Small Biz Builder

October 1:   Businesses: Deadline for establishing a new SIMPLE retirement plan  October 17:   Individuals: 2010 Form 1040 due if on extension November 1:   Employers: File Form 941 for 3rd quarter 2011  During November:   Employers: Request  Form W-4s from employees whose withholding allowances will be different in 2012  Employers: Request Form W-5 from each eligible employee who wants [...]

One of the advantages of operating your own business is hiring family members. However, the employment tax requirements for family employees may vary from those that apply to other employees. How spouses earn Social Security benefits A spouse is considered an employee if there is an employer/employee type of relationship, i.e., the first spouse substantially controls the business in terms of management [...]

Calendar-Year Corporate returns and Partnership returns (Federal Forms 1120, 1120S, and 1065) are due September 15th!  This is the final deadline to file returns for both corporations and partnerships, as no additional extensions are available.  Late returns will be subject to the following penalties: C-Corp (Form 1120)  - Minimum penalty for late filing if a return is more than 60 [...]

Over-analyzing a situation can be as bad as not giving it enough thought.  Most decisions are made on some sort of deadline.  Even very smart individuals examine the data to the point that coming to a conclusion is put off for too long.  It is easy to continue to research in order to make sure a decision is absolutely correct. Sometimes, the best course [...]

Did you know that your summer day care expenses may qualify for an income tax credit?  Many parents who work, or are looking for work, must arrange for care of their children under 13 years of age during the school vacation.  Those expenses may help you get a credit on next year’s tax return. Here are five facts the IRS wants you to know about a tax credit available for [...]

The 2011 hurricane season is upon us! Safeguard your personal and business assets by taking the following steps: Create a Backup Set of Records Electronically. Keep a set of backup records stored away from the original set.  Remember to scan paper documents into an electronic format! Document Valuables. Photograph or videotape the contents of your home or business, especially [...]

Although business is business, and pleasure is pleasure, the world rarely adheres to absolutes.  So, as the summer vacation season begins to unfold, you may want to consider mixing some leisure time in with your business travel.  With a little planning, you can get Uncle Sam to subsidize your downtime. Business or Pleasure.  The IRS doesn’t specify the determination of [...]