Self-employed businesses are often on top of the world – that is, until the dreaded tax time arrives. Keith Hall, a certified public accountant and the National Tax Advisor for the National Association for the Self-Employed (NASE), joins Anita Campbell for an in-depth discussion on tax related matters concerning small businesses and entrepreneurs.
Every year, the NASE’s Tax Talk program fields more than 10,000 small business questions, many of which come during tax season. Keith Hall shares his top tax tips for small business owners and the self-employed and answers some of the most frequently asked questions by small business owners.
Below are the questions we asked Keith:
- (2:47) First Keith, can you tell us a bit about yourself and how you came to be connected with NASE?
- (4:25) Do I have to have a CPA or tax preparer assist me with my tax return? Can I do that confidently on my own, maybe using some of the software that’s out there today?
- (7:37) If you had to list the most common mistakes that small business owners make on their tax return, what would they be?
- (10:08) Are there “red flags” that would subject your tax return to a greater chance of being audited or questioned in some way?
- (13:15) Are there any brand new issues this year regarding taxes that we should be aware of?
- (15:15) I know there are different “expensing” rules in place, is the Section 179 expense still in place for 2009 and 2010?
- (20:05) What can we do now to reduce the amount of our taxes that will be paid on April 15th?
- (27:16) Can you point out a couple of things we can start doing right now to save taxes on our 2010 tax bill?
- (28:40) Where can people go to learn more, Keith?
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