Talk to a business owner who has been in business for a while and he or she will tell you to make sure that you put a retirement plan in place. When you are starting out and have modest income, the Savings Incentive Match Plan for Employees (SIMPLE) IRA can be the...
If you are an “experienced” self-employed individual, you are entitled to some tax breaks that younger self-employed folks cannot claim. If you are self-employed, you have much to think about as you enter your senior years, and that includes retirement savings and...
Imagine this: you didn’t issue Form 1099s to your contractors. Now, the IRS is auditing your tax return, and the auditor claims you lose your deductions because you didn’t issue the Form 1099s. Is this correct? Tax Law No. IRS auditors often make this claim,...
To help you understand business travel, consider this: You planned a personal trip to Los Angeles, arriving on Friday afternoon and leaving on Sunday afternoon. About a week later, you learn that a vendor you need to meet with is going to be in L.A. when you are. You...
The goal of this strategy is to get the IRS to owe you money. Of course, the IRS is not likely to cut you a check for this money (although in the right circumstances, that will happen), but you’ll realize the cash when you pay less in taxes. Here are five powerful...
