Small Business

Generally, the value of the employer furnished meals is not taxable to you if furnished on the business premises for the employer's convenience.
Generally, if the meals are furnished during the work period or immediately before or after the work period, then they are not taxable.
If the meals are supplied other than during the work period or immediately before or after the work period (such as on the employees day off) then the value of these meals are taxable.

Yes. Taxpayers who own or operate businesses may be eligible for the following tax incentives: Business tax credits named the Work opportunity tax credit, and the Disabled Access credit. The Work Opportunity Tax Credit is a federal tax credit used to reduce the federal tax liability of private-for-profit employers. Employers can hire from 9 different targeted groups: Qualified TANF Recipients, Qualified Veterans, Qualified Ex-Felons, Qualified Designated Community Residents (DCR), Qualified Vocational Rehabilitation Referrals, Qualified Summer Youth, Qualified Food Stamp Recipients, Qualified Supplemental Security Income (SSI) Recipients Qualified Long-Term Family Assistance Recipients.

Sole Proprietors with business expenses less than $5,000, do not have a net loss from the business, use the cash method of accounting,do not have an inventory during the year, have only one business as a sole proprietor, have no employees during the year, are not required to file Depreciation Form 4562, are not required to file Office in Home Form 8829 and have no prior year un-allowed passive losses, may use Schedule C-EZ.

In general, if you use a part of your home for both personal and business purposes, then no expenses for business use of that part are deductible. There are certain exceptions for the storage of inventory or samples used in a business or for qualified day care providers. You should speak to your local CPA about the "office in home" deductions.

The Education Jobs and Medicaid Assistance Act of 2010 signed into law August 10, 2010 repealed the Advance EITC. After December 31, 2010, workers can not receive Advance EITC in their paychecks. Advance EITC is also known as AEITC or AEIC. Workers who received Advance EITC or AEITC on their paychecks need to file a tax return to report the amount received.

There is no limit, and it is not illegal to take out or bring in any amount of money or monetary instruments from or to the United States. Examples of monetary instruments include U.S. or foreign coins in current circulation, traveler's checks, currency, money orders and negotiable instruments or investment securities in bearer form. However, if you take out or bring in more than $10,000, you must file IRS Form 4790, the "Report of International Transportation of Currency or Monetary Instruments" with US Customs. Failure to comply can result in criminal, civil forfeiture penalties.

The costs of your maternity clothes are not deductible.

As a self-employed individual, you should keep your payroll records for seven years, business income and deduction records for six years after the tax return is filed, and copies of your business tax returns should always be kept.

In order to avoid any future problems and to avoid any mismatching reports with the IRS, you should include this amount on IRS Schedule B, both as a positive and negative amount. Enter the Form 1099-INT amount on Schedule B, line 1 as income. Enter the same amount as a negative adjustment on Schedule B, line 1 and enter "Nominee Distribution" as the negative adjustment description. Speak to your local CPA if you have any questions about the reporting of this incorrect interest.