When a friend of mine needed to replace his computer last week, the sales person happened to mention that since he was buying the computer for his small business, and it cost more than $1,000, he could claim an extra tax deduction on the purchase.
This tax break forms part of the Australian government’s economic stimulus package, and although I’d read about it, I hadn’t taken much notice of it — or mentioned it to my friend.
This made me wonder if WWD readers in other countries were unaware of stimulus measures they could use. If so, note that if you’ve yet to submit your 2009 tax return, you may still be able to take advantage of the following benefits. Read the rest of this entry »
Not understanding bookkeeping, taxes and other administrative tasks can be very off-putting for people thinking about starting their own business. But in reality, these tasks are not that hard to do if you’re organized and get a little professional help.
Now, I’m not a CPA, and the closest I’ve come to taking accounting is being a professor’s assistant in an online graduate program course. However, I must do something right as I’ve been on my own for over four years and my business tax payments remain on target. So here I’m going to share what I do, as it might work for you or give you ideas on how you can keep on top of your business finances.
I keep it simple by having just two tools in my accounting toolbox: QuickBooks and Electronic Federal Tax Payment System (EFTPS). Substitute QuickBooks with your favorite accounting application to make this process work for you. I tend to pick up new software fast, but not so with QuickBooks. Regardless, it takes care of all of my invoicing, expensing and tax needs. But we won’t go into that. My way is just one way; check the comments on this post to see a bunch of great ways to handle your taxes.
There are two things you need to do:
With Gordon Brown’s fiscal reputation following Dubya’s own battered rep into a swirling black hole of oil prices and crunchy credit, it’s heartening to know that (sometimes) Her Majesty’s government can still do its subjects a few financial favours here in Blighty.
A couple of weeks ago, the UK’s tax authority – Her Majesty’s Revenue & Customs Service – announced a number of measures that may benefit Britain’s web workers, and more broadly, any Brits working from home.
Those working from home whom have a portion of their residence setup as a dedicated work area or office can claim that portion as a tax rebate. Also, they no longer have to pay capital gains tax on the sale of their home.
Read the rest of this entry »
One our most valuable assets is our time. Come this time of year, one of the major time sinks in many of our lives is preparing and filing our taxes. As web workers, we have many factors to consider when it comes to our taxes such as: do we really qualify for a home office deduction, which tax tips are good to follow, and how to track and manage all our business expenses.
When we’re ready to file our taxes, we have three main options, 1) hiring a professional CPA to do it, 2) using TurboTax, or some other tax preparation software, or 3) braving the quick shops such as H&R Block. It appears more and more Americans are discovering online tax filing is a good way to go.
As a busy web worker, how do you manage your taxes? Do you find ease in handing them off to a professional, or does the do-it-yourselfer in you propel you to fire up TurboTax?
We look forward to a great discussion in the comments.
When a friend of mine needed to replace his computer last week, the sales person happened to mention that since he was buying the computer for his small business, and it cost more than $1,000, he could claim an extra tax deduction on the purchase.
Web Work 101: How To Escape The Cubicle
