by | Oct 29, 2011 | Cost Cutting, Current Affairs, Income Taxes, Tax Tip of The Week
Until 12/31/11 you can use Section 179 to write off 100 percent of qualified real property (called real estate for people who don’t speak IRS). Historically, only tangible personal property (equipment) qualifies for Section 179 treatment. But for tax years beginning...
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 3, 2011 | Cost Cutting, Income Taxes, Tax Tip of The Week
Most taxpayers who do volunteer work for charitable organizations fail to deduct their costs as charitable gifts on Schedule A of their income tax return. These deductions include: Travel, meals, and entertainment-related volunteer and charitable activities (actual...
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 | Aug 29, 2011 | Accounting & Bookkeeping, Business Profit & Cash Flow Tips, Business Success Series, Cash Flow, Cost Cutting, Sales & Marketing, Small Business Owners, Surviving an IRS Audit Series
The myth most business owners believe: I can still get the job done, it can wait. Why this myth causes a problem: Just about every week I meet with business owners who have waited too long to address an issue that has now become an emergency! The numbers of...
