IRS Backup Withholding: Answers to Common Questions

irs backup withholdingIf you’ve ever filled out a W-9 form, one of the things you had to certify was that you were not “subject to backup withholding”. Or, if you’ve received a 1099 from someone who didn’t have your Social Security number, you might have received less money than you […]

IRS Ups Moving, Medical & Business Mileage Rates for Q3/Q4 2011

irs increases deductible mileage rateThe IRS today announced that the per mile deductible rate for operating an automobile for business purposes is going up to 55.5 cents from 51 cents a mile. Moreover, the rate for calculating deductible medical and moving expenses also increased by 5.5 cents […]

2011 Estimated Tax Payments: Calculating, Paying, Dates and More

estimated tax paymentsAs a reminder, today, Q2 estimated federal tax payments are due. In order to avoid tax penalties (discussed below), you will need to have your payment postmarked by today.

Remember that estimated tax payments are for taxes owed on income that is not subject to withholding. This […]

The Home Office Tax Deduction: What You Need to Know

home office tax deductionFor those of us who work from home – either for someone else or in our own small business – the home office deduction is a valuable tax break that can save you hundreds of dollars and help defray the upkeep costs of your […]

Could Raising Taxes Hurt Only 2-3% of Small Businesses?

tax increases on small businessAs small business owners continue to struggle alongside consumers through this economic recovery, many are concerned about proposed tax changes.

President Obama has proposed several changes which impact high-income families. The theory is that those who earn more money should carry a higher tax burden […]