This guest post was brought to you by Jeremy Smith. Jeremy is an experienced tax analyst. He often blogs about the ins and outs of filing taxes for the everyday person to understand
Uncle Sam must be pretty needy. You know the one – the red, white, and blue. Yeah, the taxman. Every business owner needs to understand how to file their quarterly estimated taxes. However, most small businesses are confused when it comes to paying these. Make no mistake, if you fail to file, it’s treated as though you didn’t pay your taxes and the IRS may come after you.
The purpose of the IRS Standard Mileage Rate is not to impose a rate of payment by employer to employee, but to give the employee a guide for his or her deduction at tax time.
The rate offers compensation to the employee either through payment by the employer or in the form of a deduction for business related mileage on a personal vehicle.
Technically, an employer can pay any mileage rate he sees fit, whether that be over or under the IRS standard. But if he doesn’t meet the IRS standard, the employee can deduct that amount on her taxes.
Outright.com has a new program they are offering in preparation for next year’s tax time. The email series is called: Spring Clean Your Business Finances.
Learn some valuable tools now and get your business finances in order so you can master tax time 2014 (and beyond)!
You already know you can use Timesheets.com to track attendance and time on projects. You probably also know that you can use it to track commission, mileage, and other employee accrued expenses. But did you know that you can use your Timesheets account to track business expenses for taxes?
In this post I am going to show you how to do it, but first let’s take a look at what qualifies.
You’ll be doing your end of year payroll reporting soon and we know this can sometimes be confusing, so we’d like to offer a tip on how to make it more accurate.
2012 Working Hours May Not Equal 2012 Payroll
The dollars you report for 2012 may not exactly mirror the number of hours worked by your employees. This is because the date the check was written is what matters for payroll reporting.
Expect a few changes on the 2012 form.
This guest post is brought to you by Outright.com, the alternative to Mint.com for business. Sign up for a free account, automatically import your finances, and make tax time a breeze!
Running a small business is stressful enough without any nasty surprises. The last thing you want when you’re worried where your next gig will come from and if that one guy will ever pay you is to have a monkey wrench thrown in your well-oiled machine at the last minute!