Tax Information For Work At Home Moms

They say there are only two things guaranteed in life. Death and taxes. For the new work at home mom, taxes can be a confusing topic. Is it better for you to incorporate or run your company as a sole proprietor? What can you consider business expenses – is the latte with with your business partner really a write off? Can you hire your teenagers to do small tasks for your business? Do you need an accountant as a work at home mom or can you still use a big chain to prepare your taxes to save some cash. We’re not accountants – and we don’t claim to replace the advice of one – but we hope we can lead you in the right direction via the articles below.

Summertime Parties – Tax Deductible?

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Summertime and the livin’ is easy…George & Ira Gershwin’s lyrics  and music from Porgy and Bess evoke the sensuality of a long, hot and passionate summer. Listen to Ella Fitzgerald. Can you feel it? Mmmmm…. Great background for a summer party. OK, perhaps an adult party. Well, this is the time of year we start [...]

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Is Your Family Vacation Tax-Deductible?

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Summer is nearly here – and your children are about to be released from school for the summer. Inevitably, you’re going to do some traveling. With fuel prices as high as they are, all forms of transportation are more expensive than last year. How can you recoup some of the costs? Turn your vacation into [...]

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Home Based Business Accounting Software Options

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My boss at a national CPA firm once quipped, “When a client tells me he wants his wife to do his bookkeeping, I charge him double.” It took all my self-restraint to avoid strangling him. I have found that he was right – only 1/3 of the time. Generally, women are easier to teach than [...]

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Who is Better at Dealing with Tax Problems? EAs or CPAs

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Someone recently invited me and my EA Exam Review graduates to answer tax questions on their new site for pay. The affiliate marketing mini-article he gave me talked about CPAs answering the questions; but never mentioned enrolled agents at all. Since he was inviting me and my graduates to answer questions, I sent him a [...]

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Hobby or Business

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I spent this week with Melinda Emerson, the SmallBiz Lady, doing a Twitter Chat with her and her audience. It was a very illuminating experience, sitting on the phone with her and Tai Goodwin, talking to each other while we were posting all the Tweets. All of this came to mind when Mary asked TaxMama [...]

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Eight Tax Resolutions for 2012

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It’s a nice, bright, clean new year. You’re business is going to be fabulous, regardless of the economy. You’re going to get great ideas and tips here at www.itsawahmthing.com and from our bloggers’ sites.   So, since you’re going be so profitable, it’s worth your while to minimize your taxes.   Here are some resolutions for you. [...]

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Buying A Business vs Building Your Own Business

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The other day, someone told me that he wanted to buy a business, but the guy owed a lot of back taxes. He was concerned that he would be responsible for the previous owner’s back taxes. Very wise. And oh so correct. In fact, he might have owed taxes that had not even been assessed. [...]

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Hiring Your Children

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Shortly after I first started the TaxMama.com website, a fellow approached me to be an affiliate for his tax product. The cost was about $500, plus various add-ons. He promised very generous commissions. But I got this intense snake-oil sensation and wanted nothing to do with him. Sure, the advice seemed to be backed up [...]

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The IRS Is Wrong

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When you get a notice from IRS telling you about an error on your tax return, do you automatically believe IRS must be correct? Many of those correction notices IRS sends out are wrong. That’s why they are labeled “Proposed” changes. Frequently, the apparently missing information is somewhere on your tax return – just not [...]

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