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Aim2gain
For 20 years my actual job was working on a computer, then I decided to buy a personal computer to work from home. This was the best decision I have ever made. Obviously I got myself Internet and one day while I was surfing the Net, I...
Be successful in small business by following your P.A.D!
Not everyone is programmed to be a successful businessperson, many people make it but many more fail along the way.
A large part of your future success will depend on your P.A.D.
That’s your Passion, your Attitude and your...
International Shipping/Freight for Dummies
There are lots of benefits for some businesses to import or export goods. Manufacturers and distributors can order directly from the overseas manufacturer and save money on their purchases. They can also market their goods to the world instead of...
Mind the Gap
The underground train in London can get you anywhere when you know how to maneuver all the options. Like our subways, London under ground is a busy place. When your train arrives and comes to a stop, you move forward with the crowd, waiting for...
Surviving the Workday in your Organization
Most people suffer from stress at some time during the day. When you recognise your own peak and low energy levels, you can work with your body clock to maintain high productivity and alertness. It makes sense to tackle the hardest tasks at...
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Small Employers Rejoice - IRS Simplifies Filings
On of the largest burden on very small employers is dealing with
taxes. Fortunately, the IRS has taken a major step to reduce
this burden.
Quarterly Federal Tax Returns - Not!
There are millions of small businesses that labor under the
burden of filing federal tax returns each quarter of the
calendar year. These quarterly returns have been a major gripe
of business owners who often feel they see their CPAs more than
their families. The IRS is finally listening. Well, sort of.
Beginning January 1, 2006, the quarterly federal tax return will
go the way of the dodo bird for some small businesses. Instead
of being required to file every three months, these small
business will be allowed to just file an annual federal tax
return with the IRS.
When it comes to taxes and the IRS, there is always a catch. So,
what is it in this situation? The annual tax return procedure
will only be available to very small businesses, often just sole
proprietorships.
Under the new regulations, small businesses will only be
eligible for the annual filing if their estimated annual
employment tax is $1,000 or lower. Put another
way, this equates
to paying roughly $4,000 in wages in a calendar year. That is a
significant catch.
Ostensibly, this new annual tax return procedure is designed to
help mom and pop businesses or businesses that are barely
running. Depending on the specifics of the regulations, however,
a significant loophole may let a lot more people through the
door. The IRS, for instance, categorizes a single member LLC as
a sole proprietorship. As a result, the LLC doesn't technically
pay employment taxes. Instead, the member can simply draw money
from the business and then report it on his or her personal
taxes.
To find out if you qualify for the annual return option, just
sit and wait. The IRS is going to send out notices to qualifying
small businesses during the first two weeks of February 2006. If
you don't receive one, you can contact your CPA to see if there
are any options for your business.
About the author:
Richard A. Chapo is with http://www.businesstaxrecovery.com -
recovery of business taxes through tax help and tax relief.
Visit http://www.businesstaxrecovery.com/articles to read more
business tax articles.
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| United States Small Business Administration |
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| Small Business and Self-Employed One-Stop Resource |
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| www.smallbusinessbc.ca |
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| Small Business Service | Home |
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| NSW Small Business |
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| Small Business Development Corporation |
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