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  • Ask The Experts: Business Vehicle, Business Software
    vehicle as opposed to making it a personal purchase A The hard part to understanding the pros and cons of which entity should own the vehicle is the fact that the ownership will not affect the use of the vehicle The use of the vehicle for either business or personal purposes will dictate the tax deduction But the recordkeeping and the allocation process is much easier if you personally own the vehicle If you own the vehicle personally then you will use either the standard mileage rate or the actual expense method to determine the tax deduction related to the business use of the vehicle The key factor in determining the deduction regardless of which method you choose is the maintenance of a mileage log The business miles will be tax deductible while the personal miles will be excluded This is still true if the business owns the vehicle but the allocation is reversed If the business owns the vehicle you must maintain the log and then allocate the personal nondeductible usage back to the individual The business pays for all the costs but then you have to exclude the amount that relates to personal usage which is more cumbersome than allocating the business side So if you do expect to have business and personal use of the vehicle my opinion is that owning the vehicle individually is better Which business software is best for my company Q I own a small wholesale trade business I am coming up on the end of my first year and I would like to do my bookkeeping differently next year I am currently shopping for business software to help with my bookkeeping inventory and order tracking I would welcome any software suggestions that can be offered based on practical experience in the type

    Original URL path: http://selfemployed.nase.org/business-help/get-help/tax/tax-news/2011/12/30/Ask_The_Experts_Business_Vehicle_Business_Software (2016-02-14)
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  • Can You Avoid An IRS Audit?
    national DIF average selecting those with the highest DIF scores for enhanced scrutiny by experienced IRS examining officers and possible auditing Block explains The formula used by the IRS to compute a DIF is a closely guarded secret However the chances of being audited tend to rise depending upon certain types and amounts of income professions types of transactions and types of deductions claimed on returns says Block The IRS pays especially close attention to returns filed by self employed individuals Block notes The IRS believes that most underreporting of taxable income and abuse of deductions occurs among those who are self employed so these individuals tend to be audited more frequently than employees collecting a salary File An Accurate Return Given what we know about how the IRS chooses returns for auditing here are six actions you can take help keep your return in the clear Double check your numbers Simple math errors and transposed numbers are the No 1 reason individuals get letters from the IRS says Hall This is because the IRS computers may kick out returns with math errors And any time a return lands in someone s hands there s a greater chance that you ll be hearing from the IRS says Hall The simple solution is to use a tax filing software program There are plenty of inexpensive options out there and the IRS even has some free online tax filing programs says Hall Using software will virtually eliminate math errors and catch other simple mistakes Consider incorporating As tax attorney Block notes the IRS tends to take a closer look at the returns of self employed individuals especially those filing a Schedule C In 2009 2 6 percent of taxpayers who filed a Schedule C were audited compared to just 0 7 percent of incorporated small businesses with less than 250 000 in income IRS statistics reveal Sole proprietors with large incomes have the highest risk of being audited says CPA Lusby Once sole proprietors reach a certain level of income and profitability we usually recommend that they consider converting to a subchapter S corporation or a limited liability company to help decrease their chances of being audited Include documentation and explanations If you have unusually large deductions attach a copy of the checks or receipts to your return to help avoid further scrutiny And if there are any large inconsistencies in your return from one year to the next like a business name change or large fluctuation in income include a brief note of explanation Prepare your return early and file on time Every year Hall says he s surprised at how many taxpayers must rush to complete and file their returns on April 15 There s no reason to wait until the last minute Hall says So start early When you ve finished your return print it out and put it away for a day and then look at it again with fresh eyes paying especially close attention to the numbers

    Original URL path: http://selfemployed.nase.org/business-help/get-help/tax/tax-news/2011/03/17/Can_You_Avoid_An_IRS_Audit (2016-02-14)
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  • Unprepared For Your Golden Years?
    point examination beginning with the basics of getting started on retirement planning and stepping through other tools such as comparing retirement plans A particularly interesting nugget for those over age 50 is the site s What if I m running out of time segment It explains that there are still a few things you can do The key is to do them now Then it lists catch up advice General Resources Apart from mainstream news journals many specialized online publications provide useful information about retirement options ranging from overviews to targeted advice such as how to roll over your company 401 k American Institute of Certified Public Accountants 360financialliteracy org At the site click Life Stages then Retirement This trade organization s website provides an overview of retirement planning without playing favorites There s information about annuities mutual funds estate planning and more You ll find general retirement and estate planning advice but the site doesn t recommend any specific financial actions About com retirement planning Retireplan about com This comprehensive independent advice site has particularly helpful features such as its Quick Start option that steps you through five short phases of retirement planning The Motley Fool Fool com A division of Yahoo Finance The Motley Fool is a group of financial advisory people with a sense of humor Click the Retirement Planning tab to find a comprehensive guide that provides free answers to numerous important questions about how to prepare for your golden years The site also exposes myths while helping you determine the best retirement account choices The Fool has another variation on the methodical preparation approach an easy to follow 13 steps to retirement The Motley Fool columnists who often recommend services to purchase typically disclose ownership of stocks and other interests Public colleges and libraries Many public colleges and libraries offer low cost seminars and classes on preparing for retirement Presentations and workshops typically provide product independent advice that ranges from setting up a retirement program to actions you can take if you lose your nest egg To quickly narrow the field of choices use Google to not only tailor your query by subject such as retirement planning but also by geography To search for a seminar at a college near San Antonio for example include the phrase in quotes near San Antonio Texas and the search will turn up local colleges Rolling Over A 401 k If you need to roll over a 401 k from a previous employer you can get help for free First a broker you use for other investment advice should willingly give you guidance at no cost Don t have a broker Turn to unaffiliated websites like Bankrate com Search roll over a 401 k for all sorts of independent information You can also get answers and guidance from any number of mutual fund companies such as Fidelity and Vanguard Don t tackle a roll over until you have all the information you need Withdrawing your 401 k funds in

    Original URL path: http://selfemployed.nase.org/business-help/get-help/tax/tax-news/2010/07/12/Unprepared_For_Your_Golden_Years (2016-02-14)
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  • Is A Roth Right For You?
    IRS will allow you to stretch the tax payment out over two years 2011 and 2012 if you complete your Roth conversion in 2010 In general the idea of stretching the tax bill out over two years can be attractive says Durbin It s a matter of cash flow and the time value of money However if you think you ll earn more than 250 000 a year after 2010 it might be better to pay all of the tax in 2010 in case the top tax rates go up after this year Three Factors To Consider Given the tax implications do Roth IRA conversions still make sense The answer will vary depending on several different factors I can run the numbers and show people economic models but the decision is up to each individual Jones says Durbin says her firm has created a financial calculator to help clients decide but there s one criterion that s usually a make or break The biggest factor is usually whether or not the individual can pay the income tax from sources other than the IRA that s being converted she says If you can it s often a smart move Here s why If you re under age 59½ you ll have to pay a 10 percent early distribution penalty on any assets that aren t rolled directly into the Roth IRA So for example if you owed 10 000 in taxes upon conversion and paid this out of IRA funds you d have to pay an additional 1 000 penalty on top of the 10 000 tax When you send some of your IRA dollars to the IRS you ve reduced the size of your tax shelter by the amount of money you paid in taxes Jones says There are two other main factors that Durbin says also usually play large roles in deciding whether or not to make a Roth IRA conversion The first is your current tax bracket specifically whether you re currently in a lower tax bracket than normal perhaps due to a slowdown in your business as a result of the weak economy Maybe your revenue is down this year and you ve slipped down to the 15 percent marginal tax bracket Durbin explains But you ve been in the 30 percent marginal bracket in past years and you think you might be back up there next year If so you ve got a unique opportunity to move money into a Roth now at a potentially lower tax cost Using these numbers and a hypothetical 50 000 converted to a Roth the tax savings could be as much as 7 500 The other factor is the current value of your IRA If your account has suffered losses over the past couple of years converting while the value is lower could result in a smaller tax bite If all three of these factors exist for you then making a Roth IRA conversion is almost always a winner says

    Original URL path: http://selfemployed.nase.org/business-help/get-help/tax/tax-news/2010/03/05/Is_A_Roth_Right_For_You (2016-02-14)
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  • Schedule C - What You Need To Know
    Glance Optional Benefits Business Resources Experts Education Personal Home Member Badges Your Business Grants and Scholarships Growth Grant Recipients Dependents Scholarship Recipients Partners And Sponsors Affiliate Application Refer A Friend NASE in Action NASE Advocacy Efforts Legislative Priorities NASE In The News Washington Watch NASE Research Current NASE Survey NASE Member Survey NASE Issue Reports Self Employed Statistics Get Involved Tell your story Become a Media Contact Legislative Action Center Business Help Ask the Experts Taxes Business Strategy Business Law Marketing 101 Finance Accounting Health Care Reform Marketing Advertising Real Estate Information Technology NASE Minute Get Help Tax Healthcare Reform Health Marketing 101 Business Management Marketing Advertising Real Estate Calculators Business Breakeven Analysis Calculator Cash Flow Calculator Equipment Buy vs Lease Investment Annual Rate of Return Calculator Mortgage Mortgage Loan Calculator Retirement Savings and Planning 401 k Calculator How long will my retirement savings last Tax 1040 Tax Calculator Payroll Deductions Calculator Self Employment Tax Calculator Helpful Links ASBDC Member Directory Search My NASE About Me Account Benefits Optional Benefits Payment Details Expert Questions Email Subscriptions Membership Directory Tax Videos Your resource for small business tax advice View all NASE news Schedule C What You Need To Know Wednesday June

    Original URL path: http://selfemployed.nase.org/business-help/get-help/tax/tax-videos/2012/06/20/Schedule_C_-_What_You_Need_To_Know (2016-02-14)
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  • How to Prepare an Audit Proof Tax Return
    Glance Optional Benefits Business Resources Experts Education Personal Home Member Badges Your Business Grants and Scholarships Growth Grant Recipients Dependents Scholarship Recipients Partners And Sponsors Affiliate Application Refer A Friend NASE in Action NASE Advocacy Efforts Legislative Priorities NASE In The News Washington Watch NASE Research Current NASE Survey NASE Member Survey NASE Issue Reports Self Employed Statistics Get Involved Tell your story Become a Media Contact Legislative Action Center Business Help Ask the Experts Taxes Business Strategy Business Law Marketing 101 Finance Accounting Health Care Reform Marketing Advertising Real Estate Information Technology NASE Minute Get Help Tax Healthcare Reform Health Marketing 101 Business Management Marketing Advertising Real Estate Calculators Business Breakeven Analysis Calculator Cash Flow Calculator Equipment Buy vs Lease Investment Annual Rate of Return Calculator Mortgage Mortgage Loan Calculator Retirement Savings and Planning 401 k Calculator How long will my retirement savings last Tax 1040 Tax Calculator Payroll Deductions Calculator Self Employment Tax Calculator Helpful Links ASBDC Member Directory Search My NASE About Me Account Benefits Optional Benefits Payment Details Expert Questions Email Subscriptions Membership Directory Tax Videos Your resource for small business tax advice View all NASE news How to Prepare an Audit Proof Tax Return Sunday

    Original URL path: http://selfemployed.nase.org/business-help/get-help/tax/tax-videos/2012/01/01/How_to_Prepare_an_Audit_Proof_Tax_Return (2016-02-14)
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  • Keeping More Of Your Money
    A Glance Optional Benefits Business Resources Experts Education Personal Home Member Badges Your Business Grants and Scholarships Growth Grant Recipients Dependents Scholarship Recipients Partners And Sponsors Affiliate Application Refer A Friend NASE in Action NASE Advocacy Efforts Legislative Priorities NASE In The News Washington Watch NASE Research Current NASE Survey NASE Member Survey NASE Issue Reports Self Employed Statistics Get Involved Tell your story Become a Media Contact Legislative Action Center Business Help Ask the Experts Taxes Business Strategy Business Law Marketing 101 Finance Accounting Health Care Reform Marketing Advertising Real Estate Information Technology NASE Minute Get Help Tax Healthcare Reform Health Marketing 101 Business Management Marketing Advertising Real Estate Calculators Business Breakeven Analysis Calculator Cash Flow Calculator Equipment Buy vs Lease Investment Annual Rate of Return Calculator Mortgage Mortgage Loan Calculator Retirement Savings and Planning 401 k Calculator How long will my retirement savings last Tax 1040 Tax Calculator Payroll Deductions Calculator Self Employment Tax Calculator Helpful Links ASBDC Member Directory Search My NASE About Me Account Benefits Optional Benefits Payment Details Expert Questions Email Subscriptions Membership Directory Tax Videos Your resource for small business tax advice View all NASE news Keeping More Of Your Money Sunday January 01

    Original URL path: http://selfemployed.nase.org/business-help/get-help/tax/tax-videos/2012/01/01/Keeping_More_Of_Your_Money (2016-02-14)
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  • Home Office Deduction
    At A Glance Optional Benefits Business Resources Experts Education Personal Home Member Badges Your Business Grants and Scholarships Growth Grant Recipients Dependents Scholarship Recipients Partners And Sponsors Affiliate Application Refer A Friend NASE in Action NASE Advocacy Efforts Legislative Priorities NASE In The News Washington Watch NASE Research Current NASE Survey NASE Member Survey NASE Issue Reports Self Employed Statistics Get Involved Tell your story Become a Media Contact Legislative Action Center Business Help Ask the Experts Taxes Business Strategy Business Law Marketing 101 Finance Accounting Health Care Reform Marketing Advertising Real Estate Information Technology NASE Minute Get Help Tax Healthcare Reform Health Marketing 101 Business Management Marketing Advertising Real Estate Calculators Business Breakeven Analysis Calculator Cash Flow Calculator Equipment Buy vs Lease Investment Annual Rate of Return Calculator Mortgage Mortgage Loan Calculator Retirement Savings and Planning 401 k Calculator How long will my retirement savings last Tax 1040 Tax Calculator Payroll Deductions Calculator Self Employment Tax Calculator Helpful Links ASBDC Member Directory Search My NASE About Me Account Benefits Optional Benefits Payment Details Expert Questions Email Subscriptions Membership Directory Tax Videos Your resource for small business tax advice View all NASE news Home Office Deduction Tuesday March 29 2011

    Original URL path: http://selfemployed.nase.org/business-help/get-help/tax/tax-videos/2011/03/29/Home_Office_Deduction (2016-02-14)
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