Entries from BizBox Blog on Slate tagged with 'Taxes'
How to 'Carry Back' Your Losses
A new tax provision allowing taxpayers to carry back their net operating losses (NOLs) farther may create the prospect of refund opportunities for those whose businesses financially suffered through 2008 and 2009. NOL Carry Back Extension The Worker, Homeownership,...
Dealing With Forgiven Debt
Bankruptcies, foreclosures, and creditors writing off debts: these consequences of the recession are well-known. The potential year-end tax hit, however, may come as a surprise. But the fact is that if you’ve had a creditor write off a car...
Homepreneurship!
How have we never come across this word before? It turns out that "homepreneurs"--those who run their own home-office businesses--account for 13 million jobs. Over one-third of such businesses generate over $125,000 in annual revenue; 8% generate over $500,000. They...
The IRS's New Agenda
It’s back! Actually, it never went away. It’s the issue of worker classification, or rather, misclassification. I’ve written about this matter before. (On employment-tax penalties, on independent contractors, and, again, on independent contractors. Hey, it's an important issue!) And...
Property Taxes: A Silent Killer
One would think the property tax is one of the more fair taxes, and one of those most neutral regarding whom it taxes. It's easy, for example, to adjust the rate to account for value, both absolute and per-square-foot. However,...
Corporate Structures 101
“When life deals you lemons, make lemonade,” is the familiar inspiration for many new businessowners. This recession has definitely awakened the entrepreneurial spirit, especially among those who have found themselves unemployed. Starting a business is exciting. But it's also...
The Five Best States for Taxes
States are sometimes known as the "laboratories of democracy"--the thinking being that here you have 50 different sovereignties, which can try out 50 different ways of governing, tax policy, and what-have-you. But just as frequently as being laboratories of democracy,...
Simplify, and Deduct; Deduct, and Simplify
As long as we're on the subject of stupid taxes that apply disproportionately to small business owners, let's not forget the effective tax represented by the extreme onerousness of successfully claiming a home-office deduction on your return. Currently, as Fortune...
Our Dumbest Tax
Via his own post on The New Entrepreneur, Business Week's John Tozzi penned a great article exposing a truly outrageous discrepancy between the way the federal tax code treats the self-employed and the way it treats everyone else: "self-employed workers...
Obama's Report Card
Fortune examines how good a job President Obama has done at accomplishing what he promised he would for small businesses. They split his agenda into four categories: the credit crunch; health care; taxes; and job losses. Here's what Fortune had...
Getting The Health Care Surtax Right
Whether provoked by President Obama's proposed tax plan or good ol' Joe the Plumber, we have addressed proposals to raise tax rates on the higher income margins in the same fashion: by pointing out that, contrary to talking points proferred...
Dodging IRS Red Flags
We use the expression of a "red flag"--as in, “you're waving a red flag"--as a metaphor for something that incites interest, or for something that signals that it is fishy. Red, of course, tells you to stop. The metaphor...
The Rise in Employment-Tax Penalties
Last month, Marc Tracy, my leader (editorially speaking), touched on the issue of worker classification, and efforts to make it less complicated for business owners to hire someone as an independent contractor rather than an employee. I wanted to discuss...
Staying Up-To-Date On Your Retirement Plan
One of the first functions that many business owners outsource is payroll. In fact, none other than the IRS recently reminded us that outsourcing payroll duties to third-party service providers can streamline business operations. Still, business owners are still...
A Fairer Tax Code
As things stand right now, small business owners are at a disadvantage in terms of filing their annual tax returns, as this excellent post at the OPEN Forum (which is published by our sponsor, American Express OPEN) makes clear. Part...
How The Obama Tax Plan Would Affect Small Business
The Washington Post ran a big, important article Monday reporting that many small businesses and small-business interest groups have objected to the Obama administration's tax proposals on the grounds that, despite the president's purported goal of raising taxes only on...
How Small Businesses Are Taxed
The Small Business Administration Office of Advocacy has released a new report on how effective tax rates--that is, what people or entities actually pay in federal income tax--affect small businesses. You can download a summary of the results here. Basically,...
More Stimulus-Based Tax Tips
In February, President Obama signed into law the American Recovery and Reinvestment Act, which provides $787 billion in spending and tax relief. Some of the tax breaks create opportunities for small business owners, while others impose new obligations on...
New Tax Tips
In February, President Obama signed into law the American Recovery and Reinvestment Act, which provides $787 billion in spending and tax relief. Some of the tax breaks create opportunities for small business owners, while others impose new obligations on...
The Taxman Cometh
We'll actually have a special guest discussing taxation issues related to small businesses tomorrow. For now, we simply want to make sure that everyone is aware that, according to WebCPA (h/t: Independent Street), IRS audits of medium-sized and small companies...
A Taxing Weekend...
On the theory that some of you will likely spend some (hopefully not too much!) of your weekend beginning to deal with...sigh...taxes, we thought we'd leave you with this stellar Independent Street post on avoiding "red flags" in your tax...
Is The Estate Tax An Entrepreneurs' Issue?
We're having trouble with a post that appeared on Independent Street today, "Entrepreneurs Fight Death Tax Resurrection". For starters, there is its title: the term "death tax" is a politically-charged pejorative, not an objective description of a levy on...
Tax Tricks
The year is winding down...which means that the tax year, too, is winding down. Time to figure out how to pay as little of your taxes as possible (well, without resorting to outright tax evasion--you don't want to take the...
What's In A Name? Sometimes, A Lot
You can call them independent contractors and pay them as such. But they may actually be employees. Deciding how you classify your workers--and doing it correctly--is never more timely than right now, as many retirement plans (and health insurance...
The NFIB's Post-Election Agenda
The group's president and CEO Todd Stottlemyer lays it out here. Suffice to say that many of the items enumerated on the ten-point plan are not exactly Democratic priorities. Indeed, the NFIB is going to be none too pleased...
Keep Helping Small Business
Though we tend to be big fans of journalist and editor Michael Kinsley--he did, after all, found our sister site Slate--we're going to have to take grave issue with a post he recently wrote on The Daily Beast titled,...
The (Un?)Importance of Joe the Plumber
If you watched the third and final presidential debate, you may have been forgiven for thinking that one of the candidates was named Joe the Plumber--so frequently was Ohio resident Joe Wurzelbacher referred to. The story is that Wurzelbacher...
Give Yourself Some (Tax) Credit For Your Retirement Plan
by Jerry Kalish Last week, BizBox advised you to get your tax breaks while you can. Here’s another one you that you may be able to take advantage of before 2008 becomes 2009. If you are a small business...
Get Your Tax Breaks--While You Can!
The New York Times has a helpful article today on a few tax breaks that small business owners are in a special advantage to exploit--provided they act on them soon, since most of them apply to this year alone....
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