions from S Corporations which are "personal service" corporations. This is HUGE. This is not good for the small business owner. If...

21 May 1099-S example involving multiple property owners

Posted at 00:00h in 1031 Exchange, Capital Gain, Capital Loss, Passive Activity, Paying Taxes, Rental Real Estate, Self Employ, Small Business, Sole Proprietor, Tax Guidance & Preparation, Taxable Income, Uncertain Tax Position

Question: Tax payer produced Form 1099-S from the sale of property she owned jointly with her brother. The Form 1099-S had the full amount reported to her and the brother did not receive a Form 1099-S. What should be done? Answer: The IRS explains in the...

21 May Health Insurance Premiums: Tax implication for the self employed – example

Posted at 00:00h in Personal Service Corporation, Self Employ, Small Business, Sole Proprietor, Sub-chapter S, Tax Deductible Expenses, Tax Guidance & Preparation, Tax Problems & Requests

A tax payer is the 100% owner/employee of an S corporation that she started in 2010. She only wants to take $2,000 in wages for the first year. In addition, she would like the S corporation to pay for her health insurance, which costs...