Tax Tip of the Week: What employer payments to an employee are not taxable to them?

by | Aug 16, 2011 | Accounting & Bookkeeping, Business Profit & Cash Flow Tips, Business Success Series, Cash Flow, Cost Cutting, Income Taxes, Small Business Owners

This is a frequent question I receive from both employers and employees. The debt fight in Washington has highlighted what the President calls, “tax loopholes that should be closed.” A “loophole” is a legal deduction that Washington has written in to the code to...

Tax Tip of the Week – Determining Deductible Business Expenses

by | Jun 17, 2011 | Accounting & Bookkeeping, Business Profit & Cash Flow Tips, Business Success Series, Cash Flow, Cost Cutting, Current Affairs, Income Taxes, Small Business Owners, Small Business Success Series, Surviving an IRS Audit Series, Tax Tip of The Week

Every business owner has tons of business expenses that they “need” in order to run their business. And, every business owner believes that everything they spend should be deducted on their tax return. But, the tax code makes reporting these expenses to the IRS...

Tax Tip of the Week: Federal Unemployment tax to Drop July 1st

by | Jun 10, 2011 | Accounting & Bookkeeping, Books, Cost Cutting, Current Affairs, Tax Tip of The Week

On July 1, 2011 the federal unemployment tax (FUTA) rate is set to drop by 0.2% when a special surtax is scheduled to lapse. President Obama is pushing for it to be extended permanently; but, congress is unlikely to go along with the extension. This means that...

Jump-Start Profit Tip of the Week: The Federal Deficit is Increasing by $237,823 per minute! What does that mean to the small business Owner?

by | May 20, 2011 | Books, Business Profit & Cash Flow Tips, Cash Flow, Cost Cutting, Current Affairs, Income Taxes, Small Business Owners

That is not a misprint! In the minute it will take you to read this article (better read fast) the federal government will spend $237,823 more than the taxes it takes in. You can easily verify this information on the internet and you will see that the federal deficit...

Jump-Start Profit Tip of the Week: The Importance of Bookkeeping

by | Apr 6, 2011 | Accounting & Bookkeeping, Books, Business Success Series, Cash Flow, Cost Cutting, Income Taxes, Sales & Marketing, Small Business Owners

A common theme with my clients this past week has been the importance of good bookkeeping.  Two different small business clients were surprised when I told them that they were going to owe $30-$40,000 in additional taxes.  When we compared what they gave...

Tax Tip of the Week- IRS Audit Red Flags: The Dirty Dozen

by | Apr 5, 2011 | Accounting & Bookkeeping, Books, Business Profit & Cash Flow Tips, Business Success Series, Cash Flow, Cost Cutting, Current Affairs, Income Taxes, QuickBooks, Small Business Owners, Surviving an IRS Audit Series, Tax Tip of The Week

Here are twelve hot spots on your return that can raise the chances of scrutiny by the IRS. By Joy Taylor, Assistant Editor, The Kiplinger Tax Letter www.kiplinger.com/links/auditredflags Ever wonder why some tax returns are audited by the IRS while most are ignored?...