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2011-08-24 21:04:31 UTC
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Small Office Home Office (SOHO) Tax Tips
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Small Office Home Office (SOHO) Tax Tips Home About Us Privacy Policy Related Content Products/Services Site Index Latest Entry Tax Tips online courtesy of Boston.com Jul 30, 2011 Income Tax, Income Taxes, Tax Changes 3 Comments Tweet SOHO Tax Tips regarding online resources Tax tips are now available online using your iPhone or Droid. Thanks to an article entitled “Using Social Media To Get Tax Information” on Boston.com, here is a list of online resources available from both the Internal Revenue Service website and social media portals that can be useful not just during tax season but throughout the calendar year. The article at Boston.com lists resources that are accessible from either your desktop computer or mobile phone. In fact, IRS2Go is a mobile app for both Apple and Android users. It provides personal tax refund information and other tax tips and tax-related information. YouTube Tax Tips - IRS Videos – A YouTube resource that provides IRS information in English and other languages. American Sign Language Videos – A similar online resource that provides information in American Sign Language. Multilingual Videos – Another similar online resource that provides information in a variety of foreign languages. Twitter Tax Tips - @IRSnews – information for the public, press, and practitioners @IRStaxpros – information for professional tax preparers @IRSenEspanol – news and information in Spanish @Recruitment IRS – IRS Human Capital Office @YourVoiceatIRS – a taxpayer advocate service Audio Tax Tips - The IRS also provides tax tips in audio files for podcasts. Information regarding this special resource is available from the IRS Newsroom. This information was originally provided on July 29, 2011 from the Article Collections at Boston.com. Share and Enjoy: E-mail Comment Del.icio.us Digg Reddit Technorati Furl Recent Entries 2011 Standard Mileage Rate Changes Jul 3, 2011 Business Expenses, Tax Changes, Tax Strategies Leave a comment Tweet 2011 Standard Mileage Rate The Internal Revenue Service (IRS) has increased the optional standard mileage rates for 2011. These optional rates can be used to calculate deductible costs of operating an automobile for either business or other uses instead of reporting actual travel-related costs. Charitable mileage rates remain at the current 14 cents a mile in 2011. The table below summarizes the increases for this year. IRS Standard Mileage Rates in 2011 Jan 1 - June 30 July 1 - Dec 31 Business 51 cents 55.5 cents Medical/Moving 19 cents 23.5 cents Charitable 14 cents 14 cents From the IRS Newsroom IR-2011-69, June 23, 2011 Share and Enjoy: What is the Schedule C-EZ Jun 30, 2011 Bookkeeping, Business Expenses, Cash Management, Self Employment Tax, Tax Management, Taxable Income Leave a comment Tweet 1040 Schedule C-EZ calculates your net profit. In order to understand what the Schedule C-EZ is, you need to understand the format of the related IRS Form 1040 Schedule C. Are you self-employed or a sole proprietor of a small business? When you file your income tax return, you use the longer Schedule C to report your business income or loss on your personal (rather than corporate) income tax return. Your net business profits, calculated on either schedule, are summarized on the top page of your IRS 1040, US Individual Income Tax Return. You can also use either Schedule C to report wages or expenses you accumulate during a tax year if you are a statutory employee, are involved in qualified joint ventures, or have income that is reported on an IRS Form 1099-MISC, Miscellaneous Income. You need to complete either Schedule C in order to calculate self-employment tax. Why is Schedule C-EZ the “short form”? Just like the 1040EZ “short form” for personal income tax, Schedule C-EZ is based on VERY simple business information. You provide information in Part I, such as name and principal business activity, your gross and net profit in Part II, and information about any vehicle expenses you want to claim, in Part III. There are eight separate questions in total; Schedule C has 48 separate questions. Both schedules are fundamentally the same. They are financial statements of profit and loss (P&L) that provide current information about operating revenue and offsetting expenses. Are there requirements for using the short Schedule C-EZ? In order to use the Schedule C-EZ, your business or profession must: have a net profit running a business as a sole proprietor use the cash method of bookkeeping have no employees have neither inventory nor fixed assets have neither a home office deduction (IRS Form 8829) nor report depreciation (Form 4562) have business expenses less than $5,000 Are there disadvantages to using Schedule C-EZ? Since both schedules help you calculate the net profit (or loss) for your business, there is no fundamental difference in the forms. However, part of successfully running your own business is to track all business expenses in order to determine how much it REALLY costs to run your business. The Schedule C might have more questions to answer but, if correct understood, helps you better identify how you spend money in the pursuit of profit. Categorizing and tracking your business-related expenses throughout the year might save you from misreading a business trend or wishful thinking. Running a successful business in a competitive world requires strategic planning and concentration on more than just business goals; you need to account for every dollar spent in pursuit of profit. Schedule C-EZ might provide the general answer about pursuing profit but it won’t identify where your money goes on the way to achieving your business revenue. Share and Enjoy: Foreign Bank and Financial Accounts (FBAR) Jun 27, 2011 Cash Management, Federal Tax Return, Financial Decisions, Income Taxes Leave a comment Tweet Foreign Bank and Financial Accounts (FBAR) Do you have business interest in a foreign bank or have any foreign financial accounts? We have provided information especially for US taxpayers living abroad or resident aliens regarding filing a personal income tax return. The Internal Revenue Service (IRS) has updated their Frequently Asked Questions (FAQ) regarding Foreign Bank and Financial Accounts (commonly referred to as FBAR) including specifically updated FBAR filing requirements and updated FBAR financial accounts. Any taxpayer who has a financial interest that exceeds $10,000 at any time during the calendar year including signature authority (or any other authority of the account) in a foreign country should review this information carefully. A “financial account” is defined as any banking institution, foreign financial securities or derivatives, or other financially related instruments. Does your financial interests exceed $10,000 during the calendar year? The IRS considers a country as “foreign” if the location geographically resides outside the United States, Puerto Rico, the Northern Mariana Islands, or any territories or possessions of the US including Guam, American Samoa, and the US Virgin Islands. The official IRS website, irs.gov, provides a variety of current and relevant topics and references for taxpayers with international financial dealings. Consult with an experienced tax professional before you file a personal income tax return that involves ANY foreign income or matters that pertain to a foreign bank and financial accounts. Share and Enjoy: Older Entries Click PRODUCTS abovefor services, books, and business software. Recent Post 2011 Standard Mileage Rate Changes What is the Schedule C-EZ Foreign Bank and Financial Accounts (FBAR) Tax Tips for US Taxpayers Living Abroad 2011 IRS Nationwide TaxForums Making Charitable Donations this year? Changing Tax Preparer Procedures and Fees Summer Vacation Ideas? Visit the IRS… Summertime Child/Dependent Care Expenses Refund Anticipation Loan (RAL) Changes Recent Comments Lexus:A good many vulaalbes you've g admin:Thanks for the kind remarks. admin:Thank you again, Diane. Diane Siriani:Thank you :) We work hard! A g admin:Thanks for the kind words. You admin:Thanks for the kind words. By Diane Siriani:Very Informative. I just launc admin:Thanks Private, for the commen admin:Thanks for stopping here and p admin:Thanks for your comment. Glad Archives July 2011 June 2011 August 2010 May 2010 April 2010 March 2010 February 2010 January 2010 December 2009 November 2009 September 2009 August 2009 Tax Tips Topic Index [+]Bookkeeping (1) [+]Business Expenses (3) [+]Business Idea (1) [+]Cash Management (2) [+]Deductions (1) [+]Depreciation (1) [+]Federal Tax Return (3) [+]Financial Decisions (1) [+]Income Tax (3) [+]Income Taxes (4) [+]Self Employment Tax (1) [+]Tax Changes (12) [+]Tax Management (9) [+]Tax Strategies (19) [+]Taxable Income (6) Blogroll Don't Mess With Taxes Texas Journalist Kay Bell Our Taxing Times An IRS Enrolled Agent from Arkansas The Finance Buff The Tax CPA A CPA from Dayton OH The Tax Prof The Wandering Tax Pro A Seasoned Tax Preparer from NY Top Tax Blogs Reviewed Receive this blog in your email box. Enter your email address below: Delivered by FeedBurner My Podcast Subscriptions Realtime Tax Tweets The comments and opinions expressed in SOHOTaxTips are intended for informational purposes only and do not constitute tax or financial advice. Due to the changing nature of the tax code, these blog posts may contain dated material. For an update on the current IRS tax code and the application of the code to your particular facts and circumstances, consult a professional advisor. The information contained herein is not a substitute for obtaining tax or financial advice from a qualified professional in your state.IRS CIRCULAR 230 DISCLOSURE: IRS regulations require that we inform you that any U.S. federal tax advice contained in this blog is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.FTC Consumer Notice: Digital content provided here may contain affiliate links. This business relationship means that if you buy something associated with these links, I MAY receive some form of compensation or commission. Content here also contains references that do not require financial investment on your part and are filled with value-added, free material. 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