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The dictionary defines nexus as a connection or link. In tax parlance, it means having a significant physical presence within a state so that a business becomes subject to that state's tax rules (i.e., paying state income taxes; collecting sales taxes). The following discussion is confined to what nexus means for a business's obligation to collect sales taxes. The discussion is packed with cases but it's important to understand what has happened, and what could happen.
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Which Legal Fees Are Deductible?
"Lawyers are seldom loved but often needed," according to Robert B. McCay, who was a former dean at NYU Law School. In the course of your business you're likely to incur legal expenses, some of which may be modest, but some may be substantial. If you thought that
all legal fees paid by your business or by you in connection with your business are deductible, you'd be wrong.
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Vendor Financing for Equipment Purchases
If you need new equipment, whether large or small, determine whether you can afford it.
Not buying equipment can cost you dearly in lost productivity.
However, you may need some help to swing the purchase, and vendors are often willing to provide the financing to close the deal. Understand how vendor financing works and whether it makes sense for you.
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Is it Time to Terminate an S Election?
S corporations are corporations formed under state law that elect to be taxed as pass-through entities for federal income tax purposes. Most states provide similar tax treatment for state income tax purposes. S corporation status means that business income or loss passes through to owners and is taxed on their personal returns, in comparison to C corporations that are separate taxpaying entities. S corporations are the most popular type of corporation, accounting for about 68% of all corporate returns filed in 2015. However, there is a growing list of reasons why S status may no longer be desirable. Here are some of them.
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Boomers on the Payroll: What You Need to Know
According to the National Council on Aging, by 2019, 25% of the American workforce will be age 55 or older. Whether you have seniors on your payroll now or are hiring and may have older job applicants, here are some of the special legal and tax concerns for businesses with older workers. As a baby boomer myself, this subject is highly relevant to me, but should be of concern to all small business owners. You'll see that older worker or senior worker is defined differently for different purposes.
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Cybersecurity Tips for You and Your Business
I recently received an email from someone I knew, and the email address was his. The mail included an "open document" link to DocuSign, a highly reputable site. I wasn't expecting a document from him, so I was suspicious. I reached out to him through LinkedIn and sure enough, he advised me not to open it and to delete it immediately (he had not sent me anything).
Lesson learned: there are amazingly crafty cybercriminals out there and we have to beware!
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Supplement to J.K. Lasser's Small Business Taxes and Supplement to J.K. Lasser's 1001 Deductions and Tax Breaks 2017
These are not my usual blog posts. They are supplements to my 2017 edition of
J.K. Lasser's Small Business Taxes and
1001 Deductions and Tax Breaks. They are designed primarily for readers of the books to update the information provided there. The tax law is not static, and since the publication of the book last October, there has been action by Congress, the IRS, and the courts which impact your 2016 return as well as your tax withholding and estimated taxes for 2017. The blog is also helpful to those who have not bought the books but who want to know about tax changes for 2017.
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J.K. Lasser's Small Business Taxes 2017
I'm proud to say it's the 23rd year of the original publication, and it's all new for 2016 returns and year-round tax planning. As had been my practice, I've written my own book review to explain the purpose of the book, what's new, and what's ahead --
find it here.
Tax season is here! Get the expert help you need now and Don't miss the free supplements posted on my blog!
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Self-Employment Tax Wrinkles
Individuals whose businesses are incorporated do not have to think about self-employment tax. Any salary they take from their corporations as owner-employees are subject to FICA taxes. In contrast, those with other types of business entities -- sole proprietorships, partnerships, and limited liability companies (LLCs) -- are not employees; they are self-employed individuals. As such they meet their Social Security and Medicare taxes obligation through the payment of self-employment tax.
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Mark Your Tax Calendars for 2017
As a business owner, you don't want to miss any tax deadline. Doing so can result in tax penalties, which can be hefty and are not deductible. Here are some key dates (some of which are new this year), as well as strategies you can use to be on time.
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High Hopes for Tax Reform: What It Means for Small Businesses
President Trump promised tax reform, and Congress is poised to deliver on that promise. The final package will likely be the product of much debate, compromise, and tweaking. Small business owners should follow the process and stay up-to-date with SBE Council's work in this area (sign up for
Small Business Insider weekly enews) to better plan for the coming year, and beyond. Here are some of the key points under consideration that would impact small businesses.
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Hear My Recent Radio Conversations with Featured Guests:
Leigh Stringer, workplace expert and author of The Healthy Workplace describes the benefits of a healthy workplace and how to create one for your business;
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"100+ Big Ideas for Your Small Business"
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March, 2017 | Copyright
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Big Ideas for Small Business, Inc.
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