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...
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...
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....
by | Oct 5, 2011 | Accounting & Bookkeeping, Books, Client Question of the Week, Income Taxes
Question: How long am I required to keep my tax records? Answer: “Audit-proofing” your return means having the proper documentation to prove a deduction if you are audited. We have written in the past about what documentation is required (see our ‘Surviving an IRS...
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...
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...
