Taxes are due on self-employment income September 15th, 2012. There is no income tax withholding on self-employment income, but that doesn’t mean you’re not required to pay taxes during the year. Self-employed individuals generally must make quarterly...
Check the tax savings of combining business and pleasure on the same trip this summer. Within the U.S., if the primary purpose of the trip is business and you add on a side trip or an extra few days for pleaseure, you can deduct all the travel costs to and from your...
Keep repairs separate from major improvements. Ordinary repairs and maintenance on business equipment and buildings are deductible business expenses. Improvements which materially add to the value of the propoerty or significantly prolong its useful life must be...
If you work and pay for child care, you may be eligible for the child care credit. Also, your employeer may allow you to set aside part of your salary tax-free to pay for child care expenses. You may even be eligible for the earned income credit. Don’t...
Don’t miss the cash discounts offered by your suppliers. A 2% discount for payment in ten days, versus net payment in 30 days, computes to an annual rate of return of 36%. If you can get a 10% discount for paying twelve months of payments in advance, you will...
