You have a home office, but can you deduct it on your taxes? Before you do, make sure you pass two tests from the IRS. Find out in this week’s Tax Tip.
If you are a small-business owner, whether you hire people as independent contractors or as employees will affect the amount of taxes you withhold from their paychecks, as well as how much and what types of taxes you pay. Read this Tax Strategist for more.
The following is a compilation of a number of tax breaks available to self-employed individuals and/or small business owners. Some can be implemented before year’s end, providing benefits for your 2011 return, while others will provide planning opportunities for 2012.
There are an abundant number of provisions that provide tax relief to small businesses this year. Just so you don’t overlook any of these benefits, or in case your business would like to position itself to take advantage of some before the close of the year, here is a brief rundown on many of the business benefits that are available for 2011.
Small-business owners have excellent opportunities to save for retirement, often with tax benefits for the business. Read more in this week’s Tax Tip.
Businesses with qualified production activities can take advantage of the Domestic Production Deduction on their taxes. Read this Tax Tip for more.