Marketing and Sales Tip of the Week – And You Just Got Use To Facebook….

by | Aug 7, 2011 | Current Affairs, Sales & Marketing, Small Business Owners

Social networking is huge! If you’re not on or know someone who is on Facebook, Linkedin, or Twitter you’ve been living under a rock. Social networking is also a fast pace industry that has taken over direct marketing by storm. On that note, now that you have finally...

Tax Tip of the Week: Is money I received from an inheritance taxable? Will I Owe Tax if I sell my parent’s house that I inherited?

by | Jul 29, 2011 | Books, Cash Flow, Current Affairs, Income Taxes, Personal financial planning, Tax Tip of The Week

These are common question from my clients. Like most things in tax law the answer is not simple. First, property received from an inheritance is not taxable. This includes cash, property, stocks & bonds, below-market sales, debts that are forgiven and partial...

Tax Tip of the Week: Can I Deduct Interest I Paid on My Boyfriend’s House?

by | Jul 24, 2011 | Accounting & Bookkeeping, Current Affairs, Income Taxes, Tax Tip of The Week

A tax court ruled (Wheeler, TC Summ. OP. 2011-83) that a taxpayer could not deduct mortgage interest on payments she made on her boy friend’s house that she also lived in. The facts presented during the trial also showed that she paid the entire mortgage at one point,...

Jump-Start Profit Tip of the Week: Business Planning – The Key to Your Survival!

by | Jul 22, 2011 | Business Profit & Cash Flow Tips, Business Success Series, Current Affairs, Sales & Marketing, Small Business Owners

Most business owners know that they should have a business plan and strategy.  My experience is that most small business owners don’t bother with one. They either don’t know how to prepare one or don’t feel an updated business plan & strategy is...

Tax Tip Of The Week: Tax Court Rules Cost Of Caregiver Qualifies As A Medical Expense

by | Jul 15, 2011 | Accounting & Bookkeeping, Current Affairs, Income Taxes, Tax Tip of The Week

The case involved a mother who was diagnosed with dementia. Her doctor certified that she needed continuous care to ensure that she took all her medicine. Her son hired caregivers to assist her. The tax court ruled (Est of Baral, 137 TC No.1) that these payments were...

Tax Tip of the Week – Standard Mileage Allowance Increases

by | Jul 2, 2011 | Accounting & Bookkeeping, Books, Business Profit & Cash Flow Tips, Current Affairs, Income Taxes, Small Business Owners

Due to the gas price increase this year, the IRS drives up the standard mileage rates for the last six months of 2011. The following are the revised rates effective 07/01/11: Business vehicle usage – 55.5 cents per mile, an increase of 4.5 cents per mile. Medical...