In this series, I covered income tax, franchise tax, property tax, sales tax, and payroll tax but there is more. Much, much more. It is mind boggling the amount of other taxes, licenses, permits, and fees that local governments charge small businesses. Lots of people spend a lot of money… Read More »BUT WAIT, THERE’S MORE! OTHER BUSINESS TAXES
One day, I got a call from a lady who got a reminder letter to pay her Franchise Tax. “Why do I have to pay this? We don’t own a franchise. We have our own store.” It sounded so obvious when she said it, but tax lingo doesn’t always make… Read More »Franchise Tax
One of the scariest things a new client has said to me: I started a business last year. I’ve been charging tax, but I’m not sure what to do next. I guess we will figure that out when we do my taxes. Why is this scary? Because this client is… Read More »Business Sales Tax
I need to pay my taxes. That’s where most of my small business clients start. You start a little business, you make a few sales, then you come to me in the spring to pay your taxes. This is business income tax. It is the most complicated tax, and… Read More »Business Income Tax
Arkansas Sales Tax is the most confusing tax in the most confusing state. Should you be charging sales tax? Sales Tax law applies to You I am always surprised at the number of people who come to me who have no idea that they should be charging Arkansas Sales Tax… Read More »Should I Be Collecting Arkansas Sales Tax?
Why are you going to the liquor store? – A real-life look at business tax deductions One day, my staff bookkeeper asked me, with a stack of receipts in hand, “Why are they buying booze?” My first thought was, because they are self-employed, and life is tough… Then I realized what… Read More »Is the Liquor Store a Tax Deduction?
Every entity formed by the state needs a Registered Agent. All nonprofits, small LLCs, corporations, and any other entity formed by your Secretary of State needs one. Entities are not Humans An entity formed by the state (LLC, corporation, etc.) is a separate “person” and a separate taxpayer, but it… Read More »What is a Registered Agent?
“Remember to deduct my home office expenses, Diane.” “I had to work at home since March. I can deduct all my housing expenses because I work at home, right?” No. “My home is my office. It’s all deductible, right?” No. Deducting your home office expenses can be tricky, so let’s… Read More »Can I Deduct my Home Office Expenses?
A Story of Two “New Guys” New guy #1 is Jack. Jack finished high school and, like most kids, had no idea what to do next. He sees an ad in the paper for a painter and he answers the ad because he helped his uncle paint the barn and… Read More »Employee or Contractor?
“I can deduct that?” Small entrepreneurs come to me with their business expenses and deductions, and I always ask: What about this? And this? And that? Deer-in-the-headlights. And then I assign the homework of going back and finding all ‘those’ expenses. I even had homework pads made because I give… Read More »Business Expenses and Deductions
How Shipwrecks, the Dog Groomer, and Single Member LLCs can Pierce the Corporate Veil What is the Corporate Veil? And what does that have to do with ships sinking in the Atlantic and paying the dog groomer from your business checking account? Let’s find out. What is a veil? I… Read More »Piercing the Corporate Veil
If you have an LLC or a corporation (Including a Nonprofit) you should have an annual meeting every year, even if you are the only owner, to protect you in an audit and other legal situations. Do I Need to Have an Annual Meeting? If you are a corporation, for-profit… Read More »How To Have an Annual Meeting and Why
If you sell products of any kind, you need to know how to take inventory and you need to do it at the end of each year. Why should I take Inventory? If you sell products, it is REQUIRED that you provide inventory information on your taxes. It is called… Read More »How to Take Inventory (and why you should)
(TL;DR at bottom) This is question that I get all the time. “If I put my car in my company’s name, it is a company car, right?” Nope. “If I put magnetic signs on it, it is advertising when driving it around, right?” No. “I did… Read More »Can I Deduct my Car and Expenses?
How do I deduct my credit card payments? This is a very common question in my office and not an easy concept. Taxation is not based on cash flow. What is Cash Flow? Cash flow is the immediate feeling in your wallet. It is easy to understand. You put… Read More »Why can’t I deduct my credit card payments?
