In recent years, consumers have increasingly turned to mobile food trucks for breakfast, lunch, dinner and snacks in between. A industry survey by IBISWorld placed annual revenue from food trucks around $1.2 billion in 2009 and annual growth rates from 2007-2012 near 8.4% annually. “Street Vendors in the US: Market Research Report” estimated that there are over… Read More
The defining factor between a nonprofit and for-profit organization boils down to IRS code 501(c) which excuses nonprofits from federal tax liability. These qualified charitable organizations face a tradeoff since they must distribute surplus earnings to a social cause. The individuals in a nonprofit possess limited liability about the incorporated legal entity, which provides both an upside and downside. The Definition of a Nonprofit Nonprofits refer to organizations like… Read More
It is said so often that it has become a bit of a cliché, but one of the great virtues of starting a home business are the tax breaks you can claim. Another popular belief surrounding home businesses, however, is that claiming aggressive – and maybe slightly exaggerated – write-offs is a sure-fire way to… Read More
Taxes can be stressful for a small business owner. You likely wear many hats and the last thing you want to do is pay more of your hard-earned business income to the government. Thankfully, there are many ways to reduce your taxable liabilityas a business owner and keep more of that revenue for yourself. If you need ways to reduce your… Read More
There are several ways to deduct business expenses from your small business revenue to reduce your tax bill. Certain business deductions can reduce your revenue dollar for dollar in most instances. You can also deduct certain expenses incurred during the startup phase of your business, but the rules are not as straightforward as those for deducting business… Read More
Starting a business is a big achievement for many entrepreneurs, but maintaining one is the larger challenge. There are many standard challenges every business faces whether they are large or small. These include things like hiring the right people, building a brand and so on. However, there are some that are unique to small businesses, ones most… Read More
Capital One revealed on Monday that approximately 100 million customers in the US and six million in Canada were affected by a data breach. The breach occurred over two days in March 2019 and compromised consumers and small businesses that applied for credit cards between 2005 and early 2019. Capital One said no credit card account numbers or… Read More
With tax free weekend on the horizon, here’s a detailed look at what is and isn’t sales-tax exempt from Friday, Aug. 9 through Sunday, Aug. 11. Note that each item must be less than $100 to qualify. Click here for more information on tax free weekend. What is tax free? School/office supplies Binders Blackboard chalk Book bags… Read More
The U.S. Internal Revenue Service (IRS) may consider subpoenaing major tech companies like Apple, Google and Microsoft in search of taxpayers’ unreported cryptocurrency holdings. That’s according to a slide deck presentation from an IRS cyber training session, which details a number of ways the agency’s criminal investigators might find potential crypto tax cheats. “Issuance of a Grand… Read More
The quick answer: It depends on how much you earn. Millions of people rely on Social Security, and the money to fund the program comes heavily from taxes paid by working Americans. If you take a look at your paystubs, you’ll notice that you pay something called FICA tax. That’s short for the Federal Insurance Contribution… Read More