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Small Business

How Business Website Expenses Are Deducted

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With the explosion of online businesses, one would think that there would be a standard method of deducting the cost of your business website.  But some questions still exist as to what part of a website is considered software, and to date, the IRS has not fully clarified that issue for tax purposes.  Purchased Websites – If the website is purchased from a contractor who is at … [Read more...] about How Business Website Expenses Are Deducted

Billing for Time and Expenses: How It Works

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QuickBooks handles billable expenses capably, but it's critical that you understand the process thoroughly before proceeding.  Billing for inventory parts is easy. Pick the items from a list and specify a quantity. Poof. Done.  Billing for costs, time or mileage is a little more complex. QuickBooks has built-in tools to help you do this, but it's a bit of a process.  To … [Read more...] about Billing for Time and Expenses: How It Works

April 2012 Business Due Dates

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April 2 - Electronic Filing of Forms 1098, 1099 and W-2G If you file forms 1098, 1099, or W-2G electronically with the IRS, this is the final due date. This due date applies only if you file electronically (not paper forms). Otherwise, February 28 was the due date. The due date for giving the recipient these forms was January 31. April 17 - Social Security, Medicare and … [Read more...] about April 2012 Business Due Dates

March 2012 Due Date Reminders – Business

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March 15   Social Security, Medicare and Withheld Income Tax If the monthly deposit rule applies, deposit the tax for payments in February.  March 15   Non-Payroll Withholding   If the monthly deposit rule applies, deposit the tax for payments in February.  March 15   Corporations File a 2011 calendar year income tax return (Form 1120 or 1120-A) and pay any tax due. If … [Read more...] about March 2012 Due Date Reminders – Business

1099-K Business Return Reconciliation Eliminated

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The Housing and Economic Recovery Act of 2008 required third-party payment entities, such as credit card companies, to begin filing informational returns with the IRS reporting merchant card transactions, such as credit and debit card payments.  The purpose was to give the IRS the ability to match a business’s credit and debit card sales with the amount the business reported on … [Read more...] about 1099-K Business Return Reconciliation Eliminated