by | Feb 11, 2012 | Accounting & Bookkeeping, Current Affairs, Income Taxes, Tax Tip of The Week
Two new questions on tax returns for businesses are giving tax preparers fits and exposing taxpayers to potentially large penalties. The IRS wants to know if self-employed, farmers, landlords, partnerships, regular corporations, and S corps made payments that must be...
by | Dec 6, 2011 | Accounting & Bookkeeping, Business Profit & Cash Flow Tips, Tax Tip of The Week
Discounts on your business’s goods or services may be given to employees and their families tax free. You can provide anything your business makes or sells at a reduced price, but never below cost. Services may be provided at a discount of up to 20 percent. Discounts...
by | Nov 23, 2011 | Accounting & Bookkeeping, Business Success Series, Small Business Owners
The myth most business owners believe: There are really two things that many business owners do that can, and often do, lead to a visit to the bankruptcy attorney. First, they hire an employee but they either ignore the filing and paying of their payroll taxes, or...
by | Nov 22, 2011 | Accounting & Bookkeeping, Business Profit & Cash Flow Tips, Cost Cutting, Current Affairs, Income Taxes, Tax Tip of The Week
There is still time to cut your business income tax bill for 2011. Here are 7.5 tax cutters that you should consider implementing before year-end: Buy equipment this year. For 2011, the maximum 100 percent deduction of equipment under Section 179 is $500,000. This is...
by | Nov 16, 2011 | Accounting & Bookkeeping, Cost Cutting, Current Affairs, Income Taxes, Small Business Owners
There is still time to cut your income tax bill for 2011. Here are 11.5 tax cutters that you should consider implementing before year-end: As long as it makes financial sense, sell any of your stocks that are in a loss position to offset any capital gains you may have...
by | Oct 31, 2011 | Accounting & Bookkeeping, Client Question of the Week, Current Affairs, Income Taxes, Tax Tip of The Week
Answer: Normally, no. But if your spouse is still working, you will qualify for a “spousal IRA”. If you are both over 50, you can deduct up to $6,000 each for a total of $12,000 (assuming one of you earned at least that much during the year). You have until your tax...
