By Roberto Neuberger If you plan to submit an application to the IRS for tax exempt status, you better do your homework. Because the application is long, complex, and could be delayed (and often is) if not done properly.
Selling a few items on Ebay or Etsy may not create large and complex tax scenarios but your business doesn’t have to be very large before you have additional tax rules to follow and understand. Some small business owners pay more taxes than they should while others find themselves in tax trouble. The IRS won’t accept […]
You’ve made it through the tough part. You were able to get beyond the planning stages and open the doors, either virtual or real, to your business. Your expectations are such that you don’t believe you’ll make a profit in your first year of business and although that may be true, that doesn’t mean that […]
You don’t want to mess with the IRS. That’s the bottom line especially if you’re planning to form an LLC. Although the IRS has a favorable view of small business owners, their generosity has an end and if you don’t know where the line is you may open your mailbox and find an audit notice. […]
Many new corporations start as tax-exempt organizations by operating as a business with a social goal. The IRS grants the tax exemption when a corporation’s profit is used to serve a community interest. Your only income from having such a tax-exempt corporation is the salary you receive. But you serve an important mission and perhaps […]
If you are involved with an organization who has a primary mission that would be considered charitable in nature, you may consider yourself a non-profit organization. These organizations, however, are often the subject of confusion when it comes to the laws and designations which govern them. If your organization is new or doesn’t currently have […]
On Tuesday, March 29, 2011, the Internal Revenue Service is presenting a FREE webinar for tax professionals, small businesses, self-employed persons and independent contractors: Business Taxes for the Self-Employed: The Basics.
If you haven’t done it yet, you will someday. Your small business is up and running and now it’s time to do your taxes. Small business tax returns aren’t as difficult as you might think but just like IRS paperwork for your personal income, it’s easy to make mistakes so what do you do if […]