If you are a small business owner considering whether to accept credit card payments from customers via the use of a card reader, you have several decisions to make. And, not surprisingly, several options to choose from. For example, you could go with industry leader Square. According to a recent article in Business News Daily, the little white card reader offered by Square is the industry leader because it is a fast and easy way to accept credit card payments anytime, anywhere.
Why are you in business? Some people say they are in business to deliver a certain product or provide a unique or special service. Others might say they are developing a breakthrough technology, or are out to deliver the highest level of quality.
The answer is, ala the TV game show Jeopardy: “What is call your CPA.” That’s the response CPA Kristin Ingram hopes small business owners remember if they learn their company is going to be audited. Meanwhile, the chances of that happening are pretty slim, says Ingram, CEO of Connecticut-based Ingram Digital Media, Inc. “Currently, the overall audit rate is only one percent for business and personal taxes, so the likelihood is extremely low,” she says. Moreover, most audits are what she calls “correspondence audits,” meaning the IRS is requesting some information by letter. That happens when the IRS receives some information that does not match the data on the tax return, Ingram explains.
The W-2 phishing expedition is one of the fastest growing cyber scams today, and it’s especially relevant as the April 15 income tax filing deadline approaches. Here’s how it works: Scammers pose via email as a senior company executive and request HR and Finance managers provide them copies of employee tax forms. Once a complete set is obtained, they sell it on the black market. Between $4 to $20 per form can be raked in by selling off the individual pieces of employee identity W-2s contain or using them to file tax returns and taking the refunds.
Taxpayers who use their home for business may be able to deduct expenses for the business use of it. Qualified persons can claim the deduction whether they rent or own their home. Use the simplified method or the regular method to claim a deduction.