Looming Tax Hikes Putting Freeze on Small Business

by | Jul 23, 2010 | Accounting & Bookkeeping, Cash Flow, Cost Cutting, Current Affairs, Income Taxes, Small Business Owners

Less then six months to the largest tax increases in US History! Almost daily I have conversations with small business owners over their concerns about the economy and how it is affecting their business. And, this is before they truly understand the effect of the...

Tax Tip of the Week – Escape tax penalties on IRA distributions before age 59 ½

by | Jul 15, 2010 | Cost Cutting, Current Affairs, Income Taxes, Tax Tip of The Week

If you are under 59 ½, you generally must pay the 10% penalty on withdrawals from a traditional IRA. But, as the case with plan distributions, the tax law has carved out certain exceptions, including: · Annuity-like payments · Withdrawals due to death or disability ·...

Tax Tip of the Week – Hiring My Other Half Can Save Me in Taxes? How?

by | Jul 6, 2010 | Cost Cutting, Current Affairs, Income Taxes, Small Business Owners, Tax Tip of The Week

If you’re a business owner, you know how much you rely on your family’s support. Your spouse probably already is helping you in your business. Actually, putting them officially on the company’s payroll has many advantages.  1.    If your spouse was...

Tax Tip of the Week – Edge for Solo 401(k) Plans

by | Jun 14, 2010 | Cost Cutting, Current Affairs, Income Taxes, Small Business Owners, Tax Tip of The Week

Do you run your small business as a one-person operation? You might consider setting up a solo 401(k) plan. This type of qualified retirement plan provides an edge over comparable plans.   You may have an IRA or have considered investing in one for its tax...

Tax Tip of the Week- New Tax Break for Hiring Unemployed

by | May 11, 2010 | Accounting & Bookkeeping, Cost Cutting, Current Affairs, Small Business Owners, Tax Tip of The Week

Finally, congress passes a law designed to stimulate hiring! Just a couple of years later then they should have. Amazing how mid-term elections get the politicians moving to try cutting taxes in order to stimulate hiring. The new Hiring Incentives to Restore...

Tax Tip of the Week – Visit the IRS Website!!

by | Apr 30, 2010 | Business Profit & Cash Flow Tips, Cost Cutting, Current Affairs, Income Taxes, Other, Small Business Owners, Tax Tip of The Week, Web/Tech

You may not know this, but the IRS has a website! www.IRS.gov has a lot of useful information and features. You can check the status of your refund, get most IRS forms, and apply for an EIN and payment plans. It also has access to publications that relate to business...