Small Business

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.

Costs incurred while entertaining customers, prospective customers, clients, suppliers, employees and other business associates are valid business expenses that are subject to conditions and restrictions. For entertainment costs to be deductible, the following must be documented: the time, place and nature of the entertainment, a description of the business purpose involved, the amount of each separate expense, the business relationship and identification of the persons entertained. A calender diary is recommended to maintain this information.

You may not deduct the cost of renting, maintaining or operating facilities to entertain. Examples of facilities would include yachts, boats, lodges, fishing camps, apartments, hotel suites or homes in a vacation area. The no-deduction rule applies to rent, depreciation, maintenance and operating expenses. It does not apply to the food and beverage costs incurred when entertaining in the facility.

Generally, the deduction for business gifts is limited to $25 a year for each recipient, if the gift is made to an individual or partnership.
There is no dollar limit on the deductibility of a business gift made to a corporation or business entity. Gifts to a corporation or other business entity intended for the eventual use or benefit of a owner, shareholder or employee is subject to the $25 limitation.

Whether you choose the actual auto expenses, including depreciation or lease payments, or use the mileage allowance method, you can still deduct the actual business tolls and parking expense costs.
You should maintain a record of the expenses and keep your receipts to verify the deduction.

For 2012, the maximum taxable earnings amount for Social Security (OASDI) taxes is $110,100. There is no limitation on taxable earnings for Medicare's Hospital Insurance (HI) taxes.
The Social Security tax rate for employees is 4.2 percent through the end of the year.
The Social Security tax rate for employers is 6.2 percent.
The Medicare tax rate is 1.45 percent for employees and employers.
For Self-Employed individuals, the Social Security tax rate for self-employed is 10.4 percent through the end of the year. The Medicare tax rate is 2.9 percent for self-employed.