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10 Tax Tips for US Small Business Owners

10 Tax Tips for US Small Business Owners | Legitimate Work at Home Jobs and Oppotunities | Scoop.it

The American Institute of CPAs says that there are 10 words you have to keep in mind in order to be sure you pay no more taxes than you’re legally required to pay.
- Expenses: Keep a daily diary or log of your expenses throughout the year.
- Deductions: One of the principal reasons small business owners pay more taxes than necessary is that they don’t take advantage of all of the deductions they’re legally allowed.
- Traps: A small business owner may do some things that are more likely to get IRS attention than others.
- Retirement: You must have earned income each tax year to qualify for a tax-deductible retirement plan.
- Equipment: For tax years beginning in 2011, a small business may deduct up to $500,000 in equipment purchases as long as the business spends $2 million or less for equipment for the year.
- Payroll: One of the most common and costly tax-related problems for small business owners is that they use the payroll taxes withheld from employees to finance business operations.
 - Insurance: If you have health insurance coverage for your employees, check to see if you are eligible for the small business health care tax credit.
- Veterans: An expanded tax credit is available to business owners who hire certain unemployed veterans.
- Contributions: Be sure to get a valuation for any non-cash items your business donates to charity so you’ll have the records you need to support the deduction for your contributions.
 - Help: If you are unsure about anything related to your tax obligations under the law, you should seek professional help from a certified public accountant.


Via Ashok Ramachandran
Norberto Mercado's insight:

Share the load. Small business owners can accomplish some pretty remarkable things, but there are times when there’s just too much for one person to handle. It’s always a good idea to delegate responsibilities to employees, even when the workload is relatively normal. If you’re a one-person shop, identify qualified colleagues for outsourcing extra work. You may miss out on some revenue, but you won’t be compromising the quality you’ve promised your customers.

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Ashok Ramachandran's curator insight, March 2, 2013 5:10 PM

To avoid tax problems, keep your paperwork in order, take advantage of all allowable deductions and consult a CPA, if needed.

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3 legitimate work-at-home online jobs that pay big | One Page | Komando.com

3 legitimate work-at-home online jobs that pay big | One Page | Komando.com | Legitimate Work at Home Jobs and Oppotunities | Scoop.it
Want to get paid without going to an office? These work-from-home gigs are exactly what you're looking for....
Norberto Mercado's insight:

There are many ways to do business online from home.
Just you know what really identify your passion and you enjoy doing. The easiest way to generate revenue at home is the Affiliate Marketing. Where you can promote other people's products to earn a commission or residual income.

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50 side businesses to set up from home - The Guardian

50 side businesses to set up from home - The Guardian | Legitimate Work at Home Jobs and Oppotunities | Scoop.it
50 side businesses to set up from home
The Guardian
With more of us working fewer hours and with a resulting earnings gap to close, there's arguably never been a better time to set up a business you can run in your spare time from home.

Via Skip Boykin
Norberto Mercado's insight:
31 Online trading Sites such as eBay and Amazon make it easy for people to dabble in e-commerce. "Start with a clearout of your attic," suggests Dan Wilson, author of Make Serious Money on eBay. "If you start to sell other goods, focus on things you can get hold of easily, or are passionate about. And have an eye on the Christmas market: think about what will be selling well in a few months' time."
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