This handout explains the problems that occur when business owners intermingle business funds with their personal funds. Court case summaries provide a warning to business owners as to the problems that can occur.
- Tax problems caused by intermingle funds.
- Court case summaries.
- Personal use of corporate assets.
This handout explores business procedures, plans, budgets, and other resources all designed to help businesses survive.
- Internal control procedures.
- Business plans.
- Use of budgets.
- Start-up costs and capitalization.
- Online business resources.
This handout discusses the tax consequences of removing money from a business. The tax implications of wages, guaranteed payments, and dividends are explained.
- Classification of payments.
- Intermingling of funds.
- Taking money out.
- Flow-through of income.
This handout outlines the expenses that are deductible for the business use of the home. The use of the home as a day care facility is also highlighted.
- Business use of the home expenses.
- Depreciation of the area used for business.
- Home improvements.
- Calculating the business use of home.
- Simplified option for home office deduction.
This handout explains how a buy-sell agreement works and the different ways to structure a buy-sell agreement.
- Buy-sell agreement explained.
- Cross purchase agreement.
- Stock redemption agreement.
- Other business insurance needs.
This handout gives individuals a quick checklist of how to protect themselves upon notification of identity theft. It also provides information on credit counseling and debt management plans.
- Credit reporting agency contact information.
- Tips on choosing a credit counselor.
- Debt management information.
- Tips on how to protect against identity theft and credit fraud.
This handout explores the different aspects of crowdfunding, from the project initiator to the backer/contributor.
- Typical projects.
- Crowdfunding platforms.
- Backer involvement.
- Tax issues.
This handout describes the requirements for an expense reimbursement plan to qualify as an accountable plan and the reporting requirements for employer reimbursement plans.
- Employer reimbursements.
- Accountable plans.
- Nonaccountable plans.
- Reporting reimbursements.
This handout highlights the benefits and uses of fringe benefits.
- Tax treatment of fringe benefits.
- Nondiscrimination rules.
- Employer-provided vehicles.
- Other fringe benefits.
This handout describes when inventory accounting is required, expenses included in the cost of goods sold and inventory valuation methods.
- Cost of goods sold expenses.
- Inventory valuation methods.
- Loss of inventory.
- Valuing inventory.
- Uniform capitalization rules (UNICAP).
This handout provides some tips on marketing a business and promoting the products and services of the business.
- Defining the target market.
- Marketing communications.
- Media relations.
- Customer Service.
- Marketing performance.
The log provides a worksheet for taxpayers to track mileage and expenses for tax deductibility of those miles and expenses. The log provides the entries needed to be compliant with IRS regulations.
- Mileage and expense tracking log.
- When transportation expenses are deductible.
- Substantiation for travel, meals, and entertainment.
This handout explains the type of records which should be kept and the retention period of those records. The information is beneficial for recordkeeping of individual tax records and also for recordkeeping of business tax records.
- What records should be kept.
- Proof of income and expenses.
- Records for special situations.
- Proof of payment.
- How long should you keep tax records?
- Electronic records.
This handout discusses the self-employment tax and how it is calculated. Common self-employment tax situations are explored.
- Who pays self-employment tax.
- Social Security, Medicare, and Additional Medicare taxes.
- Self-employment tax optional methods.
- Kids in business.
This handout provides guidance on establishing a business and provides and outline for creating a business plan. It is also helpful in creating a personal financial statement.
- Business plan.
- Mission, vision, and description of the business.
- Marketing plan.
- Operational plan.
- Management and organization.
- Personal financial statement.
- Starting a business checklist.
This handout explains the circumstances under which an individual can claim a deduction for using their vehicle for business purposes.
- Business use of vehicle.
- Local transportation.
- Office in home.
- Standard mileage rate.
- Actual expenses.
This handout provides a simple worksheet for business owners to track expenses. It can be used as a ledger or as a summary for business owners to complete and provide to their tax preparer.
- Business expenses.
- Depreciation of assets.
This handout explains what a tax credit is and provides a worksheet to calculate the premium amount eligible for the credit.
- Do you qualify for the credit?
- Who is considered an employee when calculating the qualifications?
- Average annual wage defined.
- Small Business Health Care Tax Credit Worksheet.
This handout provides guidance on recordkeeping of income and expenses for day care providers. It also provides information for calculating the business use of the home for day care providers.
- Business bank account.
- Day care business records.
- Reporting income.
- Day care expenses.
- Business use of the home.
This handout describes the filing requirements for Form 1099-MISC, Miscellaneous Income, including payments made to attorneys and penalties for failure to file correct returns or furnish correct payee statements.
- New filing due date.
- Who must file.
- Reportable payments to corporations.
- Payments to attorneys.
This handout describes the employer requirement to provide health insurance including the penalty for employers who do not offer coverage. Information on how to apply for coverage is also provided.
- Mandate delay.
- Applicable large employer.
- Penalty for employers not offering coverage.
- Small Business Health Options Program (SHOP).
This handout contains information for on-demand drivers, such as Uber or Lyft drivers, on tax reporting of income and expenses. Included is guidance on additional expenses that may be tax deductible.
- Tax forms.
- Car expenses.
- Other business deductions.
This handout defines what assets are considered capital assets. It also discusses holding periods of assets, basis, and capital gain tax rates.
- Capital and noncapital assets.
- Holding periods.
- Mutual funds, including cost basis and average basis.
- Capital gain tax rates.
- Sale of collectibles and small business stock.
- Capital loss limitation and carryover.