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Commodity Traders may be taxed under two different methodologies. One I refer to as the “Default Rule” and the other I refer to as the “Mark-To-Market Election Rule”.

There are hundreds of ways for a small business owner to minimize their tax bill. The three tips in this article can increase your bottom line and make your tax return audit proof. Education is the cheapest way to shrink your tax bill, so let’s take a look at three sure-fire ways to minimize those business taxes while increasing your bottom line.

Prepare now for 2011 taxes. If you own any investments, you need to take action before the end of the year to prevent a huge tax bill!

Everyone wants a bigger tax return come April; it’s about the only thing that could be good about this time of year! Whether you are a ’starving student’, a middle class family or a single worker, getting a bigger tax return is important and has to be managed right from square one. There are some easy ways to get a bigger tax return and here are the easiest ways that will both put money in your pocket now and let you feel good about doing it.

Looking for ways to reduce your taxes for this year? There are several things you can do to reduce your taxes. But, you’re going to have to act before the end of the year (Dec 31st.). Check out the list below and see what applies to your situation.

Every successful handcrafted business started as a hobby. Making the move from hobby to business always begins with the same question… I wonder if I can make money doing this? Those who believe it’s possible will then sign up for a few craft fairs with a goal of putting a few extra pennies in their pocket while showing off their creations.

At tax time, nail techs and manicurists who rent space in a salon or spa must report all income, including tips, on the IRS small business Schedule C tax form. This is also where they get to deduct all of the money spent to make that income. And, just like the large corporate giants, the business tax form is the place where you get to file down your tax bill through good business planning. Self-employed workers can deduct…

If you sell items through one of the businesses that encourage home party and catalog sales, it makes no difference whether you are selling scrapbooking supplies, vitamins, food containers, makeup, or another product line, the tax reporting procedures are the same. But, where you post that income, and the expenses involved in making those sales, depends on how you operate. Before reporting any income, the independent sales rep must first examine their overall business goals.

Nobody wants to make a mistake on their tax return; we all share a common fear of the IRS. Consequently, self-employed individuals and small business owners often overlook simple deductions, especially in years when profits are low. Missed deductions increase your tax bill, but when you learn to spot every deduction allowed by law you’ll watch your bottom line grow. Start with these 10 simple small business tax write-offs…

The IRS has been sending out letters to income tax preparers for the past few years reminding them of their obligation to prepare accurate tax returns on behalf of their clients. During the month of November, the IRS started sending out letters to more than 21,000 tax preparers across the country. The reason for these letters is because the tax returns prepared during the past tax season have shown a high percentage of inaccuracies and misinterpretations of the tax law.