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If your business is a sole proprietorship that has employees or if your business is a partnership, limited liability company or corporation, you must get a federal Employer Identification Number (EIN). You will use this number on all business-related forms you send to the IRS....
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What can you do to improve your business tax situation before the year ends?
Determine Your Business Profit or Loss
Bring your accounting up-to-date. Know where your business stands from a profit or loss perspective. This will make your year-end planning more efficient...
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Running your own business? Make sure you claim the expense deductions you deserve without going overboard.
All businesses have expenses. Just about any expense that helps a business run or create a product is tax-deductible as long as it is "ordinary, necessary, and...
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Do you have to pay taxes on any tuition, books, supplies, and equipment that your employer paid for, when you attended college or graduate classes?
If you take advantage of educational assistance benefits offered by your employer, you can exclude up to $5,250 from your...
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What if I got some benefit from my donation, like a dinner, or a sports event?
When you donate money to a charity or other nonprofit organization, you usually write a check and don’t receive anything in return. When you’re ready to do your taxes, you add up the checks you...
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Can I deduct the money I spend to equip my classroom, or cover travel and training?
It’s outrageous, but if you’re a teacher, your school may not pay for many of the supplies, even books, you need in class. And your employer may not pay for travel to conventions, training...
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