Lessons Learned – Six Ways Smart Business Owners Cut Their Income Taxes

by | Oct 22, 2011 | Accounting & Bookkeeping, Business Profit & Cash Flow Tips, Business Success Series, Cash Flow, Cost Cutting, Income Taxes, Small Business Owners, Small Business Success Series

The myth most business owners believe: Hiring a good tax preparer is the secret to paying lower taxes. Why this myth causes a problem: The normal business owner believes that their work is done once they hire a tax preparer. They don’t do anything to control tax...

Tax Tip of the Week: Year-end Tax Planning Time Is Here!

by | Oct 21, 2011 | Accounting & Bookkeeping, Books, Business Profit & Cash Flow Tips, Business Success Series, Cash Flow, Cost Cutting, Income Taxes, Small Business Owners, Small Business Success Series

Yes, I survived the 10/17/11 personal extension deadline. Barely! I, like most CPAs, hate this deadline. We are dealing with the clients who have bad records, don’t plan, are surprised that they owe taxes, and complain about how we must have missed something....

Client Question of the Week: When should I incorporate my business?

by | Sep 26, 2011 | Accounting & Bookkeeping, Business Profit & Cash Flow Tips, Business Success Series, Client Question of the Week, Cost Cutting, Income Taxes, Small Business Owners

Question: When should I incorporate my business? Answer: This week I had an appointment with the owner of a small trucking company who wanted to know if he should incorporate. He has been in business for about five years and has grown the company to about $700,000 in...

Client Question of the Week: Why Did the IRS Penalize Me 10 Percent for Sending Them a Check to Pay My Payroll Taxes?

by | Sep 23, 2011 | Accounting & Bookkeeping, Client Question of the Week, Current Affairs, Small Business Owners, Web/Tech

Question: Why did the IRS penalize me 10 percent for sending them a check to pay my payroll taxes? Answer: Beginning January 1, 2011, the Treasury Department eliminated the system that processed the yellow coupon books (Form 8109) that most small business owners...

Client Question of the Week: If I Sell Copies of My Kindle Book on Amazon, Do I Owe Sales Taxes?

by | Sep 9, 2011 | Accounting & Bookkeeping, Books, Business Profit & Cash Flow Tips, Current Affairs, Income Taxes, Small Business Owners

The short answer is, maybe. Okay, I know that’s not very helpful. The basic rule is you must collect and pay sales taxes on goods or services in the state you sell the product or provide the services. Since my client lives in Texas, they would owe sales tax for any...