Call it the miracle of compound interest. Or the government’s interest in collecting taxes. However you cut it, your household or sole proprietor business can easily rack up hundreds or thousands of dollars in late fees even if you are just a few months tardy. Q: “But Rich, I filed an extension.” –Over-extended, Milwaukee
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Q: I file the IRS 990 information return for my non-profit. Why does it ask me if my organization offers indoor tanning services? –Sunshine on my Mind, Anchorage A: It’s Obamacare, silly. Section 10907 of the Affordable Care Act imposes a 10% penalty on indoor tanning services offered by for-profits or non-profits. (You didn’t notice all the
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A few weeks ago I was detailing the perils of self-employment tax to college students. Combined with the other hard costs of living independently it was enough to dissuade anyone from starting a business or even doing serious freelance (“1099″) work.”I need something positive,” said a woman in the front row.I started to panic —
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You are a busy dentist and your bookkeeper signs the checks. You are president of a non-profit; the treasurer is supposed to co-sign large checks with the ED. But the treasurer is out of town, and you trust the ED. Your Quickbooks password hasn’t been changed in seven years (Oh, you don’t have one.) The cash part of the business? It’s
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