by Susan Caminiti. When it comes to issues that perplex and confuse small business owners, few items rank higher than taxes. To get a better understanding of what entrepreneurs need to know this tax season—and what changes lie ahead—Susan Caminiti spoke with Chris Walters, senior manager of tax and budget issues at the National Federation of Independent Business (NFIB), the leading small business association representing small and independent firms across the country. Some excerpts from the...

by Sherron Lumley. Now that last year’s taxes are filed, it’s tempting to forget about the whole ordeal until the 2013 deadline rolls around. However, small business owners who take some time now to plan ahead for next year’s tax season can create substantial benefits for their companies. Stay informed Bruce Devereaux, a certified public accountant (CPA) in Seattle for 35 years, has witnessed the extensive changes in tax law over the years. He cites the ongoing Affordable Care Act...

by Erin McDermott Is your small business’s annual tax-season game of Beat the Clock becoming too much of a nail-biter? As rules have become more complex in recent years, the stigma of seeking a tax-filing extension has lessened, with more than 11 million U.S. taxpayers filing for one each year. The need to have extra time to file a return has grown as the complexity of the tax system has increased. “You have to look at the rules to believe it. Life has become so much more complicated,”...

by Reed Richardson. At the end of a volatile year, a flurry of changes to the tax code passed, many of which could have a significant impact on the financial fortunes of small businesses and start-ups. Here’s a rundown of what changed, what didn’t, and what you need to know before filing your taxes for 2010. Section 179 Expensing: In an effort to reward businesses that invested in expansion and infrastructure last year, the federal government more than doubled the maximum allowable...

by Max Berry If your business has reached the point where doing your own taxes is too big a task, you might want to consider taking them to a retail tax service. Here’s a look at what some of the leading tax prep services can—and can’t—offer you this tax season. Cost and Convenience It’s hard to beat retail tax prep services for convenience, but convenience isn’t worth much without peace of mind. Thankfully, it is an industry standard for these services to offer some form of free...

Some valuable advice on how to help avoid an audit and what to do if you can't.  By Max Berry. Just how much time the IRS will devote to small business audits in the current financial climate remains to be seen, but one thing is for sure: Small business owners have always run a heightened risk of being audited. Some businesses are more vulnerable than others, but knowing how to best avoid an audit-and how to deal with one if one can't be avoided-will only help you come tax season....

Which tax prep method makes sense for your small business? By Reed Richardson How do the costs/benefits break down among tax preparation choices? This is a point of lively debate within the tax community. In the 2005 Form 1040 filing instructions, the IRS included a controversial table that compared time and cost estimates across the three filing categories (self-prepared without help, self-prepared with tax software, and prepared by tax professional). According to the IRS's estimates,...

Which version is right for your small business? By Reed Richardson For those small business owners who choose to do their own taxes this year, there are more software choices than ever to help them file. Indeed, tax prep software companies, like banks and credit card companies before them, are now increasingly targeting small businesses. And recognizing that many small business owners seamlessly blend their personal and professional lives, some software companies are now bundling their...