Author Archives: Wayne Davies

Where to Find a Boatload of Free Tax Advice for the Self-Employed

Believe it or not, there’s a boatload of tax resources available for self-employed folks at the IRS website. If you are reluctant to spend a dime on tax advice, this is a good place to start looking for help: Self-Employed … Continue reading

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How to Avoid the Wrath of the IRS

One of the most controversial grey areas of tax law is the “independent contractor vs employee” issue. Most small businesses hire workers to perform services, i.e. outsourcing. Is the person you hire an employee or an independent contractor? Does it … Continue reading

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Small Business Tax Deductions: 4 Myths About the Home Office Deduction

Are you afraid to take advantage of the home office deduction? Perhaps you are the victim of one or more of these common tax myths. Unfortunately, many self-employed folks shy away from taking the home office deduction for at least … Continue reading

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Small Business Tax Deductions: 3 Keys to Hiring Your Children in Your Small Business

Have you ever wondered whether hiring your child to work in your small business is a legitimate business practice? Yes, it is perfectly legal to put your son or daughter on the payroll. This is a great tax deduction for … Continue reading

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3 Reasons to Contribute to Your IRA Every Year

IRA’s have been around for decades. Are you taking advantage of this wonderful tax-saving strategy? If not, here are three great reasons to contribute to your IRA this year and every year. 1. If you make qualified contributions to a … Continue reading

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Small Business Tax Deductions: How Do You Know If You Are Self-Employed?

When it comes to the employee vs. self-employed issue, are you unsure of your tax status with the IRS? This is a critical question and one that you must answer before filing your next income tax return. There could be … Continue reading

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Small Business Tax Deductions: How Does A Sole Proprietor Get Paid?

If you are a sole proprietor, are you wondering how to compensate yourself? This article will answer that question. By sole proprietor, we’re talking about the self-employed person who reports his or her small business on Schedule C. This also … Continue reading

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Small Business Tax Questions: What Income Tax Return Should You File For Your LLC?

Do you own a limited liability company (LLC) and are wondering what form to use to file your business income tax return? This article will answer that question. First, here’s the short answer. Usually, an LLC files its annual federal … Continue reading

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Even The IRS Is On YouTube

Did you know that the IRS is on YouTube? Check this out for the latest on tax scams: http://www.youtube.com/user/irsvideos?blend=1&ob=5 Here’s a short video on the home office deduction: http://www.youtube.com/watch?v=0NoSAFqxK7s The IRS also has its own video portal, with free access … Continue reading

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Small Business Tax Questions: Do You Really Have To Keep Receipts?

Do you ever wonder whether it’s really necessary to keep receipts to document your small business or self-employed tax deductions? Does the IRS expect you to maintain detailed records as proof of business expenses? The answer to that question is … Continue reading

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