Small Business Tax and Accounting

/Small Business Tax and Accounting

Are Discounts Given to a Not-for-Profit Deductible?

By | January 26th, 2017|Categories: Small Business Tax and Accounting|Tags: , |

The short answer is, there's really no special documentation you need, because it's technically not a charitable deduction.

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Can I Start a Not-for-Profit to Shield Income?

By | January 20th, 2017|Categories: Small Business Tax and Accounting|Tags: , , |

Starting a not-for-profit just to reduce your tax liability is a bad idea.

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Getting Your Business Off to a Good Start, Part 4: Sales Tax

By | January 18th, 2017|Categories: Small Business Tax and Accounting|Tags: , |

For a business in Iowa, the basic sales tax rate is 6%. Some locations in Iowa also assess an additional 1% “local option sales tax,” which makes the sales tax in that location 7%. Sales tax is not an expense of your business. Instead, it’s a tax you collect from your customers and pass on to the state.

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Why Does the IRS Care So Much About Employee vs. Contractor?

By | January 10th, 2017|Categories: Small Business Tax and Accounting|Tags: , , |

So why does the IRS care so much about employee vs. contractor? Two reasons. One is the penalties they can collect. The other reason is they usually collect more taxes when someone is treated as an employee, because a contractor can take business deductions which directly reduce taxable income.

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Glossary: C-Corporation

By | December 23rd, 2016|Categories: Glossary, Small Business Tax and Accounting|Tags: , |

A C-corporation is a tax term referring to one of two ways a corporation can be taxed.

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