Does Your Home Office Meet IRS Standards?
Does your home office meet the IRS home office deduction standards? Meet these three tests and gain valuable deductions for your home based business: Exclusive use – a separate and identifiable space in your home that is only used for business purpose and no personal activities ever take place in that space. Regular use –
Read More
Laws and Forms Needed When Hiring a New Employee
Last week we discussed if you should hire an employee or an independent contractor. This week we will discuss the laws and forms you will need when hiring a new employee. Federal and Wisconsin agencies have rules you must abide by. The main laws for hiring an employee to keep in mind are: Minimum wage
Read MoreHow to Get Your Small Business Tax Ready | Final Review
In our last segment we discussed making sure your balance sheet is correct. The seventh and last step in getting your small business tax ready is conducting a final review. Below is a list of areas of review to confirm your numbers are accurate: Review the equity section of the balance sheet. Check to see
Read MoreHow to Get Your Small Business Tax Ready | Balance Sheet
In our last segment we discussed correctly reporting your business assets. The sixth step in getting your small business tax ready is making sure your balance sheet is correct. The balance sheet is a valuable tool in the course of running your business. The balance sheet shows dollar values for what you own,
Read MoreHow to Get Your Small Business Tax Ready | Business Assets
In our last segment we discussed maximizing your home office tax deduction. The fifth step in getting your small business tax ready is making sure you are correctly reporting your business assets. Business assets are found on your balance sheet and not the profit and loss statement. These business assets are items which
Read MoreHow to Get Your Small Business Tax Ready | Home Office Deduction
Last time we discussed accurately reporting all of your business expenses. The fourth step in getting your small business tax ready is making sure you are maximizing your home office tax deduction. If you have an area in your home that you use only and regularly for business purposes, and you have no
Read MoreHow to Get Your Small Business Tax Ready | Reporting All Business Expenses
Last time we discussed how to calculate the cost of goods sold to determine your gross profit. The third step in getting your small business tax ready is ensuring you have accurately reported all of your business expenses. Business Expenses All expenses incurred to run your business should be tracked and reported on
Read MoreHow to Get Your Small Business Tax Ready | Reporting Cost of Goods
Last time we shared that reporting all income is the first step in getting your small business tax ready. The second step in ensuring that your costs of goods are reported accurately. How to Calculate Cost of Goods Sold Cost of goods sold is where you take into consideration your inventory. Your
Read MoreHow to Get Your Small Business Tax Ready | Reporting All Income
In the next few weeks will be focusing on getting your small business tax ready. We will provide professional tips to help small business owners prepare to file their 2012 taxes. The first step in preparing your businesses taxes is to report all of your earned income. Reporting All Income: All
Read More