“Lawyers are seldom loved but often needed,” according to Robert B. McCay, who was a former dean at NYU Law School. In the course of your business you’re likely to incur legal expenses, some of which may be modest, but some may be substantial. If you thought that all legal fees paid by your business or by you in connection with your business are deductible, you’d be wrong. Startup costs During the course of starting a business, you may incur legal fees for incorporating or forming a limited liability company, drawing up contracts with suppliers, obtaining a lease from a […]
The dictionary defines nexus as a connection or link. In tax parlance, it means having a significant physical presence within a state so that a business becomes subject to that state’s tax rules (i.e., paying state income taxes; collecting sales taxes). The following discussion is confined to what nexus means for a business’s obligation to collect sales taxes. The discussion is packed with cases but it’s important to understand what has happened, and what could happen. History of nexus In 1992, the U.S. Supreme Court in Quill Corp. v. North Dakota, ruled that states are prohibited from imposing sales […]
If you need new equipment, whether large or small, determine whether you can afford it. Not buying equipment can cost you dearly in lost productivity. However, you may need some help to swing the purchase, and vendors are often willing to provide the financing to close the deal. Understand how vendor financing works and whether it makes sense for you. Types of equipment financing You can finance the acquisition of equipment as you would any purchase. You can, for example, charge the payment to a credit card and pay it off over time at the speed that you can afford. […]
This is not my usual blog. It is a Supplement to my 2017 edition of J.K. Lasser’s 1001 Deductions and Tax Breaks. (The Supplement to J.K. Lasser’s Small Business Taxes 2017 was previously posted.) This Supplement is designed primarily for readers of the book to update the information that is provided there. The tax law is not static, and since the publication of the book last October, there has been action by Congress, the IRS, and the courts which impact your 2016 return as well as your tax withholding and estimated taxes for 2017. The blog is also helpful to […]
The post Supplement to J. K. Lasser’s 1,001 Deductions and Tax Breaks 2017 appeared first on Barbara Weltman.
According to the National Council on Aging, by 2019, 25% of the American workforce will be age 55 or older. Whether you have seniors on your payroll now or are hiring and may have older job applicants, here are some of the special legal and tax concerns for businesses with older workers. As a baby boomer myself, this subject is highly relevant to me, but should be of concern to all small business owners. You’ll see that older worker or senior worker is defined differently for different purposes. Age Discrimination in Employment Act (ADEA) There’s a federal law called the Age […]
Source: Duct Tape MarketingRead More
This is not my usual blog. It is a supplement to my 2017 edition of J.K. Lasser’s Small Business Taxes. It is designed primarily for readers of the book to update the information that is provided there. The tax law is not static, and since the publication of the book last October, there has been action by Congress, the IRS, and the courts which impact your 2016 return as well as your tax withholding and estimated taxes for 2017. The blog is also helpful to those who have not bought the book but who want to know about tax changes […]
The post Supplement to J.K. Lasser’s Small Business Taxes 2017 appeared first on Barbara Weltman.
“Under Budget, Ahead of Schedule” were the words that President Trump said at the opening of Trump International Hotel in Washington D.C. this past October. Regardless of your political views, from a business perspective this sentiment is a theme for success. Here are some areas in which you can exceed set goals in order to be successful. Promise customers more All business owners say they want to deliver great customer service. Great customer service has become average; you need to go above and beyond. Some ideas for providing exceptional service: Doing more than promised (e.g., giving something extra in goods or […]