by | Jul 12, 2012 | Accounting & Bookkeeping, Current Affairs, Small Business Owners
Yes. Barters or exchanges are considered the same as making sales or purchases. The retail value of the property or services received is the amount to which tax will apply if it is a taxable service. For example, let’s assume that I, as the owner of a...
by | Jul 7, 2012 | Accounting & Bookkeeping, Current Affairs, Income Taxes, Tax Tip of The Week
After 2012, the estate tax law will revert to what was in effect before 2001 unless Congress acts. The current $5.12 million estate and gift tax exemption would fall to $1 million, while the maximum tax rate will rise to 55%…a 20 percentage-point...
by | Jul 2, 2012 | Accounting & Bookkeeping, Current Affairs, Small Business Owners
As a seller, you are responsible for collecting and remitting the correct amount to the state. If you do not collect from the customer or collect the wrong amount, you will owe any additional tax, plus you may be assessed penalties and interest. The main reason...
by | Jun 23, 2012 | Accounting & Bookkeeping, Current Affairs, Small Business Owners
Yes. You must separately state the sales tax amount on your invoice or receipt unless you provide a written statement to the customer that the sales price includes sales tax. The “tax included” statement must be displayed where people normally are advised of the terms...
by | Jun 13, 2012 | Accounting & Bookkeeping, Business Profit & Cash Flow Tips, Business Success Series, Current Affairs, Income Taxes, Small Business Owners, Tax Tip of The Week
Many owners of S Companies take low salaries so that the bulk of the profits are passed to their personal returns free of Social Security and Medicare taxes. Both the IRS and the courts are consistently ruling against such arrangements. In a recent case, a CPA set up...
by | Jun 1, 2012 | Accounting & Bookkeeping, Current Affairs
Texas sales taxes must be charged if you 1) sell tangible personal property in Texas, 2) lease tangible personal property in Texas, or 3) sell taxable services in Texas. Tangible personal property is defined as items that can be seen, measure, felt, or touched....
