Keeping Nickels is more of a small/microbusiness blog but we find useful information on many personal finance websites and blogs. Queercents has a wealth of information about taxes which range from preparing taxes yourself or hiring a tax professional. Check out the posts under the taxes category.
Remember this year the tax deadline is April 17. Yay for two extra days!
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Posted by Stephens
Sales Tax rules can be complicated because it depends on where you are and who you ship to. It also depends if you have a physical presence (store) in a state that charges sale tax as well. If an online retailer has a physical presence in a particular state, such as business offices or a warehouse, it must collect sales tax from customers in that state. If a business does not have a physical presence in a state, it is not required to collect sales tax for sales from customers in that state. For New York State requirements, check out this free, downloadable guide (.pdf file) published by the New York State Tax Department.
Publication 850 (2/07), New York State and Local Sales and Use Tax
Quick Reference Guide.
Thanks to Nance for the information.
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Posted by Stephens
What do you do when your business is suddenly more profitable than it has ever been??? It is good news, but the reality is that you have to determine how to allocate the extra cash flow so that it good for your business. A client of mine is doing so well this year that I have recommend to my client to work on reducing their taxable income now. The following are good ways to reduce your taxable income:
Also, use the extra cash flow to re-invest into your business. If you need new computers, software, or other supplies, now is the to time to make some smart purchases. Go on a shopping spree at Staples, but keep your receipts to give to your CPA.
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Posted by Stephens
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