U.S. Small Business Administration
As we’re heading towards the deadline for federal and state income tax, here’s a handy resource for all of those questions that tend to pop up as you’re sorting through documents. The U.S. Small Business Administration Web site is a treasury of information, but even more helpful is a forum in which you can post specific questions and receive direct answers.
- For example, if you have a DBA, do all of the checks you receive have to be made out to the ficticious business name? (Not if you’re a sole proprietor.)
- If you buy raffle tickets from a charity, may you deduct the expense? (No.)
- What are the most overlooked tax deductions many small-business owners miss? (Education, Home office expenses, health insurance and cell phones.)
- Do I run a business or is it a hobby? And — depending on the answer — what are the tax implications? (Short answer: If you turn a profit, you’re a business, and you have to pay taxes on that profit — not the gross income.)
It’s a good site to bookmark. And perusing the forum might uncover all sorts of gems.