Author Archives: Wray Rives CPA CGMA
Your Guide to Small Business Budgeting with Outright
Outright.com provides reports that make it easy to create an annual budget to monitor the financial success of your business. read full post
I screwed up on my taxes! What do I do now?
Yes it can be a sinking feeling to know you worked so hard on your return only to still get it wrong. Fortunately our friends down at the Internal Revenue Service have a form for that! read full post
Small Business Owner’s Guide to Taxes Due on April 17th
You may ask what taxes are actually due on April 15th? Individual and partnership tax returns are due. Sole proprietors, self employed individuals and freelancers all file a Schedule C which is NOT a separate tax return, but is part of the standard individual tax return or Form 1040. read full post
More Facts about the 1099-K Tax Form
Some facts about the 1099-K or PayPal 1099 read full post
Tax Talk: Why do we receive 1099′s?
A form 1099, is one tool the IRS can use to insure that everyone’s tax return is correct. read full post
Why did the the new 1099K come about?
Are you wondering why you are receiving a new 1099K form from PayPal this year? The 1099K is part of an effort by the Internal Revenue Service to close the “tax gap”. read full post
What is Profit? Is Your Business Profitable?
Is your business making a profit? How can you tell? It seems like the easiest way would be to look at your bank balance. If it’s getting larger, you must be making a profit, right? Not necessarily. Profit is not … read full post
Self-Employment Taxes: What to Expect
(This post was written by Mariette Knoblauch.) Self-employment tax (SE tax) is a social security and Medicare tax primarily for individuals who work for themselves. It is similar to the social security and Medicare taxes withheld from the pay of … read full post
Tracking Your Business’s Startup and Organizational Costs
Startup and organizational costs are amounts that are paid to create an active trade or business or to investigate the creation or acquisition of an active trade or business. Some examples of startup costs are advertisements for the opening of … read full post
Do I have a Business or a Hobby?
You might not think there would be a lot of confusion deciding what is a business and what is a hobby. The truth is there is so much difficulty telling the two apart Congress created an entire section of the … read full post