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by Devra Gartenstein Sales Totals A small restaurant should keep records of its sales revenue after each meal shift as well as totals for each day. Even relatively simple cash registers will print reports tracking food sales in different categories such as entrees, appetizers and beverages, as well as sales-tax totals and amounts that customers pay in cash, checks and credit cards. Creating a...

Any good marketer knows to keep an eye on the future to stay ahead of the curve on new trends, emerging marketing channels, and other fresh ideas to deliver brand messages. With 2016 in the rear-view mirror and 2017 flying down the pipeline, now is the time to start examining what the New Year is going to mean for marketing. Here are six marketing growth strategies to help your small business...

When you start a business, a key to your success is to know your tax obligations. You may not only need to know about income tax rules, but also about payroll tax rules. Here are five IRS tax tips that can help you get your business off to a good start. Business Structure. An early choice you need to make is to decide on the type of structure for your business. The most common types are sole...

Beneficiaries of a trust typically pay taxes on distributions they receive from the trust’s income. However, they are not subject to taxes on distributions from the trust’s principal. When a trust makes a distribution, it deducts the income distributed on its own tax return and issues the beneficiary a tax form called a K-1. The K-1 indicates how much of the beneficiary’s distribution is interest...

Americans living abroad are still required to file US taxes. The US is the only country that requires its expats to file. It is because the US taxes based on citizenship rather than on residence. This leaves the millions of Americans who work abroad at risk of double taxation, paying taxes in both the country where they live, and to the US, on the same income, as the US requires all its citizens...

With several of my family members working in the education field, I know it will be only a matter of time before I’ll get tweets and Facebook shares on the back to school deals they find. Depending on where you live, your state may be offering a huge savings with a sales tax free shopping weekend on specific purchases. With state sales tax ranging 4-7%, that means more money in your pocket. Dates...

The Internal Revenue Service has released a revenue procedure that offers an easier way to get an extension of time to file a return to opt for portability of the deceased spousal unused exclusion amount. Revenue Procedure 2017-34 applies to estates that aren’t typically required to file an estate tax return because the value of the gross estate and adjusted taxable gifts is under the filing...

Business travel, an expensive and time-consuming activity for both the employer and employee, also can create tax problems for all concerned unless the rules are followed to the letter. If it’s done right, business travel will be fully deductible by the company (but only 50% of travel meals are deductible), tax-free to the employee, and free of FICA and payroll tax withholding. If the rules...

The Internal Revenue Service today warned people to beware of a new scam linked to the Electronic Federal Tax Payment System (EFTPS), where fraudsters call to demand an immediate tax payment through a prepaid debit card. This scam is being reported across the country, so taxpayers should be alert to the details. In the latest twist, the scammer claims to be from the IRS and tells the victim about...

Before you interview the next group of job candidates for your small business, whether it’s to fill a full-time position or just for the summer, keep in mind that long-term unemployment recipients and other workers certified by a state agency may qualify for the Work Opportunity Tax Credit (WOTC). This isn’t just chicken feed: The credit is generally equal to 40 percent of the worker’s first-year...