Business Tax

what is a 1099

What is a 1099? A Comprehensive FAQ About This Important Tax Document

The “gig economy” is real, and it’s a growing part of the American workforce. With more than 15 million independent contractors, employers and workers alike need to know how to do taxes. And it’s not just contractors that need the help. Some count the numbers of consultants, freelancers, and people with “side gigs” as high as …

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tax attorney

Bring in the Professionals: Why You Should Hire a Tax Attorney for Your Small Business

As the old adage goes, there are two certainties in life: death and taxes. Many business owners would add stress about taxes to that list.  That’s because many Americans don’t have the information they need to file their taxes properly–or even a clue about where to start.  A good tax attorney can save you many …

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small business taxes

10 Mistakes to Avoid When Filing Taxes as a Small Business Owner in 2019

For any small business owner, tax compliance can be a huge source of anxiety. That really cannot be overstated. According to a Forbes survey review, income taxes and tax compliance were the #3 and #5 responses on the list of things that keep small business owners up at night.  Both concerns are way above cash flow …

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audit rules

Business Partnerships & New IRS Audit Rules

We mentioned in a prior post how common pass-through businesses are in the United States. This is particularly true of partnerships. There are traditional partnerships, joint ventures, limited partnerships, limited liability partnerships and LLCs. The manner for taxing and auditing of partnerships has significantly changed. These changes will require partnerships to update their agreements and work together …

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small business and tax

Small Businesses, Tax and the New Laws

Entrepreneurs in Michigan and across the U.S. face difficulties in keeping small businesses running. Challenges include filing of tax returns, and taking advantage of deductions. The 2017 tax laws allow for certain pass-through businesses to take advantage of a 20 percent tax deduction. Unfortunately, determining which businesses can take advantage of the deduction remains unclear. There …

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Tax reform and the self-employed

Tax Reform and the Self-employed

The Tax Cuts and Jobs Act provides incentives for self-employed individuals. This includes sole proprietorships and partnerships. But taking advantage of benefits requires awareness of the availability of deductions one can take. It also means understanding the imposed limits the law places upon taxpayers. This new law provides a 20 percent pass-through deduction. Pass-through taxation means …

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the impact of tax reform

Challenges Regarding the New Tax Law for the Self-employed

Small businesses appear underprepared for changes concerning the new tax overhaul. One survey suggests that the vast majority of business owners have little idea what the Tax Cuts and Jobs Act mean to them. Many business owners complain about a lack of information regarding changes. They feel the government did not prepare them for the new act. …

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tips from IRS for small business

IRS Website Contains Tips for Small Businesses

On behalf of Silver Tax Group posted in Back Taxes on Thursday, November 2, 2017. There are a number of challenges that small business owners from Michigan must face when it comes to paying taxes. This includes writing off business expenses, calculating self-employment taxes, and organizing receipts and paperwork for inclusion with tax returns. The deadlines for filing taxes …

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IRS and gas station audit

4 Things The IRS Will Examine Closely During a Gas Station Audit

When it comes to IRS audits, gas stations owners are often at a disadvantage. Not only is a great deal of their business transacted in cash — making it more difficult to accurately track — but with few employees, owners often don’t have the resources or time to maintain perfect financial records. Even when records …

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cash business and tax regulations

Don’t Let Your Cash Business Run Afoul of Tax Regulations

On behalf of Silver Tax Group posted in IRS Tax Audits on Monday, May 23, 2016. For some people, the thought of running an all-cash business hearkens back to a simpler time, a time before Apple and Android phones had pay capabilities, credit cards came with chips to protect data, and receipts were hand-written instead of emailed automatically. For …

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