by | Aug 10, 2012 | Current Affairs, Income Taxes, Small Business Owners
Especially for the Rich The IRS released new data that showed that your chances of being audited rose dramatically as your income increased. In 2011, the audit rate for taxpayers earning more than $1 million in income was 12% in 2011, up from 8% in 2010 and 6% in...
by | Aug 8, 2012 | Current Affairs, Small Business Owners
Giving your vendor a resale certificate allows you to purchase things tax free when you intend to resell or lease the items purchased. This goes along with the concept that only the end user should pay sales tax. You should not give a resale certificate for any items...
by | Jul 21, 2012 | Current Affairs, Small Business Owners, Small Business Success Series
This is a common question that every business owner asks at one time or another. The answer is simple: Your business is worth what someone thinks it is worth! Yes, I know, that’s very simplistic. But at the end of the day, you will only know its actual...
by | Jul 19, 2012 | Accounting & Bookkeeping, Current Affairs
Shipping and handling charges are taxable if the charges they are associated with the sale of taxable goods or service. To illustrate, let’s say you sell some furniture in the amount of $500 with a $40 delivery charge and collect sales tax on each sale. Because...
by | Jul 12, 2012 | Accounting & Bookkeeping, Current Affairs, Small Business Owners
Yes. Barters or exchanges are considered the same as making sales or purchases. The retail value of the property or services received is the amount to which tax will apply if it is a taxable service. For example, let’s assume that I, as the owner of a...
by | Jul 7, 2012 | Accounting & Bookkeeping, Current Affairs, Income Taxes, Tax Tip of The Week
After 2012, the estate tax law will revert to what was in effect before 2001 unless Congress acts. The current $5.12 million estate and gift tax exemption would fall to $1 million, while the maximum tax rate will rise to 55%…a 20 percentage-point...
