Starting a Business

//Starting a Business

Looking Your Best May Not Be Tax Deductible

Former Central Ohio television news anchor, Anietra Hamper, lost her deduction for business clothing in tax court (Hamper, TC Summ. Op. 2011-17). The tax court ruled that regardless of her wearing certain attire only on TV, such items were not consistent with the definition of ordinary and necessary use for business the services uses for what is an allowable deduction. Hamper claimed her employer required her to maintain a professional appearance and to keep abreast of breaking news events as good reason for the deduction.

By | March 12th, 2011|Business, Home Based Business, Small Business, Starting a Business, Taxes, Uncategorized|Comments Off on Looking Your Best May Not Be Tax Deductible

Hiring Incentives to Restore Employment (HIRE) Act Enacted Into Law

Obama signed the Hiring Incentives to Restore Employment (HIRE) Act on Thursday! This Act provides employers with the opportunity to receive two new tax benefits when they hire workers who were previously unemployed or only worked part-time. Although household employers are not qualified to receive the benefits, businesses, agricultural employers, tax-exempt organizations and public colleges and universities are. So, before you start hiring, here are some things to think about...

By | March 20th, 2010|Business, Credit, Payroll, Resources, Starting a Business, Taxes, Uncategorized|Comments Off on Hiring Incentives to Restore Employment (HIRE) Act Enacted Into Law

Employee or Independent Contractor?

When you hire someone to work in your business, that individual will either be an employee or independent contractor for tax purposes. Failure to properly classify the worker can subject you to an IRS audit and possibly interest and penalties for failing to withhold and deposit payroll taxes.

By | November 1st, 2009|Business, Entrepreneurship, Payroll, Resources, Small Business, Starting a Business, Taxes, Uncategorized|Comments Off on Employee or Independent Contractor?